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FICO® vs. VantageScore® | Larry Jay Mitsubishi | Charlotte, NC

FICO vs Vantage | Charlotte NC

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If you’re shopping for a new car, one of the first things you’ll need to determine is how you’ll pay for your vehicle. Most drivers choose to finance, which means a large portion of car shoppers will need to know their credit scores before hitting the dealership lot. However, there are several organizations that determine credit scores, including FICO® and VantageScore® Solutions. They both use credit-scoring models that analyze consumer credit data to determine your score, but there can be important differences between the two.

What are FICO® and VantageScore®?

FICO® and VantageScore® are scoring models that use your credit data information to determine your creditworthiness. Simply put, these organizations take information about whether you pay your bills on time, how much debt you have, and similar data to tell lenders if you’re a responsible lendee.
The Fair Isaac Corporation (often shortened to FICO®) is responsible for developing the first scoring model in 1989. The FICO® score is used by 90 percent of lenders when making decisions. VantageScore® was introduced in 2006 by combining three other credit bureaus — Equifax, Experian, and TransUnion — in an attempt to create a more accurate scoring model. While usually easier to understand, the VantageScore® model is newer, and less commonly used in the industry.


VantageScore® uses the following categories, ranked from the most important to the least significant:
  • Payment history
  • Age and type of credit
  • Percentage of credit limit used
  • Total balances and debt
  • Recent credit behavior and inquiries
  • Available credit
The FICO® score is based on the following five categories, with a percentage breakdown:
  • Payment history: 35 percent
  • Amounts owed: 30 percent
  • Length of credit history: 15 percent
  • New credit: 10 percent
  • Credit mix: 10 percent
Differences Between Models

The major differences are that FICO® requires a longer credit history to even generate scores. VantageScore® will count multiple credit inquiries as a single inquiry if they happen within a two-week period, and VantageScore® is often better for predicting behavior patterns. However, FICO® will also tailor your scores to specific industries, like housing or auto, to tell lenders more. In short, the two models are very similar, but they can be used to give lenders a more complete look at your financial life.
Have more questions? Visit our finance department at Larry Jay Mitsubishi.
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Contact Information

8415 South Blvd
Charlotte, NC 28273
Phone: (866) 237-9670
Fax: (704) 551-6508
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