What credit score do banks use?

Home Forums Credit Reports & Scores What credit score do banks use?

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    Jordan Moore
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    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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