Which fico score to get

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We may receive a commission when you click on links for products from our affiliate partners. Learn More. But creditors may also set their own definitions for what they consider to be good or bad credit scores when evaluating consumers for loans and credit cards. In part, this depends on the types of borrowers they want to attract. Creditors may also take into account how current events could impact consumers' credit scores, and adjust their requirements accordingly.

VantageScore's first two credit scoring models had ranges of to The two newest VantageScore credit scores VantageScore 3. For the latest models, VantageScore defines to as its good range.

Common factors can affect all your credit scores , and these are often split into five categories:. VantageScore lists the factors by how influential they generally are in determining a credit score, but this will also depend on your unique credit report. VantageScore considers factors in the following order:. Credit scores are a tool that lenders use to make lending decisions.

The latest versions might incorporate technological advances or changes in consumer behavior, or better comply with recent regulatory requirements. For example, VantageScore creates a tri-bureau scoring model, meaning the same model can evaluate your credit report from any of the three major consumer credit bureaus Experian, TransUnion and Equifax. The first version VantageScore 1. The latest version, VantageScore 4. It was the first generic credit score to incorporate trended data—in other words, how consumers manage their accounts over time.

There are scores used more rarely as well. Lenders may also create custom credit scoring models designed with their target customers in mind. Lenders can choose which model they want to use. In fact, some lenders might decide to stick with older versions because of the investment that could be involved with switching.

You also often won't know which credit report and score a lender will use before you submit an application. They also all aim to make the same prediction—the likelihood that a person will become 90 days past due on a bill either in general or a specific type within the next 24 months. As a result, the same factors can impact all your credit scores.

If you monitor multiple credit scores, you could find that your scores vary depending on the scoring model and which one of your credit reports it analyzes. But, over time, you may see they all tend to rise and fall together. In general, having good credit can make achieving your financial and personal goals easier. It could be the difference between qualifying or being denied for an important loan, such as a home mortgage or car loan. And, it can directly impact how much you'll have to pay in interest or fees if you're approved.

That's extra money you could be putting toward your savings or other financial goals. Additionally, credit scores can impact non-lending decisions, such as whether a landlord will agree to rent you an apartment. Your credit reports but not consumer credit scores can also impact you in other ways. Some employers may review your credit reports before making a hiring or promotion decision.

And, in most states, insurance companies may use credit-based insurance scores to help determine your premiums for auto, home and life insurance. To improve your credit scores , focus on the underlying factors that affect your scores.

At a high level, the basic steps you need to take are fairly straightforward:. Other factors can also impact your scores. For example, increasing the average age of your accounts could help your scores. However, that's often a matter of waiting rather than taking action. Checking your credit scores might also give you insight into what you can do to improve them.