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Key takeaways
- A FICO® Score is one type of credit score and one of the most popular, used by 90% of lenders1 – but it’s not the only scoring module
- VantageScore is the second most popular scoring model, weighing credit utilization more heavily while FICO puts more weight on payment history.
- Both FICO and VantageScore range from 300 to 850, but the ranges for “good” and “excellent” differ.
- Checking your FICO Score can give you a fairly accurate picture of how lenders view your creditworthiness.
There are many types of credit scores, but FICO® Scores are the ones 90% of top lenders use to make decisions. If you apply for a loan or credit card, the lender is most likely checking your FICO Score.
But other credit scores can come into play when you need to borrow money. A FICO Score is one type of credit score, but not all credit scores are FICO Scores. So what’s the difference between a FICO Score vs. a credit score? Let’s break it down.
What is a FICO Score?
A FICO® Score is a credit score created by the Fair Isaac Corporation – now known as FICO – and used by over 90% of top U.S. lenders1 to make lending decisions. First introduced more than three decades ago, FICO Scores remain the most widely used credit scoring model in the industry.
FICO Scores range from 300 to 850, with 300 being the lowest score possible and 850 being the highest score you can earn. Your scores are based on the information reported to the three major credit bureaus: Equifax, Experian, and TransUnion.
If you’ve ever seen a copy of your credit report, you’ve seen what FICO uses to generate your scores. Here’s how the FICO Score formula breaks down:
- Payment history: 35% of your score
- Credit utilization: 30% of your score
- Credit age: 15% of your score
- Credit mix: 10% of your score
- Credit inquiries: 10% of your score2
FICO only uses these criteria to calculate your credit score. Other factors, like your age, income, or where you work, don’t come into play.
What's a good FICO Score?
Your score is an indicator to lenders of how likely you are to pay back a line of credit. A higher number can make it easier to get approved for loans and credit cards. It can also help you qualify for lower interest rates, which means paying less over time.
In terms of what’s a good FICO Score, here’s how the different score ranges compare:
- 800–850: Exceptional credit
- 740–799: Very good
- 670–739: Good
- 580–669: Fair
- 300–579: Very poor
Based on this, “good” credit is a FICO Score between 670 and 739. But the higher your score, the more favorable any loan or credit terms you qualify for are likely to be. Having a lower score doesn’t prohibit you from getting a line of credit, but it may affect the terms and rates you’re offered.
What is a VantageScore?
VantageScore is another widely used credit scoring model. It was created in 20063 as a joint effort by the three major credit bureaus – Equifax, Experian, and TransUnion.
Like FICO Scores, VantageScore credit scores operate on a range from 300 to 850, with 850 being a perfect score. VantageScore credit scores are also based on your credit reports, but the main difference lies in what information is used and how it’s weighted.
Here’s how VantageScore calculates scores for the 3.0 and 4.0 model4:
| Factor | Weight in VantageScore 3.0 | Weight in VantageScore 4.0 |
|---|---|---|
| Payment history | 40% | 41% |
| Depth of credit | 21% | 20% |
| Credit utilization | 20% | 20% |
| Balances | 11% | 6% |
| Recent credit | 5% | 11% |
| Available credit | 3% | 2% |
In terms of FICO Scores vs. VantageScore, FICO places a stronger emphasis on credit utilization and credit age, while VantageScore focuses on payment history and recent activity.
Newer versions of FICO Scores and VantageScore also rely on trended data, which tracks how you manage credit and debt over time.
What's a good VantageScore?
Since FICO and VantageScore are two different credit scoring models, there is some variation in what each considers good credit. Here’s how VantageScore ranges break down:
- 781–850: Excellent credit
- 661–780: Good
- 601–660: Fair
- 500–600: Poor
- 300–499: Very poor
While there is a range shift between VantageScore and FICO, the underlying principle remains the same: a higher score can work in your favor when it’s time to borrow money.
FICO Score vs. other credit scores: key differences
If you’re checking your FICO Score or your VantageScore, you’ll likely get two different perspectives on your financial health. That’s because each scoring model weighs factors differently in its calculations.
FICO Scores are considered the go-to credit scoring model, though VantageScore is gradually gaining popularity among lenders. FICO has an edge in terms of how many lenders use it and its overall reputation.
Beyond FICO and VantageScore, the credit bureaus can also generate their own consumer credit scores. These are often called educational scores – they’re designed to inform consumers about their credit situation, but they aren’t the same scores lenders check when you apply for a loan.
