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Home Credit Scores FICO vs. Credit Score: What’s the Difference?

FICO vs. Credit Score: What’s the Difference?

FICO gauge opposite a generic credit score gauge

At a glance

FICO scores are credit scores provided by the Fair Isaac Corporation (FICO). You also have credit scores provided by other competing companies, including VantageScore.

Instantly access your report and discover your credit score from all three credit bureaus.

Checking your score won't hurt your credit.

Written by Mark Slack

Reviewed by Robert Jellison

Apr 12, 2022

Fresh advice you can trust

We promise to always deliver the best financial advice that we can. Our writers and editors follow strict editorial standards and operate independently from our advertisers and affiliates. Learn more about how we make money.

You’re likely aware that you have a credit score, but you may be wondering how that’s different from a FICO credit score, or if it’s the same thing.

The most important concept to understand is this: there’s no such thing as a standalone “credit score.”

All credit scores are provided by companies that calculate them—the biggest companies being FICO and VantageScore. That means any score you’re looking at is a FICO credit score, a VantageScore credit score, or some other company’s credit score.

If you recently checked your credit or received word that a loan or application was denied based on your credit score, it’s important to check which company furnished that score.

We’ll go over what credit scores are, which company’s credit score matters most, and why you have so many of them.

Table of Contents

  1. What’s a credit score?
  2. What’s a FICO score?
  3. Which credit score matters most: FICO or VantageScore?
  4. Which FICO version matters most?
  5. Which VantageScore version matters most?
  6. What’s the difference between FICO and VantageScore?

What’s a credit score?

A credit score is a number produced by a credit-scoring company that represents how risky it is to lend you money. Credit scores are generated by credit-scoring models. These models analyze the positive and negative data in your credit reports at each credit bureau, Equifax, Transunion, and Experian, and calculate a credit score. Credit scores usually range between 300 (the worst score) to 850.

Although credit scores differ from credit reports, if your credit reports have a lot of negative items (like bankruptcies, late payments, or collection accounts), you’ll have a low credit score. Conversely, if your credit reports show you’re responsible with money and pay back your debts on time, you’ll have a high credit score.

By far, the most well-known and widely-used credit scoring company is FICO. Its main competitor, VantageScore, also produces credit scores, but they’re much less widely used. However, anyone can produce a credit score. Some banks, lenders, and credit issuers have their own proprietary credit-scoring models.

What’s a FICO score?

A FICO score is a credit score produced by the Fair Isaac Corporation (FICO). While FICO has been in the credit scoring business since the 1950s, they invented the first general-purpose credit score (your FICO score) in 1989.

Again, not all credit scores are FICO scores. If you recently checked your credit with a major online credit checking service like CreditKarma, WalletHub, or CreditSesame, you were provided with a VantageScore credit score. In addition, credit card companies like Capital One and Chase also provide you with VantageScore credit scores if you’re a cardholder.

Which credit score matters most: FICO or VantageScore?

Your FICO score matters more. Lenders and creditors use FICO scores in 90% of lending decisions. That means if you decide to apply for a credit card or a loan of any kind, 9 times out of 10, that company will check your FICO score to see if you’re creditworthy.

However, it’s important to know that there are multiple versions of your FICO credit score. There are industry-specific versions of your FICO score (e.g., if you’re applying for a mortgage or an auto loan), and bureau-specific versions of your FICO score (e.g., TransUnion vs. Equifax).

While your FICO score matters most, it’s also important to know which version your lender is using.

Which FICO version matters most?

Your FICO Score 8 credit score matters the most. There are other versions, including FICO 9 and the newly released FICO 10 Suite, as well as alternative scoring models like FICO Score XD. However, most lenders still use FICO Score 8 to make lending decisions.

However, there are other industry-specific versions of your FICO score that may be used. Those include:

  • FICO Score 2, 4, and 5: Used in mortgage lending
  • FICO Auto Score 2, 4, 5, and 8: Used in auto lending
  • FICO Bankcard Score 2, 4, 5, and 8: Used in credit card issuing

Note that FICO Auto Score 8 and Bankcard Score 8 use your FICO Score 8 credit score as a base for further industry-specific calculations—but they are not the same thing.

Which VantageScore version matters most?

Your VantageScore 3.0 credit score matters the most. Although VantageScore isn’t used by most lenders, it’s likely you’ve checked their score because most major credit-checking services partner with them and not FICO.

Fortunately, most of those credit-checking services provide you with a VantageScore 3.0, which is more used than their latest model, VantageScore 4.0.

What’s the difference between FICO and VantageScore?

If you did receive a VantageScore, and are now learning that your FICO score matters more, you’re probably wondering if there’s a big difference.

Overall, it’s likely that if you have a high VantageScore credit score, you’ll have a high FICO score, and vice versa. That’s because both models measure essentially the same factors in your credit reports.

If you don’t have a long credit history, your VantageScore and FICO credit scores may be less comparable

When you have a very short credit history, this is known as having a thin credit file. It’s difficult for credit-scoring companies to score thin credit files because consumer behavior is unpredictable without more data. While VantageScore will provide you with a score within a month of having credit history, you need to wait 6 months to get a FICO score.

While there are noteworthy differences between VantageScore and FICO, if you’ve been responsible with your credit and debts, both models will give you a good score.

Takeaway: You have dozens of different credit scores, many of which are FICO scores

  • FICO scores are credit scores that are produced using models created by the Fair Isaac Corporation.
  • FICO has several competitors, most notably VantageScore, which also produces credit scoring models.
  • Because FICO provides more than one scoring model, you actually have several different FICO scores, and even more credit scores produced by other companies.
  • Every lender chooses which credit scoring model they want to use when they run your credit, which means that when you check your credit, the score you see might not be the one your lender will use.
  • However, all of your credit scores are strongly correlated with each other (unless you have a very thin credit file).

Mark Slack

Founder

View Author

Mark Slack is an expert in credit, credit card processing and payment, as well as personal and business loans. He’s managed content for, or contributed credit-related articles for several websites, including LegalTemplates and ResumeGenius. His advice has also been featured in the Chicago Tribune, The Philadelphia Inquirer, and NYDailyNews.

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