There are many credit score levels. Knowing which range is best for you will allow you to make informed financial decisions. TransUnion credit scores can be an example. A credit score gives lenders a snapshot about a consumer's credit history. These scores can be used freely by lenders in evaluating a consumer’s application for credit. However, TransUnion credit scores and FICO score have important differences.
VantageScore
The VantageScore credit score is between 300 and 850. Version 4.0 is the most common, with 24 months of historical and non-traditional data. Traditional FICO factors are also included. VantageScore is more flexible than FICO. This score is particularly useful for people just beginning to build a credit history. But how do we know where we stand? You will find out all about VantageScore's advantages and disadvantages.
FICO and VantageScore credit scores help consumers understand the importance to have a good credit score. They also provide information about what lenders are looking out for in a loan application. These two scoring models are very popular and have different ranges. It is possible to improve your score by knowing what it is. But first, you need to understand the range. If your score is higher than the range, lenders may rate you "good", while others will consider you a high-risk borrower.
FICO
You may have seen that the TransUnion and Experian credit score ranges are similar. The way they use your information to determine your score is different. These two bureaus use a variety of methods, and their scores are likely to differ by as much as 50 points. Here's everything you need to know. Start building your credit score by finding out the methods used by three other credit bureaus to determine your credit scores.
Equifax also offers an exclusive credit score (Equifax vantageScore), which can be ranging from 300 to 855. It uses a different method of calculation. Credit Karma offers a free service that allows you to check your score. The TransUnion FICO credit scores ranges are slightly more specific. You should get a copy from each agency if you are worried that your score might be lower than that of the other two bureaus.
Experian
The three main credit reference agencies Experian TransUnion and Equifax determine your credit score. Each agency uses different scoring systems to determine your credit score. The best score for credit is between 881 - 960. In addition, if you score above 850, you will qualify for a low interest rate and a higher loan amount.
Both CIBIL or Experian credit score ranges may be as low at 330 or as high at 830. Your credit score can be anywhere from 300 to 850, depending on your credit history. Depending on your age and financial situation, you might receive a different score, and that's perfectly normal. But, if you are in a difficult financial situation, it is possible for your score to be raised without affecting credit reports.
Equifax
Equifax gives lenders valuable information about you and how your credit score reflects your financial health. It is calculated based on many factors, such as how many credit account you have, how much you've spent on each, and how many inquiries you've made. If your credit score is low, this means you're more likely to be rejected by a lender. Here are some steps you can take to improve your Equifax score:
Equifax's credit score ranges are varied, but most consumers understand the basics. There are two types of credit score: excellent and very high. Scores of 700 or more indicate lower credit risk. The average range lies between 500 and 575. 700+ is the average credit score. It's easier to get credit approval and to pay off any outstanding balances if you fall within these credit scores.