Credit 101: Part 3 – Understanding Credit Score Ranges

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Credit 101 part 3 credit score

The Differences in Credit Score Ranges

As we previously mentioned in Part 1 and Part 2 of our Credit 101 series, not all credit scores are created equal.  What does that mean?  The credit score you receive from Equifax will be different than the one you receive from Experian or TransUnion.  Then there is your FICO (Fair Isaac Corporation) score.  This is the most commonly used credit report by lenders and since they have their own “scoring system,” it will be different from the other three.

Just as your score will be different in each credit report, the agencies each have different score ranges:

Credit Report Score Range How to Obtain Notes
FICO 300-850 www.myfico.com
  • Must pay fee to obtain score
  • Since most lenders use this score, it is recommended to obtain this report
  • Keeping and maintaining a FICO score of 725 or better is a good goal to set for yourself
Experian 330-830 www.experian.com
  • Must pay fee to obtain score
Equifax 280-850 www.equifax.com
Transunion 300-850 www.transunion.com
Vantage 501-990 www.experian.com/consumer-products/vantage-score
  • Created by the three major bureaus to compete with FICO
  • You may have heard Clark Howard refer to this as a FAKO (fake-o) score, since it will lead you to believe your true score is higher than it really is.

 

For more information or to reach a Peach State loan specialist please contact us.

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One thought on “Credit 101: Part 3 – Understanding Credit Score Ranges

  1. Credit Scores Blog is also another similar video blog source to learn about how to improve credit score, credit history and credit report score.

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