Do you know your credit score? For over 25 Years, FICO scores have been used to help make credit granting decisions but over the years the credit models have been updated and many industry specific models have been created. Then in 2006, the three credit agencies came together to create Vantage Scores to compete with FICO but very few credit grantors agreed to use Vantage over FICO. Vantage scores LOOK like FICO scores with similar ranges but have different criteria in which they base the score. You currently have over 50 credit scores depending on what model is being used, what version, what company etc. AND your credit score can change daily depending on many factors.
If you are buying a home or car, applying for credit or simply looking at a score on a free credit report site or credit card monthly statement, find out what version they are using and request a copy of your credit score.
Here is a list of specific models of what most creditors use to determine your credit risk:
Experian
Auto Loans (both models scores range from 250-900)
- FICO Auto 08
- FICO Score 2
Mortgage Loans (Required model by Fannie Mae and Freddie Mac)
- FICO Score 2
Credit cards
- FICO Score 08
- FICO BANKCARD SCORE 3
- FICO BANKCARD SCORE 2
Transunion
Auto Loans (both models scores range from 250-900)
- FICO Auto Score 08
- FICO Auto Score 04
Mortgage Loans (Required model by Fannie Mae and Freddie Mac)
- FICO Score 4
Credit cards
- FICO Score 08
- FICO BANKCARD SCORE 8
- FICO BANKCARD SCORE 4
Equifax
Auto Loans (both models scores range from 250-900)
- FICO Auto 08
- FICO Score 5
Mortgage Loans (Required model by Fannie Mae and Freddie Mac)
- FICO Score 5
Credit cards
- FICO Score 09
- FICO Score 08
FICO BANKCARD SCORE 9
