Your credit score is in many cases the most influential factor in a lender's decision to grant you credit and at what rate. The higher the score, the less you'll pay for the use of someone else's money.
Although the most widely used credit model is the FICO (named for the score's developer, Fair Isaac Corporation), there's another score for sale--the VantageScore.
It's very important to know which one you're looking at. The more traditional FICO score can range from 350 to 850. The VantageScore, however, ranges from 501 to 990 and parallels a grading system of A to F. And these different scales can cause confusion.
While it's too soon to know if VantageScore will one day give FICO competition, it's never too early to understand how you're being evaluated and how you rate.
For questions about credit scores or other credit-related issues, stop by or contact us at South Carolina Federal Credit Union. For more information about VantageScore, visit http://www.vantagescore.com/next_steps.
Copyright 2011 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved