Availing of credit becomes easy when you have a good credit score. Your credit score is a three-digit number between 300 and 900 that indicates a borrower’s creditworthiness and repayment capacity. The higher a borrower’s credit score, the better their chances of getting approved for a loan quickly as well as getting it on beneficial terms and conditions. In India, most lenders require borrowers to have a credit score of 750 or above to be eligible for a loan.
Four credit information agencies are authorized by the Reserve Bank of India to collect information on borrowers and how they use credit and assign credit ratings or scores based on this information. These credit rating agencies or credit information bureaus are Experian, Equifax, CRIF Highmark and TransUnion CIBIL. Every credit information bureau works closely with lenders and other financial institutions. However, every credit rating agency also uses a different credit score model. Read this article to discover more about the different credit score models.
Different Types of Credit Score Models and How They Work
1. FICO Credit Score Model
FICO stands for Fair Isaac Corporation. The Fair Isaac Corporation is a U.S.-based data research or data analytics company founded in 1956. Though FICO offers various types of products and services to borrowers, it is best known for the services related to consumer credit scores that the company provides. The FICO credit scores range between 300 and 850, with 850 being the highest credit score and 300 being the lowest. If your credit score ranges between 670 to 740, under the FICO rating system, your credit score will be considered good. Anything above 740 is considered excellent and anything between 580 and 700 is considered poor. With a poor FICO score, availing of credit becomes difficult.
Here’s How FICO Calculates An Individual’s Credit Score
FICO calculates an individual’s credit score based on five different factors. Let’s read about them.
- Payment History – In the case of the FICO credit score model, the payment history is the factor that impacts the credit score the most; it holds 35% weight. Therefore, borrowers who pay their credit card bills and EMIs on time automatically have a good credit score under FICO.
- Amount Owed- In the case of credit cards, the amount owed refers to the credit utilization ratio and in the case of loans, it refers to how many loans you have pending and what the amount left to be repaid is in the case of each loan. The amount owed makes up 30% of one’s credit score and therefore, it is another important factor that affects credit ratings under the FICO system.
- Length of Credit History- Under the FICO system, the length of the credit history makes up 15% of one’s credit score. In general, the longer one’s credit history, the better the credit score. This is the reason why borrowers are asked to never close old loan accounts as doing so wipes out one’s credit history.
- New Credit – Borrowers must apply for loans only when they need them. This is because every time they apply for a new loan or credit, it generates a hard enquiry and too many hard enquiries are detrimental to one’s credit rating under FICO. New credit applications and hard enquiries resulting from them make up 10% of one’s FICO credit rating.
- Credit Mix – Lastly, the credit mix one has is also important as it makes up 10% of one’s credit rating. Borrowers must therefore always try their best to maintain a balance of secured and unsecured loans.
Also Read: Credit Mix: Different Types of Credit that Boost Your Credit Score
Let us now move to another popular credit rating system.
2. Vantage Score Model
Until 2006, the FICO credit model was the only credit scoring model available. In 2006, Experian, Equifax, and TransUnion came together to build another credit scoring system called the Vantage Score Model. Today, though the FICO scoring model continues to be the most popular, the Vantage Scoring Model is also gaining popularity and is used by almost 20% of lenders. Under the Vantage scoring model too, credit scores vary between 300 and 850. The biggest advantage of this system is that under this credit scoring system, consumers can access their credit scores for free.
Here’s How the Vantage Score Model Works
Under the Vantage Score Model, four factors affect a borrower’s credit score. Let us understand the effect of each of these factors.
- Payment History: The payment history is the most important factor that affects a borrower’s credit score. Unlike in the case of the FICO model, where payment history makes up 35% of a borrower’s credit score, under the Vantage model, the payment history carries 40% weight.
- Amount Owed: This category is further divided into three sub-categories.
- Credit Utilization Ratio: The credit utilization ratio holds 20% weight.
- Balances: The balances that a borrower has, or the number of loans and credit card bills left to be repaid hold 11% weight.
- Available Credit: The available credit one has makes up 3% of the credit score under this model.
- Total Balances and Debt: Total balances and debt refers to the type of loans and credit card accounts that one has as well as the length of credit history. This category holds 21% weight.
- New Credit: Under the Vantage Score model, new credit applications hold only 5% value.
Now that we know about the two popular credit scoring models, let us look at how one can check their credit score.
Here’s How a Borrower Can Check Their Credit Scores
These days, it has become quite easy for borrowers to check credit scores. There are many websites that offer this facility for free. So, you can get your free credit score any time with the help of these websites. However, if you are checking your credit score because you wish to apply for a loan, it is suggested that you get your report directly from one of the four credit information bureaus.
The process of checking credit scores this way is quite simple. All you must do is fill out an application form and choose a subscription plan. Based on the subscription plan you have chosen, you will be required to pay a fee. Pay the fee and you will have your credit report in your email in no time.
Also Read: How to Check, Calculate, and Boost Your CIBIL Score?
Final Words
If you are planning to apply for Home Loan or credit card, you must evaluate your credit score in advance as your credit score can get your loan approved or rejected. Further, all borrowers must also try to understand the different types of credit score models and how they work as this information proves helpful in helping people build and maintain a good credit score.
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cibil Cibil
[N][T][T][N][T]
How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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3 Different Loan Against Property Types You Should Know About2024-02-13 | 5 Min
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loan+against+property Loan Against Property
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Easy Ways to Pick the Right Loan Against Property Tenor2024-05-14 | 3 min
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cibil Cibil
[N][T][T][N][T]
How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
[N][T][T][N][T]
How to Save Tax for Salary Above 30 Lakh?2023-08-07 | 6 min
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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10 Smart Steps for Effective Home Loan Management2024-02-16 | 5 min
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home+loan Home Loan
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Advantages for First-Time Home Buyers2023-07-14 | 4 min
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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Easy Ways to Maintain a Good Business Credit Score2024-01-10 | 5 min
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cibil Cibil
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Impact of Late Payment on CIBIL Score?2024-03-08 | 6 min
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home+loan Home Loan
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Common Myths About Home Loans: All You Need to Know2024-04-08 | 5 min
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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[N][T][T][N][T]
7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
[N][T][T][N][T]
How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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Income Tax Structure in New Regime: New Tax Exemption Limit 20232024-05-08 | 4 min
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loan+against+property Loan Against Property
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Top 5 Issues Regarding Loan Against Property Application Rejection that You Might Face2023-02-14 | 5 min
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tax Tax
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Know all About Top Up Loans and How to Avail of Tax Benefits2023-12-12 | 5 min
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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[N][T][T][N][T]
Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
[N][T][T][N][T]
What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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home+loan Home Loan
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
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home+loan Home Loan
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7 Common Problems You May Face While Applying For Home Loan2024-01-18 | 7 min
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home+loan Home Loan
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What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
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home+loan Home Loan
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Hybrid Flexi Loan vs. Personal Loan: Which One is Better?2024-01-24 | 3 min
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cibil Cibil
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A Helpful Guide to Understanding Your Credit Report2024-01-26 | 5 min
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home+loan Home Loan
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An Essential Guide to Refinancing a Home Loan