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Credit Score Scale
February 19, 2009
To know where you stand with your credit score, you need to know the scale that you are graded on. But there are a thousand different credit scores, so that could potentially create 1000 different scales.
Just as an industry standardization is needed to help the commerce flow. For credit scores the most recognize scale is a three digit number ranging from 350 to 850. This is the scale used by the FICO score which is the most popular and widely used credit score today.
To make things more complication, a newer score called the VantageScore uses a completely different scale. The scores are three digit but can range from 500 to 990. Also, the VantageScore assigns you a grade as if you were in school, A through F.
The fact is this creates two different credit score scales. You should just think Metric versus English measurement. But unfortunately there is no formula to convert between the two. Most people stick to just getting a FICO score. This is a proven formula that will give you an idea where you are at with the rest of your credit scores except with the VantageScore.
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User Comments
Hi, I went through your article and found it an informative one. Through this article I came to know about Vantage Score, its range and gradation. It is an entirely new thing for me. I just want to ask one thing. Which score does an employer give more value; is it the Vantage score or the FICO score?
March 25, 2009 Comment by Alan Jones@Employers are actually going to check your credit report and not your credit score. The Fair Credit Reporting Act grants the ability for employers to request your credit report as a form of a background check, but states nothing about access to your credit score. When an employer requests your credit reports they are actually provided by the credit bureaus an “employment report.” This does not include a credit score and leaves the employer to scrutinize your credit report on their own.
March 26, 2009 Comment by kg_25@RSS feed for comments on this post. or TrackBack URL
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