Anytime you apply for credit, a lender will refer to your credit score. Your credit score is invaluable and will determine whether or not you are approved for a loan, the amount of the loan and the interest rate (if any). Typically a score over 720 is considered good and should nab you some of the best rates available. There are a number of types of credit scores, however, the FICO score is the most widely used.
FICO Score
The FICO score, developed by Fair Isaac, is the most commonly used credit score and ranges from 300 to 850. Equifax and TransUnion offer variations of the FICO score, known as the Beacon score and Empirica. The FICO Expansion score is another variation.
VantageScore
The VantageScore was created by all 3 credit bureaus to help make credit scoring more consistent. It ranges from 501 to 900 and is offered by Experian and TransUnion.
PLUS Score
The PLUS Score was developed by Experian.
TransRisk Score
The TransRisk score was developed by TransUnion.
Other Scores
Lenders may have their own in-house credit scoring system. Insurance companies may opt to use their own "credit-based insurance scores" which helps them weed out the information in your credit history that is less relevant.
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