What Are the Different Types of Credit Scores?

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Your credit score is a three-digit number — ranging from 300 to 850 — that demonstrates your financial health and ability to repay debt. Your credit score is calculated based on the activity on your credit reports, provided by the three major credit bureaus — Experian, Equifax and TransUnion. The two most widely used types of credit scores are FICO Score and VantageScore.

Key takeaways

There are two primary credit scoring models: FICO Score and VantageScore.
Within those scoring models, there are different score versions as well.
Your credit score can vary because lenders may only report activity to one or two credit bureaus and different scoring models will use different data.

What are the different credit scoring models?

The two most common credit scoring models are FICO Score and VantageScore. Both are designed to measure how likely you’ll be able to pay back debt, and they’re used to inform lending decisions.

What is a FICO Score?

FICO Score was developed by Fair Isaac Corporation and was made available to consumers in 1989. It is currently used by 90% of lenders.

A FICO Score ranges from 300 to 850 — and the higher your score, the more creditworthy you’re considered to be.

Credit ratings	Credit scores	Impact on applicant
Poor	300 to 579	May be required to pay a fee or deposit, or may not be approved for credit at all.
Fair	580 to 669	Below average score, considered a subprime borrower who may have difficulty repaying debt.
Good	670 to 739	Near the average consumer score. Not considered likely to become seriously delinquent in the future.
Very good	740 to 799	Likely to receive better than average rates from lenders.
Exceptional	800 to 850	Likely to receive the best rates from lenders.

What is a VantageScore?

In 2006, the three major credit bureaus created VantageScore as an alternative to the FICO Score to better address changes in behavioral trends and advances in data collection.

VantageScore is used by more than 3,700 financial institutions. The most current versions of VantageScore (3.0 and 4.0) utilize the same credit score range as the FICO Score (300 to 850).

However, while it could take up to six months of credit activity to generate a FICO Score, your VantageScore can be created as early as when your first credit account is reported to the bureaus.

Credit ratings	Credit scores	Impact on applicant
Poor (subprime)	300 to 600	Lenders may be less likely to approve your application for credit. Interest rates may be high, credit limits may be low and larger down payments may be required.
Fair (near prime)	601 to 660	May be approved for credit, but rates aren’t likely to be competitive.
Good (prime)	661 to 780	Likely to be approved for credit with competitive rates.
Excellent (superprime)	781 to 850	Most likely to receive favorable rates and terms on credit accounts.

Other types of credit scores

FICO Score and VantageScore are the most widely used credit scores by lenders, but they aren’t the only ones. Some lenders use custom scoring models created by in-house statisticians or external third parties.

FICO also generates multiple types of scores, each focusing on a different type of credit usage, including:

FICO Score 8 and 9: The most widely used versions of FICO
FICO Bankcard: Used for credit cards
FICO Score 2, 4 and 5: Used for mortgage lending
FICO Auto Score: Used for auto loans
FICO Score 10, 10T, Auto Score 10 and Bankcard Score 10: Newest versions of FICO Scores

What’s a business credit score?

If you’re a business owner and you’ve opened up some form of credit, you likely also have a business credit report and a business credit score.

Each credit bureau has its own way of reporting business credit scores, but here’s an overview of what to expect:

Dun & Bradstreet (D&B) PAYDEX score: Ranges from 0 to 100, with higher scores indicating on-time or early payments
Experian Intelliscore Plus: Ranges from 0 to 100, with scores of 76 or higher being considered low risk
FICO’s Small Business Scoring Service (SBSS): Ranges from 0 to 300, with higher scores preferred
Equifax: Offers multiple business credit scores, with lower scores generally indicating greater lending risk

Why do I have so many credit scores?

Each of the three major credit bureaus compiles its own credit report, which is then used to generate your consumer credit score.

The information reported to one credit bureau isn’t necessarily shared with the others, which may lead to different scores. For instance, some lenders may only report your activity to one of the credit bureaus, while others may report to two or all three.

