Understanding FICO® Scoring (2024)

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by gdale6 on ‎09-18-202012:41 PM Latest post on ‎09-16-202005:24 PM by UncleB

111 Replies 17516 Views

111 Replies

17516 Views

The many flavors of FICO:__Editions, versions, and...

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by jello77 on ‎06-27-202009:03 PM Latest post on ‎06-27-202012:46 PM by Anonymous

165 Replies 302879 Views

165 Replies

302879 Views

Frequently Requested Threads

by Tuscani on ‎06-14-202106:29 PM

0 Replies 113490 Views

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113490 Views

About this board...

by Barry on ‎01-13-200912:26 PM

0 Replies 52883 Views

0 Replies

52883 Views

Why 60 points difference.

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by MeCasa on ‎06-20-202401:20 PM Latest post on ‎06-29-202405:27 PM by Thomas_Thumb

20 Replies 492 Views

20 Replies

492 Views

Inquiries drop from 3 to 2 --> EQ FICO 8 +7

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by SouthJamaica on ‎04-14-202406:03 AM Latest post on ‎06-28-202402:16 PM by FicoMike0

11 Replies 990 Views

11 Replies

990 Views

Specifics and Rationalization

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by MeCasa on ‎06-25-202410:39 AM Latest post on ‎06-27-202405:14 PM by MeCasa

10 Replies 452 Views

10 Replies

452 Views

791 TU vs 777 EXP

by abcdefghijklmnopqrstuvwxy on ‎06-25-202401:01 AM Latest post on ‎06-26-202409:43 PM by Thomas_Thumb

6 Replies 373 Views

6 Replies

373 Views

by jdetermann1974 on ‎06-23-202402:21 PM Latest post on ‎06-24-202411:39 PM by Thomas_Thumb

6 Replies 371 Views

6 Replies

371 Views

Third party info for my EQ report is incorrect (in...

by masscredit on ‎06-20-202411:58 AM Latest post on ‎06-23-202404:32 PM by masscredit

5 Replies 261 Views

5 Replies

261 Views

Does the remaining loan balance play factor in sco...

by Gregory1776 on ‎06-20-202411:57 AM Latest post on ‎06-20-202406:21 PM by Thomas_Thumb

3 Replies 215 Views

3 Replies

215 Views

Closed my CFA Loan that had a $28 balance and my s...

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by AzCreditGuy on ‎08-09-202105:56 PM Latest post on ‎06-20-202412:03 PM by Gregory1776

19 Replies 1430 Views

19 Replies

1430 Views

CFA loan under $100?

by Understanding FICO® Scoring (14)Pppoolboy on ‎06-17-202410:32 PM Latest post on ‎06-19-202405:40 PM by FicoMike0

5 Replies 325 Views

5 Replies

325 Views

ECOA Compliance for FICO scoring

by Understanding FICO® Scoring (16)Pppoolboy on ‎06-18-202402:09 PM Latest post on ‎06-19-202405:37 PM by FicoMike0

9 Replies 486 Views

9 Replies

486 Views

All zero penalty 22 points

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by SouthJamaica on ‎04-19-202407:38 AM Latest post on ‎06-18-202411:34 AM by GZG

24 Replies 905 Views

24 Replies

905 Views

Re: Vantage 3.0 Model help needed

by GZG on ‎06-08-202410:25 AM Latest post on ‎06-18-202408:07 AM by Understanding FICO® Scoring (19)Pppoolboy

2 Replies 335 Views

2 Replies

335 Views

Impact to FICO scores due to full account balance(...

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by Bonaccan on ‎06-17-202411:42 AM Latest post on ‎06-18-202407:13 AM by FicoMike0

10 Replies 394 Views

10 Replies

394 Views

MyFICO showing an error

by Understanding FICO® Scoring (22)Iryseup on ‎06-17-202407:13 AM Latest post on ‎06-17-202411:13 AM by SouthJamaica

2 Replies 228 Views

2 Replies

228 Views

Question about scoring on mature, thin profile

by Aeon on ‎06-08-202406:25 AM Latest post on ‎06-16-202402:13 PM by Thomas_Thumb

7 Replies 469 Views

7 Replies

469 Views

-4pts EQ8 for 4/6 revolving AWB?

by Zoostation1 on ‎06-13-202409:28 PM Latest post on ‎06-15-202403:28 PM by SouthJamaica

4 Replies 292 Views

4 Replies

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Utilization rates that matter?

by Gregory1776 on ‎06-14-202406:23 PM Latest post on ‎06-14-202407:31 PM by SouthJamaica

2 Replies 291 Views

2 Replies

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Question about FICO score ranges that go up to 900

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by CH-7-Mission-Accomplished on ‎05-04-202308:11 AM Latest post on ‎06-13-202409:57 PM by Thomas_Thumb

13 Replies 2577 Views

13 Replies

2577 Views

Inquiries drop from 4 to 3 --> EX FICO 8 +7

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by SouthJamaica on ‎04-24-202402:50 PM Latest post on ‎06-12-202409:10 AM by keekers

22 Replies 858 Views

22 Replies

858 Views

Consumer Finance Accounts

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by MissLiz on ‎06-06-202407:39 AM Latest post on ‎06-11-202407:15 AM by md_rebuild

