FICO Scores range from 300 to 850. At first, VantageScore credit scores featured a different numerical scale (501 to 990). However, VantageScore 3.0 and 4.0 adopted the same 300 to 850 scale that FICO uses. With both FICO and VantageScore models, higher scores are better.
VantageScore counts multiple inquiries, even for different types of loans, within a 14-day period as a single inquiry. Multiple inquiries on your reports for the same type of loan or credit, spanning more than a 14-day period, may have a greater impact to your VantageScore® credit scores than to your FICO® scores.
One reason for this is every time you apply for a credit card, the lender does a “hard inquiry” to check your creditworthiness. ... VantageScore also looks at multiple hard inquiries for all types of credit, including credit cards. FICO considers only mortgages, auto loans, and student loans.
The Score Ranges
The base FICO® Scores range from 300 to 850, while FICO's industry-specific scores range from 250 to 900. ... However, on the 300-to-850 scale, a score of at least 670 (for FICO®) and 700 (for VantageScore) will generally qualify as having good credit.
FICO® models vary and they can have a different formulation depending on where the lender sources them from. Currently, VantageScore 3.0® is a very commonly used version. With this variation, it's not uncommon for one score to be higher or lower than the other.
Updates from TransUnion are available through Credit Karma every 7 days. Simply log in to your Credit Karma account once a week to understand where your credit score is at. If Credit Karma is not updating don't worry, it can sometimes take up to 30 days for things to be reported to the large banks.
For the majority of general lending decisions, such as personal loans and credit cards, lenders use your FICO Score. Your FICO Score is calculated by the data analytics company Fair Isaac Corporation, and it's based on data from your credit reports. VantageScore, another scoring model, is a well-known alternative.
More than 90% of lenders prefer the FICO scoring model, but Credit Karma uses the Vantage 3.0 scoring model. ... Overall, your Credit Karma score is an accurate metric that will help you monitor your credit — but it might not match the FICO scores a lender looks at before giving you a loan.
This method uses the following formulas to convert Vantage to Fico and vise versa:
Lenders issuing credit cards and auto loans are among those who use the VantageScore. ... It's likely the score is from one of two sources: FICO or VantageScore.
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