In order to have a FICO score, you need to have at least one account that has been open for six months or longer, and at least one account that has been reported to the credit bureau within the past six months. Also, there can be no indication of “deceased” on the credit report.
If you share a joint account with someone who died, you may need to close the account before your score can be generated.
There are several Vantage Score versions with score ranges that vary.
For example, if the lender uses Vantage Score 2.0, the range is 501 to 990, but if they use the 3.0 version, the scale ranges from 300 to 850.
Whether you are applying for a car loan, a home mortgage or even a credit card, one of the first things a lender will do is check your credit score rating to see how good your credit is.
Based on this information, as well as other variables, the lender will then approve or deny your credit application.
Most people have a range of credit scores that are similar, not all identical scores. Depending on what you are trying to purchase, a lender can rely on any of several versions of the FICO score, including FICO, FICO 8, FICO 9, FICO Auto and FICO Bankcard scores.
Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. It’s amazing how much this one little three-digit number can affect so much of your life, especially when it comes to buying, or rather, borrowing money to purchase something.
FICO and Vantage Score use the same basic criteria to calculate scores.
FICO also tells us how much each factor matters (Vantage Score keeps that information private).
Your credit history and credit score tend to predict your future creditworthiness or rather, the likelihood that you will repay a loan and make your payments on time.
Although several different scoring systems exist to determine whether you have good credit, FICO and Vantage Scores are the two popular models.
Regardless of which version is used, it is important to remember that the higher your score, the better.