Have you seen both of your scores and questioned, “Why is my VantageScore® different than my FICO® Score?” It's because there are differences in how each company weighs categories and information within their own scoring models. This can result in slightly different scores.
For the majority of lending decisions most lenders use your FICO score.
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.
When your score is 750, you're in a strong position to qualify for most financial products and get among the very best rates on them. A 750 credit score is considered excellent on commonly used FICO and VantageScore scales, which range from 300 to 850.
While VantageScore and FICO now use the same 300-850 range, VantageScore tiers run about 50 points lower than FICO tiers.
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.
And when it comes to credit, 850 is the highest the FICO® Score☉ scale goes. For more and more U.S. consumers, practice is making perfect. According to recent Experian data, 1.54% of consumers have a "perfect" FICO® Score of 850. That's up from 1.31% two years earlier.
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.
Enroll below to create your MyCredit Guide account. Credit score calculated based on the FICO® Score 8 model and is provided for educational purposes.
What credit scores do auto lenders use? Auto loan lenders generally check an applicant's FICO Auto Score, which ranges from 250 to 900, or their VantageScore, which ranges from 300 to 800.
The 6 factors that impact your score. Different factors can go into determining your credit score. Chase Credit Journey® uses the VantageScore® 3.0 model, which calculates your score based on these 6 key score factors. Other models, like the Fair Isaac Corporation (FICO®), may use different factors.
This means more institutions use FICO over any other scoring model to decide if someone should get a loan, mortgage, or any other credit product. Most lenders require consumers to meet minimum FICO scores before advancing any credit.
Just like the FICO score, the Vantage score is used to determine the person's ability to repay their debts on time. More lenders and landlords are relying on the Vantage score instead of, or in addition to, the FICO score. These scores also range from 300 to 850.
The score Discover provides may be different than other scores you see for several reasons: Discover provides your FICO® Score 8, which is one of the company's most widely used scoring models, according to FICO. Lenders use several different kinds of FICO® Scores, depending on the type of loan they provide.
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
While VantageScore initially had a 501-900 scale, VantageScore 3.0 changed the grading scale to match FICO's, using a 300-850 scale. Your VantageScore can be based on any of your three credit reports. It uses a slightly different weighting for factors than your FICO score.
Making on-time payments to creditors, keeping your credit utilization low, having a long credit history, maintaining a good mix of credit types, and occasionally applying for new credit lines are the factors that can get you into the 800 credit score club.
Even better, just over 1 in 5 people (21.2%) have an exceptional FICO credit score of 800 or above, all but guaranteeing access to the best products and interest rates.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
See how we rate credit score services to help you make smart decisions with your money. The average credit score in the US is 717, according to a report from FICO.
There's no single, specific credit score that will automatically qualify you for a mortgage (though having the maximum score of 850 certainly never hurts). However, while lenders might not set precise qualifying numbers, they do have minimum credit score requirements.
Membership in the 800+ credit score club is quite exclusive, with fewer than 1 in 6 people boasting a score that high, according to WalletHub data. Since so few people have such high scores, lenders don't split the 800+ credit score crowd into smaller groups that get separate offers.