The main differences between the FICO and VantageScore models are how the scores are classified into brackets that determine whether a score is excellent, good, fair, poor, etc. and what the minimum criteria are to obtain a credit score that registers on the particular spectrum. For example, when it comes to minimum scoring criteria, to qualify for a VantageScore, all a consumer needs is at least one tradeline like a credit card or a loan regardless of the age of the account. However, to get a FICO score, a consumer must have at least one tradeline on their credit report with at least six months of activity before registering a credit score.
As mentioned before, when it comes to where a credit score ranks in terms of good or bad on each of the spectrums, those differ as well. Let us take a closer look at how the different bracket breakdowns occur in both of the FICO and VantageScore models.