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Credit Score Range

Credit scores come in different varieties, but the most common and widely used scoring system is the FICO credit scoring system, developed by the Fair Isaac Corporation.

The traditional FICO score has a range of 300 to 850 – with most consumers falling into the 600’s and low 700’s. A score of 760 or higher should get you the best rates on any loan.

Right now, due to the current economic crisis, 30 million Americans have credit scores of 620 or lower. Very few consumers ever reach a “perfect” score of 850, and it is not necessary to get preferential treatment on any loan.

The new FICO8 score, which came into use in 2009, will use the same credit score range, with a slightly different formula for calculating individual scores.

However, the Vantage Score, which is now being used by many lenders, has a score range of 501 to 990.

Thus, when you hear your credit score, it’s important to know if it is based on the FICO scoring model, or the Vantage Credit scoring model. A good FICO score would be a poor Vantage score.

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