Which Credit Score Is Most Accurate? | Capital One (2024)

March 2, 2023 |6 min read

    If you’re trying to figure out which credit score is most accurate, then you already know there are multiple scores out there. But it’s not as simple as window shopping and picking out the best credit score.

    Learn more about what factors make for good credit scores, how credit bureaus—like Equifax®, Experian® and TransUnion®—and credit-scoring companies—like FICO® and VantageScore®—fit in and how you can monitor your credit.

    Key takeaways

    • FICO and VantageScore are two popular credit-scoring companies.
    • Credit scores vary depending on the credit bureau, credit-scoring company, model used and timing of the score. Rather than comparing scores for accuracy, it might help to compare scores at different points in time.
    • Which credit score is used can depend on the lender and what you’re applying for.
    • It’s possible to check your own credit without hurting your score.

    What is the most accurate credit score?

    When it comes to the accuracy of credit reports and credit scores, it might help to start with a couple of definitions.

    According to the Consumer Financial Protection Bureau (CFPB), credit bureaus collect information about an individual’s credit history from lenders and creditors. This data is turned into a credit report—which can be used by lenders and businesses to make decisions about loans, insurance, rental property, utility services and more. The three major credit bureaus that deliver credit reports are Equifax, Experian and TransUnion.

    On the other hand, a person’s credit scores are three-digit numbers that are calculated based, in part, on what’s in credit reports. These factors typically include payment history, unpaid debt, credit mix, length of credit, credit utilization, new credit applications and any bankruptcies or foreclosures.

    So, which credit score is the most accurate? Thinking of these scores in terms of accuracy could be misleading. Your credit score depends on the information in your credit report provided by lenders and creditors. It might help to understand who calculates credit scores and how they do it.

    Who determines credit scores?

    Two popular credit-scoring companies are FICO and VantageScore.

    Originally named Fair Isaac Corporation, FICO developed the modern credit-scoring model in 1989. To this day, its scores are some of the most widely used credit scores. FICO claims its scores are used by 90% of top lenders.

    VantageScore was founded in 2006 by Equifax, Experian and TransUnion. The company uses several different formulas to calculate credit scores—including VantageScore 3.0 and VantageScore 4.0. Its scores are used by more than 2,600 financial institutions and 9 of the 10 largest banks.

    Why are my credit scores different?

    The CFPB explains that it’s normal to have slightly different credit scores. Scores can vary based on factors like the credit report data, credit-scoring model and timing of the calculation.

    Here’s a little more to know about what leads to multiple credit scores.

    • Which credit bureau supplied the data: The three major credit bureaus each keep their own records of credit history. And not every lender reports your information to each bureau—they may only report to one or two.
    • Which scoring model was used: Different credit reporting companies use different scoring models. And the factors affecting your credit scores can carry different weights.
    • When the score was calculated: As factors in your credit report fluctuate—like if your credit utilization goes up or you apply for a new line of credit—your scores do too. And lenders may report to credit bureaus at different times of the month, which means one score on a certain day may differ from another.

    Types of credit-scoring models

    FICO and VantageScore both offer a credit score range extending from poor to excellent credit scores. But their credit-scoring models may weigh credit data differently, depending on the company and the model version.

    What is a FICO score?

    The FICO credit-scoring model has been updated over the years, resulting in multiple versions of the score. FICO Score 8 is the most commonly used. But the version may vary by lender and credit product, like applying for a credit card versus financing a car.

    In general, FICO scores are calculated using five categories of credit data: 35% payment history, 30% credit utilization ratio, 15% length of credit history, 10% credit mix and 10% new credit.

    Which Credit Score Is Most Accurate? | Capital One (1)

    While FICO scores range from 300 to 850, a good score typically falls between 670 and 739.

    Which Credit Score Is Most Accurate? | Capital One (2)

    What is a VantageScore?

    Since its inception, VantageScore has developed four credit-scoring models. The latest model, VantageScore 4.0, names itself as the only tri-bureau model that uses just one set of scoring calculations across all three credit bureaus.

    VantageScore 4.0 is calculated using the following credit behavior factors: 41% payment history, 20% age and mix of credit, 20% credit utilization ratio, 11% new credit, 6% credit balance and 2% available credit.

    VantageScore 3.0 and 4.0 scores range from 300 to 850. And a score of 661 to 780 might be considered a good score.

    Which Credit Score Is Most Accurate? | Capital One (3)

    What credit score do lenders use?

