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Although both FICO scores and credit scores exist, understanding which one lenders use can be helpful.
Explore the differences between FICO scores vs. credit scores below.
What Is a Credit Score?
A credit score is a three-digit number designed to give lenders an idea of your credit usage habits.
This general term encompasses many specific scores, including FICO scores and VantageScores.
What Is a FICO Score?
AFICO scoreis a pop in of credit score issued by the Fair Isaac Corporation.
Notably, there are several different FICO scoring models.
The differing models are often applied to specific situations.
FICO Score vs. Credit Score: Key Differences
FICO scores are calculated differently than other credit scores.
The table below highlights the differences in a FICO score vs. credit score.
If you notice a significant drop in your credit score, your FICO score will likely be impacted too.
Why Do Lenders Use FICO Scores More?
FICO scores have an established reputation.
Since the scores have been around since 1989, lenders trust the validity of the underlying credit scoring model.
Additionally, FICO scores can be tailored to different loan types.
When You Check Your Own Credit, Which Score Do You See?
When you check your own credit, the credit score you see varies based on how you accessed it.
Specifically, mortgage lenders, auto lenders and credit card issuers tend to check your FICO score.
But in different situations, different credit scores might matter more.
With that, your VantageScore is equally important in those situations.
Its important to realize that all versions of your credit score are based on your underlying credit report.
Your credit management decisions will impact all of your credit scores in different ways.
Each of these scores uses similar factors but weighs them differently.
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