About VantageScore - Your New FICO Score
The three credit bureaus insist a new scoring system, called VantageScore, will simplify the credit-granting process. However, they have released so few details about it that industry officials and consumer activists said that the credit-application process could become more confusing for consumers, certainly in the short-term and possibly longer.
One reason: VantageScore will use a different numbering system than FICO. For FICO, scores range between 300 and 850; most people score in the 600s and 700s and anything above 700 is considered very good financial health.
VantageScore’s numbers range from 501 to 990, with anything above 900 considered an “A;” between 800 and 900 a “B” and so on. A 700 would receive a “C” rating under VantageScore but would be considered top-notch under FICO.
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