VantageScore vs FICO Score: A Comparison
With the introduction of the VantageScore in addition to the FICO score, consumers are confused about the credit score range and about the credit scoring in general. Here are the main differences between the two credit scoring systems.
The FICO® score rates an individual’s credit reliability on a scale of 300 to 850, taking into account such factors as percentage of credit being used, number of credit lines open, delinquent payments, and the types of credit involved.
The VantageScore, developed by Experian, Equifax and TransUnion, was created to directly compete with the Fair Isaac Corporation's FICO® Score. It uses a different numerical scale ranging from 501 to 990. The system also assigns a letter grade to consumers ranging from A to F.
With FICO, the three credit bureaus, Equifax, Experian and TransUnion, each uses its own Scoring Model when calculating the score, and applies it to its own data. With VantageScore, the three credit bureaus use a collectively developed Scoring Model ... but still apply it to each own data.
| |
VantageScore |
FICO Score |
| Score Range |
501-990 |
300-850 |
| Letter Grading |
901-990 = A
801-900 = B
701-800 = C
601-700 = D
501-600 = F |
n/a |
| General Ratings |
n/a |
720-850 Excellent
700-719 Very Good
675-699 Good
620-674 Fair
560-619 Poor
500-619 Very Poor |
VantageScore Scoring Factors:
| Payment history |
32% |
| Utilization |
23% |
| Balances |
15% |
| Depth of credit |
13% |
| Recent credit |
10% |
| Available credit |
7% |
FICO Score Scoring Factors:
| Payment history |
35% |
| Length of credit history |
15% |
| Amounts owed |
30% |
| Types of credit uses |
10% |
| New credit |
10% |
|
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