Since each bureau has its own algorithm to create your credit score, it’s a good idea to pull reports from all three bureaus when checking your credit. Ideally, there won’t be any significant differences among the three of them.
Plus, there are different versions of these credit scores because the credit scoring companies routinely update their formulas. Some lenders may rely on older versions of a FICO Score or VantageScore, while others use the latest model — this may lead to further discrepancies between scores.

What to do if you have wildly different credit scores

Discrepancies between the credit bureaus shouldn’t lead to wildly different scores. If you find big differences of, say, 50 to 100 points or more, you should review your credit reports to find out what’s triggering that difference.

It could be as simple as a credit card account not being recorded by one credit bureau, or a late payment recorded by one credit bureau but not the others. But if one of your credit reports has inaccurate information, you can file a dispute to get it updated.

You should also keep in mind that when you check your credit score, it’s a snapshot in time: Your scores rise and fall based on lender-reported activity, such as payments, balances, accounts opened or closed and more.

What is a good credit score?

According to FICO, a score between 670 and 739 is considered to be a good credit score and can help you secure lower interest rates on your mortgage, car loan or any other type of credit.

When it comes to VantageScore, if you fall within the 661 to 780 range, your credit score is considered to be good. You’ll have better borrowing opportunities with a good score than if your credit was fair or poor.

How are credit scores calculated?

Your credit score is calculated based on the activity on your credit reports. Each event is weighted differently, so while some activity can have a substantial impact on your credit score, others events will be minor.

How is your FICO credit score calculated?

There are five factors that determine your FICO Score, with your payment history and amounts owed being the most impactful to your score.

How is your VantageScore calculated?

While both FICO Score and VantageScore take payment history heavily into consideration, VantageScore 3.0 (the most commonly used model) takes factors like your debt balances and available credit into account.

How to check your credit scores and reports

According to the Fair Credit Reporting Act, you have the right to access your credit score and know what’s on your credit report.

Understanding your credit score before applying for a new credit card or loan can give you insight into whether you may qualify for new credit, and the interest rates you can expect.

You can check your credit for free in several ways without negatively impacting your score.

Credit bureaus: Consumers can get their credit score from each of the three major credit bureaus. You can request your FICO Score from Experian daily, and receive your VantageScore monthly from Equifax or daily from TransUnion.
Your bank or credit union: If you have an account with a bank or credit union, ask if they offer a free credit score tool. For instance, Wells Fargo offers its customers free monthly access to their FICO Score.
Your lender: Some lenders and credit card issuers provide access to your credit score. If you’re a Discover cardholder, for example, you can get your FICO Score through Discover Credit Scorecard.
Third-party platform: You can view your VantageScore for free with LendingTree Spring and get free alerts when your score changes.

Don’t forget to check your credit report in addition to your credit score

It’s also important to check your credit reports, since the activity reported on them impacts your credit scores.

You can receive a free copy of your credit report once a week from each bureau through AnnualCreditReport.com. Be sure to examine each of your reports to catch any potential errors, which can have an adverse effect on your credit scores.

If you notice incorrect information on your credit report, you should file a dispute with the credit reporting company to request that the inaccurate information be removed. Be very clear about what’s wrong and why, and provide documentation that substantiates your claim.

How to improve your credit score

Improving your credit score is all about building good credit habits and keeping them up over time. Here are some tips on how to build your credit score across the different scoring models:

Pay your bills on time: Payment history is the most significant factor in determining both your FICO Score and VantageScore. Make sure you’re paying your bills by the due date and making at least the minimum payment. If you’re behind on your payments, work with the lender to get caught up as soon as possible.
Work on reducing your debt: Your credit utilization ratio is also another important factor in determining your score. It measures how much credit you’re currently using versus how much you have available to you in total. As you pay off debt, this ratio will get lower and your score will increase.
Keep old accounts open: The total length of your credit history also impacts your score. Keeping old accounts open can help extend your credit history and raise your score.

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