Fico

Key takeaways FICO Scores are the most common scores used by lenders across the U.S. There are multiple versions of FICO scores, each using different criteria. Differences are typically minor and unlikely to impact whether you're approved for a loan. To keep your FICO scores as high as possible, focus on making payments on time and keeping balances low relative to your credit limit. You may have noticed that your credit score seems to change depending on where you check it. Whether you’re choosing a mortgage lender, shopping for an auto loan or looking for the best deal on a credit card, there’s a good chance your scores won’t be an exact match.One reason your score might look different is that there are multiple versions of FICO scores and VantageScores. Each can paint a slightly different picture of your financial health.What FICO scores are and what they meanA FICO score, developed by the Fair Isaac Corporation, has been used by lenders since 1989 to evaluate consumers’ credit risk. These three-digit scores typically range from 300 to 850 (although industry-specific scores can use a broader range of 250 to 900).A higher FICO score suggests that you have managed credit well and are less risky to lenders, which often leads to better interest rates and loan terms. The average FICO score in the U.S. is 717 for FICO 8, which is the most commonly used score.Why there are different FICO score versionsThere are multiple versions of FICO credit scores for two main reasons:Changing analytics: FICO scores are periodically redeveloped to incorporate new analytic tools. When FICO releases new versions to the market, lenders must decide whether to adopt the latest version or stick with the one they are currently using.Industry-specific scores: Some FICO score versions are tailored to specific types of financial products. For example, industry-specific versions of FICO focus on auto loans and credit cards (referred to as “bankcards” in the context of FICO scores).How different FICO score versions are usedThe most widely used version of FICO scores is called FICO score 8. If you are unsure which version of your

FICO scores you should monitor, FICO score 8 is a good place to start.Since its release in 2014, FICO score 9 has also been commonly used, although it hasn’t yet reached the level of use that FICO score 8 has.FICO score 8 vs. 9Versions 8 and 9 of FICO scores are similar, but FICO score 9 is generally considered the more forgiving of the two for a few reasons:With FICO 9, third-party collections no longer hurt your credit score once those debts are paid off.FICO 9 treats medical collections differently than other types of debt. Unpaid medical collections will impact your score less significantly than other unpaid collections.FICO 9 can consider your rental history as long as your landlord reports the payments. This can help young adults build credit faster.FICO scores 8 and 9 are commonly used for student loans, personal loans, medical loans, credit card lines and auto loans. However, there are industry-specific FICO versions for certain types of debt as well, including auto loans and credit cards.FICO Scores 10 and 10TIntroduced in 2020, FICO Scores 10 and 10T are the newest versions of the FICO scoring model. These versions were designed to provide a more precise evaluation of credit risk by incorporating newer data and trends in consumer behavior. They both still use the same algorithms as FICO Scores 8 and 9, but 10T also brings a new element to the table: trended data.Trended data looks at credit behavior over time rather than just a single snapshot, giving a more dynamic view of your financial habits. For instance, FICO 10T considers how consistently you’ve paid down your credit card balances over the past 24 months, which can help distinguish between someone steadily reducing debt and someone who tends to carry higher balances.Industry-specific FICO score versionsAccording to myFICO.com, industry-specific FICO credit scores leverage all the predictive power of the base FICO scores but are fine-tuned to reflect the unique risk factors associated with different types of credit, such as auto loans and credit cards.By offering auto-specific and bankcard-specific FICO scores, FICO has managed to tailor its products and provide

90% of top lenders use FICO® Scores– do you know yours? Get your FICO Score, from FICO. Compare your FICO Scores and credit reports from all 3 bureaus—Experian, TransUnion, and Equifax—side-by-side and get the right credit score for your goal. And don’t worry– checking your own credit will not hurt your score. Although they may look the same, other credit scores can vary as much as 100 points from your FICO Score. With myFICO, you can view and monitor your FICO Scores and credit reports right from your fingertips. You'll get alerts on your iOS device when changes are detected. Features• FICO® Scores – Check your FICO Scores while on the go, including versions used in mortgage, auto and credit card lending• Insights – Learn how your credit history affects your FICO Scores• FICO Score Simulator – Explore how different actions could affect your FICO Scores• Alerts – Monitor your credit and identity• Reports – Instantly access your credit reports and credit data• Score History Graph – Track your FICO Score 8 over time• Credit Education – Explore videos and educational content to learn about credit and FICO Scores• Fast and secure login with fingerprint, face or other biometric (on supported devices) plus 2-Step Verification optionCertain features are available only with eligible myFICO subscriptions. Learn more at www.myfico.com. What’s New Feb 21, 2025Version 4.0.5 - New Offers Center featuring personal loans, credit cards, credit builders and more.- Bug fixes & performance improvements Ratings and Reviews 4.8 out of 5 31.6K Ratings WORTH THE MONEY!!! I’ve been using MyFICO for over a year now and am so VERY PLEASED. Unlike other similar apps that monitor VantageScore scores which very few creditors use, this app tells you your current FICO Score 5/4/2, 8, Auto Score 8, Bankcard Score 8, and 10. This

More clarity to the lenders who use them. Here’s how they are commonly used.Auto lendingIn addition to the standard FICO score 8 or 9, an auto lender might use:FICO Auto score 2FICO Auto score 4FICO Auto score 5FICO Auto score 8FICO Auto score 9FICO Auto score 10Credit card lendingIn addition to the standard FICO score 8 or 9, credit card companies might use one of the following:FICO score 3FICO Bankcard score 2FICO Bankcard score 4FICO Bankcard score 5FICO Bankcard score 8FICO Bankcard score 9FICO Bankcard score 10Mortgage lendingIn addition to the standard FICO score 8 or 9, mortgage lenders might use one of the following:FICO score 2FICO score 4FICO score 5FICO score use among different credit bureausThe three credit bureaus, Experian, Equifax and TransUnion, track credit histories for individual consumers. Each bureau assigns consumer credit scores based on the information it receives from creditors, which means a consumer could have a different FICO score from each bureau.Here are the most commonly used FICO credit score versions across the different credit bureaus:ScoreExperianEquifaxTransUnionMost widely usedFICO® Score 9FICO® Score 8FICO® Score 9FICO® Score 8FICO® Score 9FICO® Score 8Used in auto lendingFICO® Auto Score 9FICO® Auto Score 8 FICO® Auto Score 2FICO® Auto Score 9FICO® Auto Score 8 FICO® Auto Score 5FICO® Auto Score 9FICO® Auto Score 8 FICO® Auto Score 4Used in credit card decisionsFICO® Bankcard Score 9 FICO® Bankcard Score 8FICO® Score 3FICO® Bankcard Score 2FICO® Bankcard Score 9 FICO® Bankcard Score 8FICO® Bankcard Score 5FICO® Bankcard Score 9 FICO® Bankcard Score 8FICO® Bankcard Score 4Used in mortgage lendingFICO® Score 2FICO® Score 5FICO® Score 4Newly releasedFICO® Score 10FICO® Auto Score 10FICO® Bankcard Score 10 FICO® Score 10TFICO® Score 10FICO® Auto Score 10FICO® Bankcard Score 10 FICO® Score 10TFICO® Score 10FICO® Auto Score 10FICO® Bankcard Score 10 FICO® Score 10THow FICO scores are calculatedEach FICO version weights different aspects of your credit history slightly differently, but all FICO scores are calculated based on the following five factors:Payment history (35%): Considers whether you’ve made payments on time. This is the most significant factor in determining your score.Amounts owed (30%): Looks primarily at the total