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What is the difference between different scoring models?

There are numerous scoring models available in the market today. Even though three major reporting bureaus cooperated to create VantageScore to bring some scoring consistency, there are still lots of differences in the way the three VantageScore models calculate them. Besides that, there is a FICO calculating method which also includes multiple options of drawing the final credit score of a person. Due to these major differences, the scores you receive will usually vary from one another. However, if you score high with FICO, it is unlikely that your VantageScore will be significantly lower or higher. All models deliver more or less identical data but at different scales and with some unique peculiarities.

Regardless of the differences, all models take into account the following factors: payment history and your current assets as the foundation of the score calculations; apart from that, your credit history length, types of current credits you have (such as student or auto loans, mortgages, and even credit cards), credit limits and their use, existing to-day debt, and hard inquiries on your credit report are all also the influential factors for the calculation of your credit score.

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