As long while you practice smart credit habits, your scores should remain excellent with time, even when there are times when applying for several new plastic cards, eventually close them, and repeat. The newly launched VantageScore 3.0 scoring model uses the same credit rating range as FICO, 300 to 850. Look for the previous scoring range for being phased out with time.
Wells Fargo uses the FICO Bankcard Score 2, that includes a range from 250-900 which is tailored toward bank card issuers. For some reason, I always use a score within the mid-700s, despite scoring from the 800s with the traditional FICO score. And it really can't make sense because I rarely employ a large outstanding balance, and try to pay my charge card in full.
The only thing I can consider is too many new plastic card inquiries because I open and close bank cards fairly frequently, or at best more than the typical consumer. In all, you will discover at least 30 different versions of FICO scores, spread through the three major credit agencies, such as Equifax, Experian, and TransUnion. That means you will discover 10 versions per credit agency, rendering it difficult to nail down exactly which range was applied when your credit profile was pulled by on the list of reporting agencies.
However, in the event you check out the small print there should be something related to the score range and type used in order to better determine status. We also have a perception of the FICO score distribution below, which illustrates where most consumers stand credit history-wise. You’ll want being on the higher side with this distribution to ensure you have a good credit rating and are seen favorably by prospective creditors. In one more illustration below at a credit union you can observe how a certain credit standing will change the interest rate you will get on your debit card.
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