Difference Between Vantage Score And FICO Scorex Plus Credit Score
FICO Score vs Vantage Score? Most customers are uncertain about the differences between the two credit systems. Customers will ask questions such as:
What bank uses scorex plus score?
What car dealerships uses vantage score?
With vantage plus score of 641, can i get a mortgage?
Here are some points of difference between Scorex Plus and Vantage Score
A company name Fair Issac created the FICO scoring system or the Scorex Plus system.
The Scorex FICO score was design to help lenders identify the creditworthiness of borrowers, meaning the ability to pay back debt.
20 years later the three main credit bureaus, Equifax, Experian and Transunion created the Vantage Scoring system.
The intention was to create a more uniform scoring system between the three credit bureau agencies, so that lenders such as car dealers, banks, and credit unions would have a more accurate way to determine the borrower credit credibility.
Both the FICO Scorex Plus and the Vantage Score were created with the objective of helping the lender evaluate the borrower creditworthiness, but there are differences in the two credit scoring systems.
The FICO score range from 300 (deep sub prime or very bad credit) to 850 (super prime or good credit) while the Vantage Score ranges 501 (high risk or very bad credit) to 990 (super prime or very good credit). Both credit scoring ranks borrowers from low subprime to high prime.
Scorex Plus FICO
740 – 800 = Super Prime
680 – 739 = Prime
620 – 679 = Non Prim
550 – 619 = Sub Prime
300 – 550 = Deep Sub Prime
The Vantage scoring system
901 – 990 = A or Super Prime
801 – 900 = B or Prime Plus
701 – 800 = C or Prime
601 – 700 = D or Non-Prime
501 – 600 = F or High Risk
Scorex Plus FICO Factors
35% Ability to pay bills on time or payment history
30% Amount of debt owed
15% age of credit history
10% types of credit
10% credit inquiries
Vantage Score Factors
32% Ability to pay bills on time or payment history
23% utilization
15% balance on accounts
13% depth of credit
10% recent credit
7% available credit
Which scoring system that is better will depend on which one the lender (in your case, it could be the car dealer) is using to approve or decline your application, and how much your credit score will be a determinate in the interest rate that is charged to you.
For example, a car buyer with a good FICO score of 700 will be offered 4.70% APR on a car loan, while a consumer with a 700 Vantage Score will be offered 6.66% on the loan.
Since the FICO score is more prevalent, it would be wise to start there. However, ask the lender which credit scoring system it uses. It might be prudent for you to have a copy of your credit report in both.
