Credit score scale
Posted on October 10, 2008
The Credit score scale varies on which scoring model used. For example, FICO score range is 300 to 850. The Vantage score range is 501 to 990. This is something that must be asked by you to the lender. You want to know the credit score scale that you are being graded on. This has a major bearing on your loan and you should know your credit score before applying for a loan.
You Look Different Based on Your History
There is something else that happens when you go to get you credit score. It is that there is usually three different scores you can get. These are based on the three different credit bureaus. Each of these credit bureaus has a record on you. Since your credit score is based on your credit report, this will generate three different credit scores. They are all on the same credit score scale, but will vary. There will be a high, low and median score and it is the choice of the lender to which one they will use.
Why Do I Have Three Different Credit Scores
This is because the credit card in your pocket doesn’t have to report to each credit bureaus. An example is that you have paid your Bank Of America credit card late. You get your three credit reports and it only shows up on two of them. This will not be taken into account when a credit is figured on the one that doesn’t show the late payment.
What Credit Score Scale Matters More?
This is a question for your lender. You need to know the credit report they will use. You can also ask what credit score they will use. Chances are if you are applying for a mortgage you will Run into the use of the FICO score. This is the most popular credit score when dealing with mortgages.
Related posts: