FICO Score Vs Vantage Score

FICO Score Vs Vantage Score

VantageScore® and FICO® are well-known credit scoring models. They use an individual’s information and determine your credit score. The information can affect the scores differently based on which model is being used. 

What Are The Differences Between FICO And Vantage Score

• Different Score Assessment Requirements
  • For accounts with a short history of credit, VantageScore is the score you need to check. Before it's ready to set up your FICO assessment, FICO requires at least a half year of financial record and in any event, one record answered to a CRA is recorded within half-year. VantageScore just requires one month of history and one record announced within the previous two years. 
• Late Payment History
  • A background filled by late payment history will affect both your FICO score and your VantageScore. VantageScore decides for penalties whenever a late payment is made and it may be a lot of different types of credit, while FICO gives lighter penalties.
  • Here are the basis for both of them: 
    • The duration of the delayed payment
    • The number of late payment records in your credit data.
    • Times you've missed making payments on your history.

• Credit Inquiry Impacts
  • VantageScore and FICO do the same thing for accounts with a hard request for a specific time. Both of them also do "deduplication." 
  • Deduplication is important for applications for an auto loan, where your application is sent to various lenders to get different offers. Both FICO and VantageScore don't tally every one of these requests on their own — they deduplicate them or check them by request. The timespan they use for deduplication varies.
• Low Balance Collections Influence
  • VantageScore and FICO have different penalties for accounts that are sent to the collection’s office. The difference is, FICO is more likely to let a low-amount collection accounts pass. FICO ignores all collections for a balance that is $100. Another advantage of FICO is that it doesn’t count the collection account that has been paid off. For VantageScore, they only ignore the paid collection accounts as the original balance amount is still disregarded.

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