Vantage Credit Score Vs. FICO Score

Lenders will look at your credit score before approving you for a new credit card or loan, increase your credit limit or offer you a lower interest rate. In the past, lenders had one option for credit scores, the FICO credit score. Now, lenders can pull either your FICO credit score or your VantageScore. These credit scoring models have several differences.

Number Grade

Both the FICO credit score and the VantageScore give consumers a three-digit numerical score. The FICO credit score reaches 850 while the VantageScore number grade reaches 990, according to Bankrate. With both scoring systems, consumers with a higher number rating will receive the most approvals and the best loan and credit card terms, while consumers with a low number grade may have trouble qualifying for credit cards, loans and mortgages.

Letter Grade

In addition to the three-digit numerical score, the VantageScore also rates consumers by a letter grade from A to F, according to Bankrate. The letter grade a consumer receives depends on his number score and credit history. Consumers with the best credit histories will have receive an A letter ranking, while consumers with serious credit problems, such as bankruptcy, collection reports and charge-offs will receive a lower letter grade.

Factors Considered

The FICO credit score uses five factors from a consumer's credit report to determine her credit score, while the VantageScore uses six factors. Bankrate reports that the FICO credit score considers payment history, total debt owed, total length of credit history, types of credit accounts and recent applications. The VantageScore uses a consumer's past payment history, total available credit used, total revolving credit balance, amount of credit the consumer has available, recent credit applications and depth of the consumer's credit history, according to Bankrate.

Accessing Scores

Consumers can order a copy of their FICO credit score the Fair Isaac Corp.'s MyFICO website. Consumers can order a copy of their VantageScore through Experian's website. Both the FICO credit score and the VantageScore cost a fee to order. Consumers should order both scores, as lenders can pull either type of score to determine a consumer's credit worthiness.