For years, the FICO score has had a corner on the credit score market. Now, however, there is a new way of looking at one’s credit score. And it is actually a little easier to understand. It’s a great deal like looking at a report card. A credit history report card. Inman news has the goods on this new credit score:
Other consumer credit rating scores are also on the horizon. Using a different a mathematical model than the trademarked FICO score, VantageScore was introduced earlier this year using information from all three national credit-reporting companies. While lenders will rely on the numerical scores, the assigned grade scale helps consumers understand their scores more easily. The score, ranging from 600 to a possible 990, is scaled as follows:
- 901-990: A
- 801-900: B
- 701-800: C
- 601-700: D
- 501-600: F
And, like any other credit score, it is possible to improve your VantageScore. By following good credit habits, such as paying your bills on time and in full, and by keeping credit card balances down, you can improve any credit score. So keep an eye out for other credit history methods. And remember how important it is to check your credit report regularly.