Here’s a side-by-side look at how FICO Scores compare to other credit scores:
| FICO Scores | Other credit scores |
|---|---|
| The most widely used scoring model in lending | Less commonly used in lending decisions |
| Looks at payment history, credit utilization, credit age, credit mix, and credit inquiries | May consider other factors, like depth of credit, balances, recent credit, and available credit |
| Checking your FICO Score can give you a realistic idea of what loan terms you’re likely to qualify for | May not reflect how lenders view your creditworthiness if they rely on FICO models |
Bottom line: FICO Scores are considered the industry standard. If you’re checking your credit scores for the first time, your FICO Score can give you a better idea of how lenders perceive you in terms of risk.
Which credit score do lenders use?
When you apply for a mortgage, car loan, or credit card, there’s a good chance the lender is pulling your FICO Score. Over 90% of top lenders in the U.S. rely on FICO Scores to evaluate borrowers, making it the most widely used scoring model in lending decisions.
That said, VantageScore has been gaining traction. Some lenders – particularly those in fintech and personal lending – have started using VantageScore alongside or instead of FICO. VantageScore can also be helpful for people who are newer to credit, since it may generate a score with a shorter credit history than FICO requires.
Check which credit score you see on a free monitoring dashboard may differ from the score a lender actually reviews. If you want the clearest picture of where you stand with lenders, checking your FICO Score directly is your best bet.
Why are my credit scores different?
If you’ve checked your credit score in more than one place, you may have noticed the numbers don’t always match. That’s completely normal, and there are a few reasons it happens:
- Different scoring models: FICO and VantageScore use different formulas and weigh factors differently. A score from one model won’t necessarily match the other.
- Different credit bureaus: Equifax, Experian, and TransUnion don’t always have the same information on file. Some creditors report to all three bureaus, while others report to only one or two.
- Different score versions: Both FICO and VantageScore have released multiple versions over the years. FICO Score 8 and FICO Score 9, for example, calculate things a bit differently from each other.
- Timing differences: Credit data gets updated at different times throughout the month. If one bureau received a recent payment update and another hasn’t yet, your scores can temporarily differ.
Seeing different numbers across platforms doesn’t mean something is wrong. It simply reflects how different scoring models, data sources, and timing produce slightly different results.
How to check your FICO Score
If you’re curious about how your FICO Scores add up, there are a few ways you can check them:
- You can purchase a FICO Score through an authorized FICO retailer. The three credit bureaus – Equifax, Experian, and TransUnion are all authorized to sell FICO Scores to consumers.
- You could get your score through an authorized FICO open-access partner. The FICO open-access program allows banks and other financial institutions to provide FICO Scores to their customers for free.
- Get a free annual credit report from AnnualCreditReport.com. Federal law requires that the three nationwide consumer credit reporting companies – Equifax, Experian and TransUnion – give you a free credit report every 12 months if you ask for it.
- Free credit monitoring services can issue updated credit scores to customers monthly. But instead of a FICO Score, you may get a VantageScore or a proprietary credit score, so be sure to read the fine print before signing up.
- You can also check your FICO Score for free in the Chime® app.
Build a good FICO Score for better rates
Having a decent FICO Score matters if you want to qualify for the best interest rates when applying for new loans or refinancing existing ones.
Developing good financial habits like paying bills on time and keeping your credit card balances low can help you build a stronger credit score over time.
Frequently asked questions about FICO Scores and credit scores
Is a FICO Score the same as a credit score?
All FICO Scores are credit scores, but not all credit scores are FICO Scores. FICO is the most widely used scoring model, but others like VantageScore and bureau-generated educational scores exist as well.
Which credit score is most accurate?
No single credit score is more “accurate” than another – they just use different formulas. Since the vast majority of lenders use FICO Scores, checking yours can give you the closest look at what lenders see.
Do lenders use FICO Scores or other credit scores?
Most lenders rely on FICO Scores when making credit decisions. Some also use VantageScore, but FICO remains the industry standard for the majority of lending.
Why is my FICO Score different from my credit score?
Different scoring models, credit bureau data, score versions, and timing differences can all cause your scores to vary. Seeing different numbers across platforms is completely normal.
How do I check my FICO Score for free?
You can check your FICO Score for free through authorized FICO open-access partners, certain credit card issuers, or directly in the Chime app if you’re a Chime member.