Dollars & Sense: Your credit score has competition
Marcus manages the day-to-day editorial workflow across all brands, coordinating coverage assignments and ensuring editorial standards are met. He previously served as city editor at the Pioneer Press and holds a degree in Political Science from Carleton College.
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What to Know:FICO isn’t the only game in town. There is another system that can be used to determine your credit score.VantageScore is used by lenders to evaluate consumers applying for credit cards, auto loans, mortgages, and other loans.Consumers can have multiple credit scores, and the differences between them can be significant.ORLANDO, Fla. – You’ve heard of FICO.For decades, it’s been the dominant credit-scoring system used by lenders to evaluate consumers, producing a three-digit score ranging from 300 to 850.Here’s how FICO classifies those scores:300-579 Poor580-669 Fair670-739 Good740-799 Very Good800-850 ExceptionalThe higher your score, the more creditworthy you’re generally considered, which can influence everything from whether you’re approved for a loan to how much interest you’ll pay. But did you know there’s another major credit-scoring system competing for lenders’ business?It’s called VantageScore, and it’s hardly the new kid on the