The Plus score and the FICO score are two of the most commonly used credit indicators. These scores indicate an applicant's creditworthiness and the likelihood that they will receive favorable loan terms.
Issuer
PLUS scores are issued exclusively by Experian using Experian Decision Analytics, while FICO scores are issued by each of the three major credit bureaus using methods developed by the Fair Issac Corporation.
Scale
PLUS scores range from 330 to 830, and FICO scores range from 350 to 850. A higher score signifies a lower level of risk associated with extending credit.
Considerations
Your PLUS and FICO scores will likely not be the same. Scores are calculated using data obtained from your credit file with that agency. The information on file with each agency may differ, leading to possible discrepancies in scoring.
Use
The FICO score is the score typically used by lenders when making lending decisions. However, each lender has individual strategies and methods to determine level of risk, which may include looking at PLUS scores.
Benefits
Knowing and understanding your credit rating helps avoid surprises when applying for credit. In addition, credit scores are now commonly utilized when applying for an apartment or even obtaining employment.
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