“FICO Score” is the generic name used to describe the many different credit scores produced by the Fair Isaac Corporation. An individual can have as many as 49 different FICO scores, according to credit expert and former Fair Isaac employee John Ulzheimer, among more than 1,000 scores overall.
Given the sheer number of different scores available and lenders’ varying approval standards, there simply isn’t one “real” credit score. That’s actually why you shouldn’t worry about your credit score’s branding. Any reputable free credit score will do the trick, so to speak, enabling you to track your credit-improvement progress, determine when it’s time to apply for a new loan or line of credit, and avoid overpaying in the process. With that in mind, you can check your latest credit score for free on WalletHub. Those scores are from VantageScore (FICO’s main rival), but that’s obviously no biggie.
But understanding the ins and outs of FICO scores is still important, however. Along with VantageScore credit scores, Fair Isaac’s ratings are among the most widely used. You’re therefore likely to encounter FICO scores in some fashion, whether listed on a credit card statement, mentioned in a mortgage offer or discussed in some other context. So it’s good to be prepared.
Below, you can find all of the information you’ll need, from an overview of FICO’s assorted credit-score models to a list of where you can get free FICO scores.
How Many FICO Scores Are There?
You don’t have a single credit score, let alone a single FICO score. In fact, you could have as many as 49 different FICO scores, as we already noted. And that just goes to show why simply getting “a FICO Score” is not enough. Getting a certain type of score matters only if it’s the exact same type used by the lender from which you wish to get a loan or line of credit. In other words, you have to get the right FICO Score, and doing so makes sense only if you know your lender uses that particular score.
After all, the differences between the many generations of FICO scores, the industry-specific scores that FICO offers and the three credit reports that serve as the basis for all credit scores figure to produce markedly different final results. A VantageScore, for example, is therefore likely to tell you just as much about your odds of approval by a lender using a certain FICO score as a different type of FICO score would.
Types Of FICO Scores
There are six basic types of FICO scores, each of which has been tweaked repeatedly over the years, resulting in numerous distinct credit-score models (basically the recipes by which credit scores are calculated). Furthermore, there are three different versions of each model, corresponding to the three major credit bureaus — TransUnion, Equifax and Experian — whose reports serve as the basis for all scores.
All of those variations and the involvement of the bureaus have resulted in a confusing hodgepodge of scores with inconsistent branding. For example, FICO scores based on Experian credit reports sometimes are called “Beacon” and “Pinnacle” scores. But we’ll try to keep it simple as possible. Because all you really need to know is that an array of scores suited to varying purposes exist.
Types Of FICO Scores | TransUnion Versions | Equifax Versions | Experian Versions |
---|---|---|---|
Generic FICO Score | FICO Risk Score, Classic 04
FICO Risk Score, Classic 08 FICO Risk Score, Classic 98 FICO Score 9 |
Beacon 05
Beacon 09 Beacon 96 FICO Score 9 |
Experian/FICO Risk Model 08
Experian/FICO Risk Model V2 Experian/FICO Risk Model V3 FICO Score 9 |
FICO Bankcard Score | FICO Risk Score, Classic 04
FICO Risk Score, Classic 08 FICO Risk Score, Classic 98 |
Beacon 05
Beacon 09 Beacon 96 |
Experian/FICO Risk Model 08
Experian/FICO Risk Model V2 Experian/FICO Risk Model V3 |
FICO Mortgage Score | FICO Risk Score, Classic 08 | Beacon 05
Beacon 09 |
Experian/FICO Risk Model 08 |
FICO Auto Score | FICO Risk Score, Classic 04
FICO Risk Score, Classic 08 FICO Risk Score, Classic 98 |
Beacon 05
Beacon 09 Beacon 96 |
Experian/FICO Risk Model 08
Experian/FICO Risk Model V2 |
FICO Installment Loan Score | FICO Risk Score, Classic 04
FICO Risk Score, Classic 98 |
Beacon 09
Beacon 96 |
Experian/FICO Risk Model V2
Experian/FICO Risk Model V3 |
FICO Personal Finance Score | FICO Risk Score, Classic 04
FICO Risk Score, Classic 98 |
Beacon 09
Beacon 96 |
Experian/FICO Risk Model V2
Experian/FICO Risk Model V3 |
Next-Generation FICO Score | FICO Risk Score NextGen
FICO Risk Score NextGen 03 |
Pinnacle 1.0
Pinnacle 2.0 |
Experian/FICO Advanced Risk Score 1.0
Experian/FICO Advanced Risk Score 2.0 |
How To Get A Free FICO Score
The best source of free FICO scores is the growing list of banks and credit unions that have begun providing complimentary FICO scores to their existing credit card and loan customers or as a stand-alone service for brand-building purposes.
Institutions Offering Free FICO Scores | |
Ally Bank (auto-loan customers only) |
Discover (available to non-customers) |
Synchrony Financial (Walmart Credit Card) |
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FICO Score Range: What Is A Good FICO Score?
Most FICO Score models range from 300 to 850, just like VantageScore models. And as is the case with any type of credit score, whether or not a given FICO score can be considered “good” is up to the lender evaluating your application. After all, the whole point of having good credit is to get approved for better credit cards, loans, insurance policies, etc., and ultimately save money. And credit standards vary from lender to lender and product to product.
The fact that lenders and other decision makers decide what good credit is and is not also means that FICO doesn’t really have anything to do with defining the term. Although there is no universally designated range for a good credit score, the general rule of thumb is that scores from 660 to 719 qualify. And that applies to FICO credit scores and VantageScore credit scores alike.
You can learn more about what constitutes good credit and how much it will save you relative to a “bad” score in our good credit score guide.
FICO Score Competitors & Alternatives
FICO certainly isn’t the only credit score in town. Here are just a handful of its biggest competitors.
Score | Company | Range | What’s Good? |
---|---|---|---|
VantageScore 3.0 | Experian, Equifax & TransUnion | 300 - 850 | 700 - 749 |
Experian – PLUS Score | Experian | 330 - 830 | 700 - 725 |
Equifax Credit Score | Equifax | 280 – 850 | 660 - 759 |
TransUnion New Account Score (formerly TransRisk Score) | TransUnion | 300 – 850 | 700 - 749 |
CE Score | CE Analytics | 350 – 850 | 661 - 720 |
How To Improve Your FICO Score
The best way to improve your credit score is to have an open credit card or loan account in your name that is in good standing. As long as you make on-time payments each month and maintain reasonable credit utilization, your credit score will show steady improvement.
For more credit-building tips, check out our guide on How to Improve Your Credit Score.
Ask The Experts: Inside Credit Scoring
For more insights into FICO scores, Fair Isaac’s competition on the market and the future of the credit-scoring industry, we turned to a panel of personal-finance and banking-industry experts. You can check out their bios and responses to the following questions below.
- Why are credit scores not completely free for consumers?
- How can consumers determine which credit score a particular lender will use?
- What is the biggest source of confusion surrounding FICO scores?
- What do you think will be the biggest credit-scoring issue in the next five or so years?
WalletHub experts are widely quoted. Contact our media team to schedule an interview.