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FICO vs Vantage Score. FICO or FAKE-O · Credit Nurse: CPR for your Credit Score

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  Speaker 1: This is the credit nurse FIKO or FACO. That is
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  Speaker 1: because there is not just one credit score. The two
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  Speaker 1: biggest scoring systems are FIICO and vantage Score. Both look
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  Speaker 1: at information from the three major credit bureaus, Equifax, TransUnion,
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  Speaker 1: and Experien, and both are trying to answer the same
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  Speaker 1: basic question, how likely are you to fall seriously behind
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  Speaker 1: on a bill in the next two years. They look
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  Speaker 1: at familiar factors payment history, how much debt you owe,
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  Speaker 1: how long you have had credit, your mix of accounts,
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  Speaker 1: and recent applications for new credit, but the models are
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  Speaker 1: not identical. FICO has been around since nineteen eighty nine
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  Speaker 1: and remains the score. Most lenders rely on vantage Score,
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  Speaker 1: launched in two thousand and six, created by the three
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  Speaker 1: credit bureaus as a competing system. One major difference is
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  Speaker 1: credit history. FIKO usually needs about six months of credit
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  Speaker 1: activity to generate a score. Vantage Score can often score
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  Speaker 1: people with thinner credit files. Another important difference the score
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  Speaker 1: you see online may not be the score of bank,
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  Speaker 1: car lender, or credit card company. Uses lenders often use
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  Speaker 1: older versions of scoring models even after newer ones are released.
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  Speaker 1: That is why two scores from the same bureau can
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  Speaker 1: look different on the same day. Vantage score numbers also
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  Speaker 1: tend to run higher than classic FISO scores by about
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  Speaker 1: fourteen points on average, So the takeaway is simple. Your
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  Speaker 1: credit score is not one fixed number. It depends on
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  Speaker 1: the bureau, the scoring model, and the version a lender
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  Speaker 1: chooses to use.