What credit score do banks use?

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  • August 21, 2023 at 8:19 pm #11444
    StellarFi
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    August 21, 2023 at 9:24 pm #11521
    Team StellarFi
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    Most lenders, including banks, use FICO® Score. FICO Score has a credit score range of 300-850 that is calculated based on five factors: payment history, credit utilization rate, credit mix, and new credit. Payment history makes up the highest percentage of your FICO Score at 35%. The next important factor is credit utilization (how much credit you’ve used compared to the available credit) accounting for 30% of your score. The length of your credit history makes up 15%, and credit mix and new credit each make up 10%.

    There are 16 different versions of the FICO Score. These include industry-specific FICO scores like the Auto Score used by auto loan providers, and Bankcard scores for credit card providers.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..