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lenders. According to FICO, most Americans fall into the range of 750-799.
Each lender decides how low a score must be before they refuse a credit or loan application or hike interest rates, but generally any score under 620 is considered risky.
Along with a numeric credit score by FICO most creditors in the US and Canada also ranks your credit score on a scale of 0-9, using the letter "R" for revolving credit, such as a credit card or line of credit, and "I" for installment credit, like a mortgage or a car loan. A zero means you have
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no credit history, while a 9 likely means you’ve defaulted on a loan. So someone ranked “R1” would have the highest credit score. Read more on Credit Rating.
Vantage Score
Another method of credit scoring is VantageScore, a system developed jointly by national credit reporting companies Experian, TransUnion and Equifax.
VantageScore is a new player in the credit scoring game. It was started in 2006.
The vantage score was created by the top three credit agencies: Experian, Equifax and TransUnion to directly compete with the FICO score. Like FICO,
VantageScore ranks credit scores numerically, but from 501-990. However, it translates that number into a grade, similar to a school report card.
The highest credit scores get an A, while the lowest get an F.
VantageScore uses similar criteria to FICO in determining your credit score, with some differences. It heavily weighs your repayment history (32 %) as well as the amount of debt you
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