Why is my VantageScore higher than my 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.

Why is my FICO score lower than my other scores?

Maxing out credit cards, paying late, and applying for new credit haphazardly are all things that lower FICO scores. More banks and lenders use FICO to make credit decisions than any other scoring or reporting model.

What is a VantageScore credit score?

A VantageScore is a credit score that is a competitor to FICO. A VantageScore is a credit score jointly developed by the three major credit bureaus to predict how likely you are to repay borrowed money. It is used by lenders, landlords and financial institutions to evaluate creditworthiness.

What Creditors use VantageScore?

Organizations that use VantageScores for credit include:

• Credit card issuers.
• Personal and installment loan companies.
• Auto lenders.
• Mortgage lenders.
• Credit unions.
• Banks.
• Tenant screening, telecommunications and utility companies.
• Consumer websites.

Does anyone use VantageScore?

A 2019 third-party market study found that VantageScores are widely used by credit card issuers, and secondly by both installment loan and fintech lenders. According to the study, nine of the 10 largest banks and 29 of the 100 largest credit unions used VantageScore credit scores in one or more lines of business.

What is a good VantageScore?

661 to 780
What Is a Good VantageScore? VantageScore’s first two credit scoring models had ranges of 501 to 990. 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 FICO score and credit score?

The basic FICO score has a scoring range between 300 and 850, while the industry-specific FICO score ranges from 250 to 900. Credit reporting agencies gather information from your creditors and report it, allowing the Fair Isaac Corporation to calculate your score.

Is vantage or Fico better?

VantageScores are on a range of 300 to 850, which is the same range as a typical FICO. A score closer to the maximum 850 means better credit. The proprietary VantageScore formula is applied to the data in your credit reports.

A VantageScore is a consumer credit score that is a competitor to FICO. It is used by lenders, landlords and credit card issuers. A VantageScore is a credit score jointly developed by the three major credit bureaus to predict how likely you are to repay borrowed money.

What is a good FICO score?

800+is exceptional.