If you’re new to credit or don’t have a long history of using credit, then knowing the difference between FICO and VantageScore is really important.
For instance, did you know that it can take less time to establish a credit score with VantageScore than FICO? That means if you open a new credit account, you can probably get a score with VantageScore in one to two months. With FICO, it could take up to six months of credit history.
Another important factor is that with VantageScore, you can get a credit score even if you have limited credit history. Why? Because VantageScore considers recurring payments like rent, utilities and phone bills.
If you’re renting, did you know that solutions like RentReporters can help you build and improve your score by reporting you on time rent payments to TransUnion? For more information on how we can help you, click here.