What is vantage score range

Credit scores range from to Generally, a credit score or above is considered a good credit score, while any score above is considered excellent. But what is generally considered an average credit score? Answering this question may be difficult. Every expert, credit bureau, and loan officer has a different opinion as to where the threshold between good credit and poor credit is. Your score may be considered bad by one loan agency, but acceptable by another.

You can start by comparing your score to national averages. According to the Fair Issac Corporation FICO first introduced in , the following proportions of consumers have scores in the following ranges:. FICO is not the only scoring model used in the credit industry.

There are different types of credit scores. If your score has fallen into this range, improving your score is going to take some work. Filing for b ankruptcy can bring a score down to this level. But if you continue to make your payments on time, your score should improve. There are certain types of loans, like home loans, that are hard to get with a score in this range, but there are still options for getting a mortgage with bad credit.

Although it is possible to qualify for credit , it is often at very disadvantageous terms you will pay much higher interest rates and penalty fees. If you find yourself in this range, you should begin to address any specific credit problems you have to try to boost your score before applying for credit.

In the mids range, consumers become prime borrowers. If you don't want to pay for credit monitoring, CreditWise is a good option. Click "Learn More" for details. Terms apply. Skip Navigation. Follow Select. Our top picks of timely offers from our partners More details. SoFi Personal Loans. LightStream Personal Loans. We may receive a commission from affiliate partner links.

Click here to read more about Select. However, VantageScore has also broken down its contributing factors this way in the past:. For both, the single most important thing consumers can do to help their scores is to pay on time.

A score closer to the maximum means better credit. The proprietary VantageScore formula is applied to the data in your credit reports. Often the credit bureaus have slightly a different mix of data because not every creditor reports activity to all three, so your score may vary for each bureau. VantageScore's 4. It also treats medical debt in collections more leniently than the 3. You can get a free VantageScore from NerdWallet and from some other personal finance sites.

VantageScore can produce a score with just a month or two of a consumer opening a credit account. The components of a VantageScore are weighted as follows:. Credit mix and experience relate to the kinds of credit you have, with a mix of revolving credit , such as credit cards, and installment credit , such as a mortgage or an auto loan, being considered the best. Payment history looks at whether you have consistently paid your bills on time or not.

New accounts involve how many requests for new credit you have made, and the age of credit history is how long you have maintained your credit accounts. A VantageScore synthesizes information from all three credit bureaus and is the same for each bureau, while a FICO score only uses information from one credit bureau and is specific to that bureau.

FICO creates a single bureau-specific score for each of the three credit bureaus, using only information from that bureau. As a result, it is actually three scores, not one, and they can vary slightly, as each bureau will have different information about a consumer. A VantageScore is a single, tri-bureau score, combining information from all three credit bureaus and used by each of them. FICO scores require a credit history of at least six months, but VantageScores can be calculated for persons with a credit history that is less than six months old, allowing it to rate approximately 40 million more people than the FICO score.

Hard inquiries can adversely affect credit scores, as they are a sign that the individual may be on the hook for more credit. FICO allows for a day window for student loans, auto loans, and mortgage inquiries, while VantageScore has a day window for all types of loans. This means that if multiple queries are made within the window, then they are treated as a single inquiry. For example, if you take out a personal loan, apply for a credit card, and sign on to a mortgage within a day period, VantageScore will treat the three inquiries for your credit score as a single one.

FICO, however, will treat them as three inquiries, because it provides exceptions only for certain types of loans. Lending Decisions. Accessed Jan. Building Credit. Personal Loans. Credit Cards. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.