Different Types of Credit Scores
Currently, FICO Scores 8 and 9 are widely used among lenders. However, some financial institutions may still use an older scoring model if it works better with their existing business practices.
FICO scores 8 and 9 are commonly used for student loans, personal loans, medical loans, credit card lines and auto loans. However, there are industry-specific FICO versions for certain types of debt as well, including auto loans and credit cards.
You'll likely want to know your FICO® Bankcard Scores or FICO Score 8, the score versions used by many credit card issuers.
It is used by lenders and landlords. FICO scores are one brand of credit score.
Most landlords use FICO credit scores to determine if an applicant qualifies for an apartment. The typical categories for those scores are: Exceptional: 800 to 850. Very Good: 740 to 799.
Credit Karma's credit scores are VantageScores, a competitor to the more widely used FICO scores. Those scores are based on the information in your credit reports from Equifax and TransUnion, two of the three major credit bureaus. Your Credit Karma score should be relatively close to your FICO score.
While FICO 8 is the most widely used, newer versions of the score are available. For example, many lenders have upgraded to FICO 9. Unlike older versions, FICO 9 ignores paid third-party collections, places less weight on unpaid medical collections and factors in rental history when reported.
Credit score calculated based on the FICO® Score 8 model and is provided for educational purposes.
FICO® and VantageScore® are the two most popular credit scoring models today. FICO and VantageScore credit scores are equally reliable and accurate, based on the specific scoring model that's being used. Tools are available that allow you to check and monitor your credit score for free, with no impact to your credit.
Paying (and repaying) fully and on time.
35% of your FICO credit score is influenced by your payment history, so it's imperative to pay back fully, and on or before the deadline. To make it easier for yourself, automate the payment of recurring bills and subscriptions, so you don't have to lift a finger.
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
FICO Score 9 is used by many lenders to determine a borrower's creditworthiness. This includes financial institutions such as banks, credit unions, mortgage companies, and other types of lenders such as auto loan providers and credit card issuers.
FICO® Score 9 from Experian®
Simple access via Wells Fargo Online, to help you know where you stand.
While several credit scoring models exist, 90% of top lenders use FICO® Credit Scores, including Discover.
While there is no official score required, it is generally known that the Chase Sapphire Preferred® Card requires a good credit score, which means 690 or higher. This is not a hard and fast rule, however, and those with credit scores lower than 690 could possibly get approved.
What credit bureau does U.S. Bank use? Clients enrolled in the U.S. Bank credit score program will see their VantageScore 3.0 credit score, which is provided by TransUnion.
To qualify for this $325 annual fee card (see rates and fees), one of the best travel rewards cards available, you should have a credit score of at least 670.
Though the FICO® Score 9 is an updated version of FICO® Score 8, the FICO® Score 8 is still the most widely used base score by lenders, meaning that, while you may have a better credit score from the FICO® Score 9 model, lenders are more likely to still use the previous version.
Credit reports and other FICO Score versions will be updated based on the type of subscription you have – monthly for FICO® Basic or FICO® Premier and quarterly for FICO® Advanced. They will also be updated if you purchase additional credit reports that aren't a part of your subscription.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
Many dealers use a FICO Auto Score instead of a traditional FICO Score or VantageScore when evaluating your car loan application. Your FICO Auto Score can range from 250 to 900, depending on your previous auto loans.
Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.