There are many credit score options. You can make informed decisions about finances by understanding which range of credit scores is right for your situation. TransUnion credit scores can be an example. A credit score gives lenders a snapshot about a consumer's credit history. Lenders can use these scores to assess a consumer’s request for credit. There are some important differences in TransUnion credit scores versus FICO scores.
VantageScore
The VantageScore credit score ranges between 300 to 850. The most commonly used version is 4.0. It contains 24 months of historical data as well as non-traditional information and traditional FICO elements. Compared to FICO, VantageScore is a much more flexible score. It is especially helpful to those just beginning credit history. But how do I know where I stand? Read on to discover the advantages and disadvantages of using VantageScore.
FICO and VantageScore credit score ratings help consumers to understand the importance and requirements of credit scores and what lenders want in loan applicants. These two scoring models are very popular and have different ranges. Knowing your score can help you improve it. Understanding the range is key. Some lenders will consider your score "good" if you are in the higher range. Others will rate you high-risk.
FICO
You may have seen that the TransUnion and Experian credit score ranges are similar. However, they differ in how they use the information provided to determine your score. The scores of these two bureaus can differ by up to 50 points. Here are some things you should know. Find out which three credit bureaus are used to calculate your credit score in order to build your credit score.
Equifax also offers a proprietary credit scoring system (Equifax VantageScore), that can range from 300 to 850. The difference is that it uses a different model for calculation. Credit Karma is a website that lets you check your score free of charge. The TransUnion FICO credit score ranges may be slightly more detailed. You should get a copy from each agency if you are worried that your score might be lower than that of the other two bureaus.
Experian
Experian and TransUnion are the main credit reference agencies. Equifax is responsible for determining your credit score. Different scoring systems are used by these agencies to calculate your credit score. Good credit scores, between 881 to 960, are the best options if you're looking for credit. You will also be eligible for a lower interest rate and a larger loan amount if your score is above 850.
Both CIBIL as well as Experian credit score scores can be as low 330 as 830 depending on how high you are. Your credit score will vary depending on how credit you have had. You may receive a different credit score depending on your age and financial circumstances. That is completely normal. You can raise your score even if you are in difficult financial circumstances.
Equifax
Your personal credit score from Equifax tells lenders a lot about you and your financial health. It is based on various factors, including how many credit accounts you have, how much you have spent on each one, and how many times you've made inquiries. If your credit score falls, it means that lenders are more likely than usual to reject you. If you'd like to boost your Equifax score, here are some steps to take:
Credit score ranges from Equifax vary, but most consumers are aware of the basics. There are two types of credit score: excellent and very high. Scores of 700 or more indicate lower credit risk. The average range of scores is between 500 - 550. 700+ is considered a good credit score. If you are within one of these credit ranges, it is likely that you will be able to get approved for credit or pay off any existing balances more easily.