There are many credit scores. Understanding which score range is right for you will help you make informed decisions about your finances. 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 are available to lenders for their assessment of consumer applications for credit. However, TransUnion credit scores and FICO score have important differences.
VantageScore
The VantageScore credit score is between 300 and 850. The most popular version is 4.0. This includes 24 months' historical data, nontraditional data and traditional FICO factors. VantageScore has a more flexible score than FICO. It's especially useful for those just beginning to establish credit history. But how do you know where you stand? Read on to discover the advantages and disadvantages of using VantageScore.
VantageScore and FICO credit score ranges help consumers understand the importance of knowing your credit score and what lenders are looking for in a loan applicant. These two scoring models are very popular and have different ranges. Your score can be used to help improve it. But first, you need to understand the range. Your score may be deemed "good" by lenders if it falls within the higher range. However, other lenders will rate your risk as high-risk.
FICO
You might have noticed that the TransUnion credit score ranges and Experian credit score scores are identical. The way they use your information to determine your score is different. The scores of these two bureaus can differ by up to 50 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 rating (Equifax vantageScore), that ranges from 300 up to 850. The difference is that the calculation uses a completely different model. Credit Karma allows you to view your score online for free. The TransUnion FICO credit score ranges are slightly 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, Equifax, and TransUnion determine your credit score. Your score is calculated by different scoring systems. Good credit scores, between 881 to 960, are the best options if you're looking for credit. If your score is higher than 850, you can qualify for a lower loan amount and an interest rate.
Both CIBIL and Experian credit score ranges can be as low as 330 or as high as 830. Your credit score can range from 300-850 depending on the credit history. Depending on your age and financial situation, you might receive a different score, and that's perfectly normal. You can raise your score even if you are in difficult financial circumstances.
Equifax
Equifax's personal credit score tells lenders a lot more about you and your financial situation. It's calculated using a number of factors, including how many credit card accounts you have, how big each one is, and how frequently you've asked questions. Your credit score will be lower, which means you are more likely not to be approved by a lender. If you'd like to boost your Equifax score, here are some steps to take:
Equifax has a variety of credit score ranges, but most consumers know the basics. There are two basic credit scores: very good and excellent. A score of 700 or higher indicates a lower credit risk. The average range is between 500 and 550. A good credit score for most people is 700+. If you are within one of these credit ranges, it is likely that you will be able to get approved for credit or pay off any existing balances more easily.