There are several secret differences when considering Fico scores and VantageScores. One is you to definitely Credit ratings thought tax liens and you may public records, while you are VantageScores do not. Simultaneously, the brand new rating designs play with some other weighting assistance to the individuals credit products. Such as, percentage record is worth 41% during the VantageScore step three.0, if you find yourself FICO is actually thirty-five%. Age the borrowing profile try 21% having VantageScore 3.0, if you’re FICO was 15%. In order to find out how certain situations can impact your own rating alot more in one design than the another.

A special difference is the fact you’ll find several sizes of each and every scoring design. FICO profile they own 16 collection of designs of your FICO Get active, when you’re VantageScore enjoys four (step 1.0, 2.0, 3.0, and you may 4.0). The version which is used by a loan provider varies according to and therefore design these are generally using and you can what type of financing you’re applying for. There are also globe particular rating activities one modify new score in order to high light those people orders. Such, there clearly was a great FICO Car Rating variation which is utilized by automobile lenders to assist them to make decisions regarding the car and truck loans, people wouldn’t be put on playing cards otherwise home.

The bottom line is that credit history could be different with respect to the model made use of. Continue reading Do I need good credit to get a mortgage? →