FICO Score vs Credit Score: Which is the Best?

A credit score is used to check how well individuals manage their finances and review their past financial records. This score comes in handy when lenders need to decide whether to lend or not lend money based on historical records. If the scores are bad, it is approximated that the borrower is likely not to repay the money. These scores are calculated by your daily activities from banks, lenders, mortgages, timely bill payments, credit history, and more. However, lenders use different credit score models such as FICO, Vantage Score, Credit Score, etc. This article discusses mainly two credit score models,  FICO Score vs Credit Score, in detail. If you need to borrow money from banks or lenders, you need to have a good score, and thereby it is also essential to know which is the best model. 

Analyzing your credit scores is the first step in the Space Shuttle Strategy. This strategy helps you in fixing your credit scores in a streamlined process.

FICO Score vs Credit Score: Which is the Best?

FICO Score is one type of credit rating model and differs in comparison to other credit scores such as Vantage Score. However, it is first important to know what is a credit score, what is a FICO score, how a FICO score differs from other credit scores (FICO Score vs Credit Score), and how to improve your FICO score overall. Let’s start with what is a credit score.

What is a Credit Score?

If you have ever gone to a bank or a lender to borrow money for your business or personal expenses, you might have heard of the term credit score. It is one of the essential factors lenders use to check your financial health.

But what is Credit Score or a rating, and why does one need to have a good score?

A credit score is a numerical rating of your financial records comprising credit and debt. If you have a low credit score, it is an indication that you have not paid timely bills, have heavy debts, and bad financial situation. It is unlikely that lenders will issue any loan for business or personal use in such a case. Additionally, if a loan shark or lender agrees to loan you, it will likely be of heavy interest than usual.

On the other hand, if you have a higher credit score, the creditors will quickly give you a loan and, in some instances, at a lower interest.

So, what does a credit score include? Here is what is mainly collected and presented in your credit report.

  • Identity (Social Security Number, Name, Address, Date of Birth, etc.)
  • All credit accounts (loans, credit cards)
  • Public records (Bankruptcy filing, judgments, and bad reputation)
  • Record of individuals and organizations that have requested your credit history.

But who collects all the information on credit history? Three major organizations in the United States collect all the credit information: Equifax, TransUnion, and Experian. However, these are individual credit reports and may differ in scores.

In such a case, lenders use different credit models; one such is FICO Credit Score. FICO calculates scores from all three credit bureaus based on several factors and presents a single rating. It is one of the popular choices of lenders, but why especially? And what makes it different from others? Let’s know more.

Also read: The Best Private Label Credit Repair Software – Credit Repair Cloud

What is FICO Credit Score?

FICO (Fair Isaac Corp) is a credit model that consumers devised in the late ’80s to standardize reviewing credit history. Reasonably, this model is still considered and is one of the effective credit rating systems that lenders have adapted naturally. It is a three-digit score ranging from 300 to 850 points, and the higher the points, the easier it is to get loans or credit. 

Check FICO Score

Here is the FICO Score Range –

FICO RangeMeaning (in terms of score)
740-799Very Good
300-579Very Poor

Several FICO scores are used to monitor and calculate credit ratings. It is possible to have close to 30+ different credit scores with FICO, and each of these has a different meaning. For example, if you need to make credit decisions, FICO 8 and FICO 9 are considered, while FICO 10 is used for assessing credit risks.

myFICO is a subset of FICO (Fair Isaac Corp) that allows you to obtain FICO credit scores from all three credit bureaus. With the advanced plan, all the FICO scores are updated each quarter, and on the other hand, it is more affordable ($29.95/mo).

Tip: Checking your own credit scores doesn’t make a hard credit pull nor leave a negative mark on your credit report.

Also read: Dispute Letter Template [Sample Included]

Are FICO Scores the Best? FICO Score vs Credit Score

Now that we know a little about FICO scores, is it one of the best options? Now, this is a personal choice but it makes a significant difference when doing a credit lending or borrowing activity.

FICO score comprises several factors: timely payments, percentage of credit used, age of credit, type of credit, and inquiries. However, it is not a single credit score and instead more diverse to make accurate credit decisions.

As we know, there are more than 30+ FICO credit scores for various purposes. So, if you want to check the FICO score for lending money, FICO 8 and FICO 9 are the best choices, while FICO 10 is best for assessing the credit risk. Such a diverse scoring mechanism specific to needs makes it one of the best choices over other credit rating models.

Vantage Score is also one of the best options and ranges similar to the FICO score (300 to 850). However, FICO is still considered as it offers more choices.

Also read: How to Write a Dispute Letter to Creditor.

How to Improve FICO Scores?

