Why are my FICO and Vantage scores so different?

If you’ve had late payments on your credit cards, they will have about the same impact on both your FICO and your VantageScore. But if you’ve had late payments on your mortgage, you might find you have a higher FICO score than VantageScore.

Is your VantageScore higher than FICO?

The Score Ranges The base FICO® Scores range from 300 to 850, while FICO’s industry-specific scores range from 250 to 900. The first two versions of the VantageScore ranged from 501 to 990, but the latest VantageScore 3.0 and 4.0 use the same 300-to-850 range as base FICO® scores.

Why is my FICO score lower than Vantage?

Although unpaid collections can lower both the FICO and VantageScore credit score, collection accounts are treated differently depending on whether they are medical or have been repaid. Both versions ignore collection accounts when the original unpaid balance was less than $100.

What VantageScore is needed for a mortgage?

620
Generally speaking, you’ll need a credit score of at least 620 in order to secure a loan to buy a house. That’s the minimum credit score requirement most lenders have for a conventional loan.

What’s a good VantageScore?

What Is a Good VantageScore? The two newest VantageScore credit scores (VantageScore 3.0 and 4.0) use a 300 to 850 range—the same as the base FICO® Scores. For the latest models, VantageScore defines 661 to 780 as its good range.

What is the difference between a VantageScore and a FICO score?

VantageScore can produce a score with just a month or two of a consumer opening a credit account. FICO scores require six months of credit history. Another difference is that some consumers who can’t be scored by most FICO models because of a limited credit history can still get a VantageScore.

What is the most recent version of FICO score?

The most recent FICO Score version is 9, but 8 is used more often as of February 2020. FICO also creates separate scores specifically for auto loans, credit cards, and mortgages. The FICO Score’s credit scoring formula is based on five categories of information, while VantageScore 3.0 uses six.

What is a vantagea VantageScore?

A VantageScore is a consumer credit score developed jointly by the three major credit bureaus. Like FICO, it’s on a 300-850 scale and uses the same data.

What do you need to have a FICO® score?

To have FICO® scores, consumers need to have one or more accounts that have been open for at least six months and at least one account that has reported to the credit bureaus within the past six months (plus no indication on your credit reports of being deceased). Otherwise, FICO won’t generate your scores.