In today's world you can't obtain a loan today without a credit score, which is a three digit number that is mostly based on your payment history, outstanding debt and the
number and type of accounts. There are two types of credit scoring systems used today to determine your credit score.
The most common one is FICO, which was developed by Fair Isaac Corp. 17 years ago. FICO scores range between 300 and 850 in which most people score in the 600's and 700's. Anything above 700 is
considered very good financial health.
The Vantage scoring system is the second type developed recently by the 3 major credit bureaus. They claim it will make it easier for lenders to determine a consumer's credit risk and will reduce the
large score variations that are common among the three credit bureaus. Credit scores range from 501 to 990, with anything above 900 considered "A Credit", 800 to 900 "B Credit", 700 to 800 "C Credit"
and so on.