    FICO scores are generally known to be the most widely used by lenders. But the credit-scoring model used may vary by lender. While FICO Score 8 is the most common, mortgage lenders might use FICO Score 2, 4 or 5. Auto lenders often use one of the FICO Auto Scores. And credit card lenders can use the FICO Bankcard Scores.

    VantageScore is also growing in popularity. Between 2021 and 2022, the number of VantageScore credit scores used increased by 18% compared to 2019. Credit card issuers, personal and installment loan companies and banks were some of the top users of VantageScore.

    How to check your credit score and credit report

    It’s a good idea to monitor your credit so there are no surprises next time you apply for a loan or credit card. And although the data in your credit report should be correct, errors do happen. It’s worth checking for and disputing any mistakes you may find.

    According to the CFPB, checking your own credit won’t hurt your scores. You can get a free copy of your credit report from each of the three major credit bureaus every year by visiting AnnualCreditReport.com.

    You could also use a free tool like CreditWise from Capital One. It lets you monitor credit and keep up with changes. The CreditWise Simulator can even calculate how actions like paying down your balance or increasing your credit limit could affect your score.

    The most accurate credit score in a nutshell

    When it comes to which credit score is most accurate, it might help to consider the factors that impact your scores—like payment history and credit utilization. By focusing on your financial health and using credit responsibly, you can work to put yourself in a good position, no matter which score is used.

    Ready to level up your credit? Check out these seven tips for how to improve your credit score.

    Which Credit Score Is Most Accurate? | Capital One (2024)

    FAQs

    Which Credit Score Is Most Accurate? | Capital One? ›

    There isn't one credit score that's necessarily more accurate than another. Your credit scores depend on the information from lenders and creditors in your credit reports. But different credit-scoring models may take different factors into account or weigh certain factors more heavily than others.

    Is the credit score on Capital One accurate? ›

    CreditWise gives you an accurate representation of your credit health, as it sources your credit information directly from your TransUnion credit report and updates your VantageScore® 3.0 credit score as often as daily.

    Does Capital One use FICO or Vantage? ›

    Additionally, Capital One uses VantageScore to power its CreditWise tool.

    What credit score does Capital One approve? ›

    You need a credit score of at least 700 (good credit) for the best Capital One credit card offers. However, other options are available for people with lower scores. It is possible to get approved for a credit card from Capital One with limited credit history or a bad credit score, for example.

    Which of the 3 credit scores is most accurate? ›

    Simply put, there is no “more accurate” score when it comes down to receiving your score from the major credit bureaus.

    Why is my Capital One credit score different? ›

    Credit-scoring companies use their own credit-scoring models to calculate credit scores. And each credit-scoring company also has several different versions of its credit-scoring models. Each model might also use information from just one credit report or a combination of different credit reports.

    Why is my FICO score 100 points lower than credit karma? ›

    Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.

    What is an excellent FICO Score? ›

    800-850

    Is a 900 credit score possible? ›

    Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

    Why is there a 100 point difference in my credit score? ›

    Because there are varied scoring models, you'll likely have different scores from different providers. Lenders use many different types of credit scores to make lending decisions. The score you see when you check it may not be the same as the one used by your lender.

    What FICO score do you need for Capital One? ›

    You need a credit score of 700 or higher (good to excellent credit) to get the best Capital One credit card offers. Other options are also available for people with lower scores, as it is possible to get approved for Capital One credit card with limited credit history or a bad credit score.

    What is the hardest Capital One card to get? ›

    Capital One Venture X Rewards Credit Card

    A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395. You get a lot in return, though.

    Can I get my FICO score from Capital One? ›

    Get your free credit report

    Check your credit score for free—without affecting your credit—with CreditWise from Capital One.

    Who gives the most accurate credit score? ›

    The most accurate credit scores are the latest versions of the FICO Score and VantageScore credit-scoring models: FICO Score 9/10 and VantageScore 3.0/4.0. It is important to check a reputable, accurate credit score because there are more than 1,000 different types of credit scores floating around.

    What is the most credible credit score? ›

    FICO scores are generally known to be the most widely used by lenders. But the credit-scoring model used may vary by lender. While FICO Score 8 is the most common, mortgage lenders might use FICO Score 2, 4 or 5. Auto lenders often use one of the FICO Auto Scores.

    Who has the most accurate credit report? ›

    Of the three main credit bureaus (Equifax, Experian, and TransUnion), none is considered better than the others. A lender may rely on a report from one bureau or all three bureaus to make its decisions about approving a loan.

    Does checking your credit on Capital One hurt your credit? ›

    Hard vs. soft credit checks in a nutshell

    Remember: Checking your own credit scores and reports is an example of a soft inquiry. And soft inquiries don't impact your credit scores.

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