Why is my VantageScore so much higher than FICO?

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.

Is VantageScore higher or lower than FICO?

While VantageScore and FICO now use the same 300-850 range, VantageScore tiers run about 50 points lower than FICO tiers.

Why is VantageScore lower than FICO?

VantageScore only requires one month of history and one account reported within the past two years. Because VantageScore allows a shorter credit history and a long period for reported accounts, it’s able to issue credit ratings to millions of consumers who wouldn’t qualify for FICO scores.

How does Vantage score compare to Fico?

FICO Vs Vantage: The Score Range. The first and perhaps the most obvious difference between the FICO and Vantage scores is that the scoring ranges are considerably different. A FICO score ranges from 300 to 850, and tends to vary some from bureau to bureau. FICO scores tend to have a “momentum” affect on each end of the credit spectrum.

Why is my FICO score so low?

A FICO score is one of the main criteria for banks to evaluate you when you apply for credit. If your FICO score is low, banks may deny credit, charge higher interest rates, demand more collateral, or require extensive income and asset verification. If your score is below 680, you are considered by the lender to be a huge financial risk.

What is a good vantage credit score?

The VantageScore was developed by the 3 major credit bureaus including Experian , Equifax, and TransUnion. The latest VantageScore 3.0 model uses a range between 300 and 850. A VantageScore above 700 is generally considered to be good, while above 750 is considered to be excellent.

What is the highest vantage score can you get?

VantageScore and FICO are the two main credit-scoring models. For both the VantageScore and base FICO® score models, the lowest score is 300 and the highest credit score is 850. But even if you have pretty good credit habits, don’t be surprised if you check your scores and find that you’re below 850.