For starters FICO is scoring range is 300 to 850 Vantage is from 500 to 990 no one in the mortgage industry uses Vantage for more information check out www.thecreditguy.tv
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
Which action will help increase a low FICO score?
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
Actually, there is a formula made up by Fair Isaac that computes your score and it is called your FICO score which use to be used by the 3 major Credit Reporting Bureau's, now they are using a new scoring system called Vantage. FICO is still around and used primarily by mortgage lenders and actually is the preferred scoring system.
According to the FICO the highest possible credit score you can obtain is 850, but if you use another credit scoring formula Vantage Score the credit rating can go all the way up to 990. FICO is the mostly widely used
IS FICO AND CREDIT SCORE THE SAME THING? IS FICO AND CREDIT SCORE THE SAME THING?
FICA is an acronym for Social Security. FICO is one for a credit score provided by one of the credit agencies.
Which action will help increase a low FICO score?
FICO score for mortgageDepends on your definition of "good". You can get a mortgage with 686 score. FICO score over 720 will get you the best mortgage rate.
A beacon score is just the name given to the equifax branded FICO score. So your FICO score and beacon score will be the same if your FICO score is pulled using your equifax credit report.
Actually, there is a formula made up by Fair Isaac that computes your score and it is called your FICO score which use to be used by the 3 major Credit Reporting Bureau's, now they are using a new scoring system called Vantage. FICO is still around and used primarily by mortgage lenders and actually is the preferred scoring system.
A FICO score is obtained with information taken from a person's available credit information. The score is sold by the FICO Company to interested financial institutions.
There are many different types of formulas used to figure out credit scores. Each formula has a different range. In all of the examples below, a credit score of 828 is possible. FICO Fair Isaac Co. FICO Score* 300-850 Equifax ScorePower Score 300-850 Experian PLUS Score 330-830 Experian Vantage Score 501-990 TransUnion TransRisk Score 400-925
Approximately 20% of borrowers have a FICO score greater than 740.
900 Sorry, 900 is not it Highest FICO score is 850 http://www.myfico.com.
It is hard to qualify for a mortgage with a Fico score of 567. Most lenders, including FHA, require individuals to have a minimum Fico score of 580 to qualify for a mortgage.