Difference Between FICO and Vantage Credit Score

 Have you ever wondered what the difference is between a FICO score and a Vantage credit score? If so, you're not alone. Many people don't realize that there are actually two different types of credit scores out there, and each one is used for different purposes. Read on to learn more about these two important credit scores and how they can impact your finances.

FICO is the most widely used credit score, while Vantage is a newer option

FICO and Vantage are two of the most well-known options when it comes to credit scores. Identity IQ, Equifax, Experian, and Transunion are other companies offering their own versions. Comparing your FICO score to your current Vantage score is an important step in understanding how lenders and businesses see your creditworthiness. FICO is still the gold standard for determining a person's credit worthiness and it remains the most commonly used by lenders. Although Vantage is growing in popularity, not all lenders accept it yet. But understanding both FICO and Vantage can help people with bad credit understand what steps they need to take to improve their score - which ultimately translates into better interest rates on loans, more approval for accounts, and even a higher personal credit score with the potential for earning access to the highest tier rewards cards.

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