When it comes to credit scores, there are several types of scores that creditors and lenders use to evaluate your creditworthiness. FICO is one of the most widely used credit scoring models. It was developed by the Fair Isaac Corporation and is used by many lenders and creditors to assess a person's credit risk. However, not all credit scores are created equal, and not all scores are considered valid. In this article, we will discuss which of these is not a valid FICO credit score.
Understanding FICO Scores
FICO scores range from 300 to 850 and are based on several factors, including payment history, credit utilization, length of credit history, types of credit used, and new credit. The higher the score, the better your creditworthiness. A score of 700 or more is generally considered a good score, while a score below 600 is considered poor. FICO scores are used by lenders and creditors to determine whether or not to approve a loan or credit application, and what interest rate to charge.
It's important to note that FICO scores are not the only credit scores available. There are other credit scoring models, such as VantageScore, which also range from 300 to 850. However, FICO scores are the most commonly used scores by lenders and creditors.
The Valid FICO Scores
FICO Score 8
The FICO Score 8 is the most widely used FICO score. It's based on your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. The score is calculated based on your credit history, including your payment history, credit utilization, length of credit history, types of credit used, and new credit. The FICO Score 8 is used by many lenders, such as mortgage lenders, credit card issuers, and auto lenders, to evaluate your creditworthiness.
FICO Score 9
The FICO Score 9 is a newer version of the FICO score. It was introduced in 2014 and is designed to be more predictive of a borrower's credit risk. The FICO Score 9 also takes into account rental payment history, which can be beneficial for those who may not have a traditional credit history. The FICO Score 9 is not widely used yet, but some lenders are starting to adopt it.
FICO Auto Score
The FICO Auto Score is a credit score specifically designed for auto lenders. It takes into account factors such as your payment history, credit utilization, length of credit history, types of credit used, and new credit, but places more emphasis on your auto loan history. The FICO Auto Score is used by many auto lenders to evaluate your creditworthiness when applying for an auto loan.
The Invalid FICO Score
FICO Score 950
The FICO Score 950 is not a valid FICO score. It's a fictitious score that has been circulating online and has been the subject of scams. The score is not used by lenders or creditors and is not recognized by the Fair Isaac Corporation. It's important to be wary of any credit score that seems too good to be true or is not widely recognized by reputable sources.
Conclusion
When it comes to credit scores, it's important to know which scores are valid and which are not. FICO scores are the most widely used credit scores by lenders and creditors, and there are several types of FICO scores available. The FICO Score 8, FICO Score 9, and FICO Auto Score are all valid scores that are used by lenders and creditors to evaluate your creditworthiness. The FICO Score 950, on the other hand, is not a valid score and should be avoided.
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