Credit Score Explained: FICO vs Vantage

Credit scores are notorious for being complicated to understand with contradictory reasons for why your score goes up or down. Let's break down how credit scores work by examining the two most widely used credit score models: the FICO score and the VantageScore. You can get your free annual credit report from the three credit bureaus (Experian / Equifax / Transunion) here https://www.annualcreditreport.com/in... FICO vs VantageScore The FICO score model was created in 1989 by the Fair Isaac Corporation and is the most widely used credit score with over 90% of lenders using it to determine credit worthiness. The Vantage credit score was created in 2006 by the big three credit bureaus and uses a slightly different model compared to FICO. #creditscore #credit #finance 0:00 It's overly complicated 0:19 Credit Score Defined 1:07 There are Multiple Scores 1:37 FICO Score Explained 5:47 VantageScore Explained 8:02 How to Increase Your Credit Score 🔥Join this channel to get access to perks🔥    / @apennypinchersguide   🔥Support us on patreon and get exclusive perks🔥   / apennypinchersguide   ☑️Love our content? Subscribe!☑️    / @apennypinchersguide   ☑️Our website: https://apennypinchersguide.com/ Follow us: Facebook: https://www.facebook.com/APennyPinche... Instagram:   / apennypinchersguide   Twitter:   / candrbooks   DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.