What’s The Difference Between A FICO Score And A VantageScore?

There are two major scoring models in the U.S. credit industry: FICO® -the industry leader- and VantageScore®. You may not have heard of the VantageScore, but it was designed by the three credit reporting agencies several years ago and is gaining in importance, partly because this score works with all three credit reporting agencies. Whereas you may have a slightly different credit score when it comes to your FICO, your VantageScore will be the same with all three agencies. Currently, it exists in all credit categories except the mortgage market, but it’s still important for you to know about.

See, the VantageScore can help people get credit that they can in turn use later to get a mortgage, for one thing. The VantageScore provides credit scored for the millions of adult consumers who have shied away from taking out lines of credit. It provides credit scores for this group. It’s highly predictive and consistent. Without it, many millennials wouldn’t be able to get approved for auto loans, because they have virtually no credit history. Many believe that student loans will benefit their credit scores, but credit agencies look especially at lines of credit that are current. When Millennials manage to pay off their student loans, those lines of credit close and many Millennials, shy of taking on debt, never get more credit.

Here are some differences between the current FICO and VantageScore methods:

  • VantageScore uses one three-bureau model.
  • FICO uses three one-bureau models.
  • FICO required credit accounts older than six months with prior activity too.
  • VantageScore can produce a score even with one account.
  • VantageScore can produce a score even with accounts younger than six months old.
  • FICO scores range between 300 and 850 with a good score being 670.
  • VantageScores recently upgraded to a 300 to 850 range but, you will shoot for a score of at least 670.
  • VantageScore also checks to see if you usually only make minimum payments.
  • FICO ignored the fact that you might make only minimum payments.
  • The most recent FICO ignores collections accounts with unpaid balances under $100.
  • The most recent VantageScore considers collections accounts with low balances.
  • VantageScore doesn’t generate industry-specific scores.
  • FICO can produce industry-specific scores.

Late last year, the FHFA, which oversees Fannie and Freddie, considered allowing the use of another credit-scoring system besides just the FICO for mortgage considerations. VantageScore is able to assign a credit score to about 30 million more consumers than FICO. Of those 30 million, around 7.6 million of those potential homebuyers would likely be eligible for a Fannie or Freddie mortgage.

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This desired flexible Cumberland floor plan offers room to grow and adapt to your lifestyle. The two-story foyer includes two large closets for coats and seasonal storage. The main level features a spacious family room, dining area, and kitchen, all bathed in natural light with panoramic backyard views. The upgraded kitchen layout includes granite countertops, a tile backsplash, and a stainless steel appliance package with a gas range. A powder bath and laundry room with pantry shelving are conveniently located off the kitchen. For your enjoyment, a deck is located off of the dining area. Upstairs provides a private family retreat with a generously sized owner's suite, including an ensuite bath with a double bowl vanity and a walk-in closet. Three additional bedrooms, a second full bath, and a loft complete this home. RevWood Select Granbury Oak flooring is throughout the main living areas and ceramic tile is installed in the wet areas. Jagoe TechSmart components are included. You'll love this EnergySmart home! $340,800 Active

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Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.

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Listing courtesy of Brenda Welsh from SELL4FREE-WELSH REALTY CORPORATION.

Situated on a 1.15 acre lot in Jasper is this 1708 sq. ft. stone home. Features include 3 bedrooms, a partially finished basement, a 2 car attached garage and 2 outbuildings.  There is also an additional storage area with a single overhead door located just off of the garage. The large welcoming front porch leads to a spacious living room. The adjacent room between the kitchen and living room could be used as a sitting room or a formal dining room. There is also a 2nd floor attic space that could be completed for additional bedrooms. The full basement offers a family room, a work shop, a second kitchen, the laundry space, and some bathroom facilities. Newer septic was installed approximately 10 years ago. Home also has replacement windows in  most of the home. The HVAC was updated in 2013 as well as the water heater. Make this spacious property your own with some tender loving care and attention. There is original hardwood floors under the bedroom carpets. Property is being sold "AS IS". $239,900 Active

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