What Are The Different Types Of Credit Scores?
While there are many different types of credit scores available, the most popular score is the FICO score which is used by more than 90% of largest U.S. banks to make their lending decisions.
Other types of credit scores include the Vantage Score and the FICO Expansion score.
Additionally, there are three large credit agencies which all have their own credit reports and credit scores – Equifax, TransUnion, and Experian. If you want to find out what your credit score is, you should start with the FICO score from Equifax, as it is the one most often used by lenders.
However, it is important to understand the different types of scores and how they can impact your life.
CREDIT TIP: When requesting a loan such as a mortgage or car loan, ask the lender which credit score they are using for their decision. Additionally, many mortgage companies will provide you with a free copy of your credit score when you apply for a mortgage with them.
|
Equifax FICO |
TransUnion FICO |
Experian FICO |
FICO Expansion |
Vantage Score |
Score Range |
300 – 850 |
300 – 850 |
300 – 850 |
300 - 850 |
501-990 |
Best Suited For |
Everyone – This is the most widely used. |
Anyone |
Anyone |
People with little or no credit history |
People with little or no credit history |
Average Score (Median) |
723 |
Between 700 – 750 |
Between 700 – 750 |
Between 700 - 750 |
Unknown |
What’s Included? |
|||||
Payment History |
yes |
yes |
yes |
yes |
Unknown |
Amounts Owed |
yes |
yes |
yes |
yes |
Unknown |
Length of Credit History |
yes |
yes |
yes |
yes |
Unknown |
New Credit |
yes |
yes |
yes |
yes |
Unknown |
Types of Credit |
yes |
yes |
yes |
yes |
Unknown |
Deposit Account Records |
No |
No |
No |
yes |
Unknown |
Unknown Pay Day Cash Loans |
No |
No |
No |
yes |
Unknown |
Purchase Payment Plan Performance |
No |
No |
No |
yes |
Unknown |