VantageScore® and FICO® credit-scoring models use data obtained from consumer credit reports to generate credit scores. But the data may affect scores differently depending on which model is being used. Let’s look at the key factors that these models use to calculate your scores.
VantageScore groups credit information into six main categories, but the categories don’t have the same influence on your scores.
Payment history: extremely influential
Age and type of credit: highly influential
Percentage of credit limit used: highly influential
Total balances and debt: moderately influential
Recent credit behavior and inquiries: less influential
Available credit: less influential
FICO groups the information into five categories, with each one representing a percentage of your score.
Payment history: 35%
Amounts owed: 30%
Length of credit history: 15%
New credit: 10%
Credit mix: 10%
But again, keep in mind that the exact impact a specific category will have on your credit scores can vary depending on your individual credit history and the specific credit-scoring model used.
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