What is the difference between FICO score and Vantage score?
The 3 major credit bureaus Equifax, Experian and Trans-Union have been using the information in your credit file to calculate a three-digit FICO score for years. FICO is the score is named after Fair Isaac Corporation, the company that pioneered credit scoring models and sells software to the credit bureaus. FICO scores range from 300-850 and the higher your score the more likely you will be approved and of course, the cost goes down. To add additional confusion to the already mysterious scoring system the credit bureaus have decided to create an additional brand new credit scoring system, called VantageScore. It is the same concept but uses a different numerical scale. VantageScores ranges from 501 to 990. The system also assigns a letter grade to consumers within certain ranges For example if you are between 901-990 you would be considered an “A” borrower. 801-900 is considered a “B”, 701-800 is a “C” and so on and so forth. The important thing to remember when trying to figure out t
