Know your FICO® Scores and Stop Overpaying for Credit!

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Several different companies provide credit scores, but 90% of the top lenders use the FICO® score and know the credit score. Although the exact formula for FICO® score is unique, FICO® provides educational information on how to use credit report information to calculate FICO® scores. Furthermore, according to FICO, these percentages are based on the general population, but the relative importance of categories may differ for certain groups such as consumers who do not use credit for a long time.

The most widely used credit score is the FICO® score. This is the credit score created by Fair Isaac Corporation. 90% of top lenders use FICO® scores to make billions of credit related decisions each year. The FICO® score is calculated only based on the consumer credit report information maintained by the credit reporting agency. Many lenders use FICO® scores to make loan decisions, but each lender has its own strategy, including the level of risk that is acceptable for a particular credit instrument. All lenders do not use a single "cut-off score" and lenders use many other factors to determine your actual interest rate.

One of the most famous credit score types is the FICO score created by Fair Isaac Corporation. FICO scores are used among many lenders, usually 300 to 850. In general, FICO scores above 670 are considered excellent credit scores for these models, scores above 800 are generally considered to be exceptions. VantageScore's score is also a type of credit score generally used for credit. VantageScore was developed by three major credit institutions including Experian, Equifax and TransUnion. The latest VantageScore 3.0 model ranges from 300 to 850. In general, over 700 VantageScore is considered superior, while over 700 VantageScore is considered superior.