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Alternatives to FICO. Credit Rating vs. Credit Score What is a credit rating versus a credit score? Key Takeaways Credit ratings are expressed as letter grades and used for businesses and governments. Credit scores are numbers used for individuals and some small businesses.
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Often, the three credit bureaus that create your credit reports — Equifax, Experian and TransUnion — have slightly different data from one another. So your score may vary depending on which bureau's data was used. Generally, scores from to are considered good credit. But each lender or credit card issuer can decide what score is needed to qualify for a particular line or credit. The FICO company itself defines a good score as Creditors often use FICO scores in making decisions about whether to approve an application for a loan or a credit card.
It gives them a picture of how you've handled credit in the past. They also check other information, such as your income and existing debt obligations, to see whether you have the means to repay them. A score that is in the good or excellent range can give you more choices and access to lower interest rates. As you can see, paying on time and keeping balances low account for about two-thirds of your score:. That's why it's important to research credit card offerings and eligibility requirements before applying to one.
Mortgage lenders typically use much older FICO score versions. UltraFICO , another newer type, is meant for people new to credit or looking to rebuild credit.
It is on the same to scale as FICO but it uses activity in deposit accounts to calculate a score.
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