What FICO score do most credit card companies use?

FICO Score 8
Most lenders look at a borrower’s FICO (formerly Fair Isaac Corporation) score, but there are even multiple FICO scores for each borrower. 1 FICO Score 8 is the most common, especially with credit card companies, but FICO Score 5 can be popular with auto lenders and mortgage providers.

Can credit score vary between companies?

First things first: It’s perfectly normal for scores to differ slightly between agencies. It’s up to lenders to decide which information they report to the major credit agencies — and which agencies they report to in the first place.

What’s the difference between Fico® and VantageScore®?

In other words, your FICO® scores are just one type of credit score you can get. This is because FICO is a company that creates specific scoring models used to calculate your scores. But there are other companies that use different scoring models to determine your credit scores, too. VantageScore is an example of one of these companies.

Why are my FICO® scores different for the 3 credit bureaus?

Why are my FICO ® Scores different for the 3 credit bureaus? In the U.S., there are three national credit bureaus (Equifax, Experian and TransUnion) that compete to capture, update and store credit histories on most U.S. consumers. While most of the information collected on consumers by the three credit bureaus is similar, there are differences.

What is the range of a FICO® credit score?

Industry-specific FICO® scores — including FICO® Auto Score 8 and FICO® Bankcard Score 8 — have a broader range of 250 to 900. These scores are tailored to specific types of credit.

What are the disadvantages of the FICO® credit score?

FICO’s biggest drawback is that it leaves no room for discretion. If borrowers apply for a loan that requires a minimum of 660 FICO for approval and their score pulls as a 659, then they are denied the loan, regardless of the reason for their score.