FICO scores are calculated based on several factors and are not entirely dependent on paying bills on time. There are a few common factors that one needs to pay attention to to get their FICO credit score improved; they are:

Improve your FICO Score
  • Timely payments: In the FICO score, timely payments are accountable up to 35%, and when done timely, you’ll have a chance to get a better credit score. On the other hand, if you have non-timely payments in your books, it will equally show damage to your FICO score.
  • Credit used: The percentage of credit used is accountable for up to 30% of your FICO score. If the credit used percentage is less, you will likely have a better FICO score indicating a lot of funds unused and easy to pay.
  • Credit age: The average duration of time someone has been using is considered credit age and accounts for up to 15% of the FICO score. In simple terms, The older, the better.
  • Type of credit: This is an important factor and holds up to 10% of FICO scores. Certain credits are not good for your FICO score, while a few types of credits does no harm.
  • Credit inquiries: If a lot of organizations or individuals or pulling your credit history, it leaves a negative mark on your FICO scores.

Also read: What is Hard Inquiry on your Credit Report & How it Affects Your Score

myFICO Credit Score Monitoring

Check FICO Scores
  • Monthly credit scores from all three bureau
  • Access to more than 30 types of FICO Scores
  • Goal-specific FICO Scores
  • Identity theft insurance included
  • Access to credit reports from all three bureaus

Frequently Asked Questions

Why do I have different FICO Scores?

More than 30+ FICO credit scores are based on their purposes; FICO 8 and FICO 9 are used for credit lending and FICO 10 for credit risk. Each time, you can have a different FICO score as it widely depends on the FICO scoring model used.

Do lenders use the FICO score or Credit score?

There are several credit scoring models lenders prefer to use based on their preferences. However, FICO and Vantage credit scores are two of the most popular credit scoring models lenders use.

Are FICO scores and Credit scores the same?

FICO is a type of credit score, and they are basically the same. However, the difference is streamlined and diversified credit rating as per FICO’s purpose.

Wrap up: FICO Score vs Credit Score

FICO Score vs Credit Score: Both are almost the same and differ only in calculating and product diversity. On FICO, you can get up to 30+ different scores based on the purpose, making it easier for you to make a lending or borrowing decision. FICO is also one of the popular credit score models, making it a must-choice with most lenders.

myFICO is a subset of FICO (Fair Isaac Corp) that allows you to obtain FICO credit scores from all three credit bureaus. With the advanced plan, all the FICO scores are updated each quarter, and on the other hand, it is more affordable ($29.95/mo). With the premiere plan, you can get monthly credit score updates from all three bureaus ($39.95/mo).

the space shuttle strategy

The Space Shuttle Strategy

The Space Shuttle Strategy is a two-step process; Reduce Weight (Remove Anomalies from Credit Reports) and Give a Boost (Improve Credit Scores Faster + Best Practices).

It is an exhaustive guide for those who badly want to fix their credit scores on their own.

Should you Hire a Credit Repair Agency?

If you wish not to spend your time building your credit scores using Space Shuttle Strategy, you can opt for a credit repair agency. A credit repair agency does not guarantee your credit scores to be fixed, but they can give you a shot with the help of experts. Besides, some of the credit repair companies have lesser pricing models that can fit your budget.

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The Credit Saint

Ranked #1 in tackling inaccurate credit entries, Credit Saint is appreciated by almost every other consumer company. It has better plans and a simple process. The best part? You get a 90-day money-back guarantee.

There are pricing models designed as per the need of consumers and well suit their interests. This credit repair company also back #1 position in BBB credit rating and consumer affairs.

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improve bad credit score

The Credit People

The Credit People has helped thousands of people to fix their credit reports. By far, it is one of the cheap and least expensive services with better results and dedicated professionals.

The perks of using The Credit People include free credit scores and credit reports when you opt for their services. These affordable credit restoration services can boost your credit score with an average of 53-187 credit points. 

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The Credit Fix Guy

The Credit Fix Guy

Disputes are ready in as quick as 72 hours, The Credit Fix guy is our ready-to-go credit repair company. It has a simple fee structure, and there is no SSN required to get started. A few of the perks include free ebooks even though you have not applied for the credit fix program.

The Credit Fix Guy uses a simple three-step process known for affordability, convenience, and safety. You can find dozens of video reviews from their successful clients.

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the credit firm

Credit Firm

Serving in key financial areas ever since 1997, The Credit Firm has proven to be one of the best. With the support of professional attorneys, credit repair experts, financial guides, and dozens of other core members on the team, it has proven to be actionable in and around 50 states of America. 

Credit Firm has a straightforward process to fix the credit scores, making it one of the best. This service is best for those who are looking for better jobs and faster credit and loan approvals.

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Hi, this is Ashutosh - I am the creator of the "Space Shuttle Strategy" and most credit repair guides on this website. I love talking about finance, credit repair, and business tools, and I share my ideas through guided and helpful articles which can help you make a difference. Some people also call me Jr. Nikola Tesla, as I love creating new ideas and bringing change, and my ideas do stick.

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