There are hundreds of credit scoring models, but the main scoring models that are used by 90% of lenders are FICO Score® and VantageScore
VantageScore is a credit scoring model collaboratively developed by the three major credit bureaus Experian, Equifax, and TransUnion. Just like FICO, VantageScores range between 300 and 850.
VantageScores weigh a variety of factors to determine your credit score:
- Most influential: Payment history
- Highly influential: Age and type of credit, percent of credit limit used
- Moderately influential: Total balances and debt
- Less influential: Recent credit behavior and inquiries, available credit