There are many credit ranges. Knowing which range is best for you will allow you to make informed financial decisions. TransUnion credit scores can be an example. Lenders can use a credit score to get a snapshot on a consumer’s credit health. These scores can be used freely by lenders in evaluating a consumer’s application for credit. However, there are important differences between TransUnion credit scores and FICO scores.
VantageScore
The VantageScore credit score can range from 300 to 850. The most popular version is 4.0. This includes 24 months' historical data, nontraditional data and traditional FICO factors. VantageScore is more flexible than FICO. It is especially helpful to those just beginning credit history. But how do I know where I stand? Read on to discover the advantages and disadvantages of using VantageScore.
FICO and VantageScore credit scores help consumers understand the importance to have a good credit score. They also provide information about what lenders are looking out for in a loan application. These scoring models are widely used today and each have different scores. You can improve your score by understanding what your score is. But first, you need to understand the range. While some lenders may consider your score as "good" if it's in the higher range, others will rate you as a high-risk borrower.
FICO
You may have seen that the TransUnion and Experian credit score ranges are similar. But they do have different ways of calculating your score. These bureaus use many different methods to determine their scores. Their scores may differ as much as 50 percentage points. Here are the facts. You can start to build your score by learning what other credit bureaus use for determining your credit scores.
Equifax also offers a proprietary credit score (Equifax VantageScore) that ranges from 300 to 850. It uses a different method of calculation. Credit Karma provides a free way to see your score. The TransUnion FICO credit score ranges can be a little more detailed. If you are concerned that your score may be lower than those from the other two bureaus it is recommended that you obtain a copy at each agency.
Experian
Experian, TransUnion and Equifax are the major credit reference agencies that determine your credit score. Different scoring systems are used by these agencies to calculate your credit score. A good score is the best way to get credit. It should be between 881-960. If your score is higher than 850, you can qualify for a lower loan amount and an interest rate.
Both CIBIL or Experian credit score ranges may be as low at 330 or as high at 830. Your credit score can be anywhere from 300 to 850, depending on your credit history. Your age and financial status may impact your credit score. This is perfectly normal. You can raise your score even if you are in difficult financial circumstances.
Equifax
Equifax gives lenders valuable information about you and how your credit score reflects your financial health. It is calculated based on many factors, such as how many credit account you have, how much you've spent on each, and how many inquiries you've made. If your credit score falls, it means that lenders are more likely than usual to reject you. If you'd like to boost your Equifax score, here are some steps to take:
Credit score ranges from Equifax vary, but most consumers are aware of the basics. There are two basic credit score ranges: excellent and very good. Scores of 700 or more indicate lower credit risk. The average score is between 500-550. A good credit score for most people is 700+. It's easier to get credit approval and to pay off any outstanding balances if you fall within these credit scores.