Here’s the breakdown of the ranges within each specific scoring category:Īlthough the VantageScore and FICO models have basic similarities, they also have a few primary differences. They predict how likely a consumer is to default on payments for any type of account. The FICO scoring model generates both base and industry-specific credit scores.įICO’s base scores are based on a credit score range of 300-850. ![]() The FICO model was the first credit-scoring model introduced to the lending world in 1989 by the Fair Isaac Corporation. Here’s the breakdown of the ranges within each specific scoring category: VantageScore 3.0 is the most popular VantageScore scoring model with credit score ranges from 300–850. The goal was to a better and fairer scoring model that was easier to apply. VantageScore was created in 2006 by TransUnion, Experian and Equifax. What one lender considers as a “good” credit score, another lender might consider as just “fair,” depending on the credit-scoring model used. Each range has a rating, such as “poor,” “fair,” “good” or “excellent.”īut the FICO and VantageScore models have different breakdowns for credit score ranges. Both models have ranges of numerical scoring that categorize a consumer’s credit score. ![]() ![]() Two of the most popular credit scoring models are VantageScore and FICO. Here’s what you need to know about credit score ranges: Credit score rangesĬredit scores typically have a range of 300 to 850, and a good credit score ranks at 700 or higher. Generally, the higher your credit score, the less of a credit risk you present. Your credit score - it’s essentially a mathematical calculation that can make or break your financing dreams.Īll credit scores fall into a specific credit score range, which tell what type of credit risk you present.
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