22 Replies 601 Views

22 Replies

601 Views

Mortgage FICO scores versus FICO 8

by worthben on ‎06-07-202406:53 AM Latest post on ‎06-08-202403:53 PM by babbles

5 Replies 505 Views

5 Replies

505 Views

PenFed SSL (Shared Secured loan)

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by SlimShady66 on ‎01-06-202401:08 PM Latest post on ‎06-08-202402:14 PM by SlimShady66

41 Replies 1462 Views

41 Replies

1462 Views

just dont use your credit cards at all?

by hoang817 on ‎06-06-202412:56 PM Latest post on ‎06-08-202410:49 AM by CreditPoor

6 Replies 577 Views

6 Replies

577 Views

Util and AAoA trumps my last derogs falling off

by TheKid2 on ‎06-02-202410:41 AM Latest post on ‎06-07-202409:56 AM by TheKid2

2 Replies 336 Views

2 Replies

336 Views

My score went up 2 to 4 pts when I added debt....

by AzCreditGuy on ‎06-02-202408:15 AM Latest post on ‎06-05-202401:38 PM by Thomas_Thumb

3 Replies 437 Views

3 Replies

437 Views

Bureau Scores vs MyFico vs Vantage

by jmonye21 on ‎06-04-202409:48 AM Latest post on ‎06-05-202411:21 AM by jmonye21

7 Replies 496 Views

7 Replies

496 Views

DCU FCU Fico Score

by CreditUp26 on ‎06-04-202403:16 PM Latest post on ‎06-04-202403:18 PM by GZG

1 Reply 284 Views

1 Reply

284 Views

Sudden unexplained drop in Fico 5/4/2

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by Understanding FICO® Scoring (37)nothing02 on ‎12-05-202309:52 AM Latest post on ‎06-04-202409:42 AM by Understanding FICO® Scoring (38)jocko61

14 Replies 1142 Views

14 Replies

1142 Views

what happened to myfico fico 9 auto score?

by Understanding FICO® Scoring (40)mildogz on ‎04-01-202407:47 PM Latest post on ‎06-04-202407:21 AM by MissLiz

5 Replies 754 Views

5 Replies

754 Views

Improving FICO 2, 4, 5 over the next 6-8 months

by merjr23 on ‎06-03-202412:55 PM Latest post on ‎06-03-202403:27 PM by markbeiser

3 Replies 344 Views

3 Replies

344 Views

Understanding FICO® Scoring (2024)

FAQs

What is a good FICO credit score? ›

670-739

What is FICO score for dummies? ›

A FICO Score is a three-digit number based on the information in your credit reports. It helps lenders determine how likely you are to repay a loan. This, in turn, affects how much you can borrow, how many months you have to repay, and how much it will cost (the interest rate).

How is a FICO score different from a credit score? ›

Is "credit score" the same as "FICO® score"? Basically, "credit score" and "FICO® score" are all referring to the same thing. A FICO® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.

Why is my FICO score higher than my credit score? ›

Why is my FICO score higher than my other credit scores? Every credit-scoring model is different. And credit scores can change based on what credit report is used to inform the model. Those variances can make some scores higher or lower than others.

What is the highest credit score to buy a house? ›

There's no single, specific credit score that will automatically qualify you for a mortgage (though having the maximum score of 850 certainly never hurts). However, while lenders might not set precise qualifying numbers, they do have minimum credit score requirements.

What is a good FICO score to buy a car? ›

The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.

Can I buy a house with 716 credit score? ›

However, with a 716 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.

What is the current average FICO score? ›

What is the average credit score? The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024.

How do I calculate my FICO score? ›

What's in my FICO® Scores? FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).

What information is not considered in your FICO credit score? ›

However, they do not consider: Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.

How do I work on my FICO score? ›

Steps to improve your FICO Score
  1. Check your credit report for errors. Carefully review your credit report from all three credit reporting agencies for any incorrect information. ...
  2. Pay bills on time. ...
  3. Reduce the amount of debt you owe.

What things lower FICO scores? ›

11 Actions That Can Lower Your Credit Score
  • Making Late Payments. ...
  • Using Too Much Credit. ...
  • Applying for Too Many Credit Accounts. ...
  • Closing Credit Accounts. ...
  • Having Your Credit Limit Lowered. ...
  • Defaulting on a Loan. ...
  • Cosigning on a Loan That Becomes Delinquent. ...
  • Accounts in Collections.
Apr 17, 2023

Why is myFICO score 100 points higher than Credit Karma? ›

Why is my FICO® score different from my credit score? Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.

Which is better, FICO or Experian? ›

Experian's advantage over FICO is that the information it provides is far more detailed and thorough than a simple number. A pair of borrowers could both have 700 FICO Scores but vastly different credit histories.

How is your FICO score calculated? ›

The main categories considered are a person's payment history (35%), amounts owed (30%), length of credit history (15%), new credit accounts (10%), and types of credit used (10%). FICO scores are available from each of the three major credit bureaus, based on information contained in consumers' credit reports.

How can each FICO score be interpreted? ›

A FICO Score above 670 is better than average, while scores above 740 indicate that the borrower is extremely responsible with credit. A FICO Score above 800 is considered exceptional.

Which is better, FICO score 8 or 9? ›

Though the FICO® Score 9 is an updated version of FICO® Score 8, the FICO® Score 8 is still the most widely used base score by lenders, meaning that, while you may have a better credit score from the FICO® Score 9 model, lenders are more likely to still use the previous version.

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