There are some key differences when considering Credit ratings and you can VantageScores. One is one Credit scores consider tax liens and public information, when you are VantageScores do not. Additionally, the brand new rating habits fool around with additional weighting assistance toward certain borrowing products. Eg, percentage record is worth 41% on VantageScore 3.0, whenever you are FICO was thirty five%. The age of your own borrowing reputation are 21% with VantageScore 3.0, if you find yourself FICO is fifteen%. To help you see how certain situations make a difference the rating a whole lot more in a single design as compared to a new.
A special change would be the fact there are several systems of every rating model. FICO accounts that they have sixteen distinct types of your FICO Rating active, whenever you are VantageScore features five (1.0, 2.0, 3.0, and you will 4.0). Brand new version that is utilized by a lender relies on and that model these are typically using and you may what type of mortgage you’re applying for. There are also globe certain scoring patterns you to definitely customize the newest rating so you’re able to focus on those individuals purchases. Such as for instance, you will find a beneficial FICO Vehicle Rating adaptation that is employed by automobile lenders to enable them to make behavior regarding auto loans, the individuals would not be applied to handmade cards otherwise home.
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