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Vantage vs FICO Credit Scores

Vantage Vs. FICO

By now, you may have noticed your credit score differ at a few different places.

Maybe you have Credit Karma or maybe you went to a car dealer or mortgage lender and their scores are different from what you see online.

Don’t be alarmed.

The reason why your scores are different are normally because of Vantage credit scoring. Vantage is a competitor to FICO. If you ever looked at your credit reports online such as on Credit Karma or IdentityIQ, you are looking at a Vantage credit score.

The main difference between Vantage and FICO is the components that make up the score. For example, FICO has 5 major components (Payment History 35%, Balances 30%, Length of Credit 15%, Types of Credit 10%, and New Credit / Inquiries 10%). Vantage is made up of 6 components instead of 5 like FICO.

Also, your credit scores are tailored by industry as well.

That means you have a mortgage credit score, an auto lending score, and even a Bank Card (Credit Card) score. Different industries have different versions of FICO and Vantage they use to rate you based on your likelihood to default on similar types of debts.

For example, an auto lender may put more emphasis on your previous auto loan history because they care mostly about how likely are you to default on their auto loan.

To learn more about FICO vs Vantage scoring, we’ve created a little video for you to watch and learn more.

If you have any questions, please call, text, or email us!

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