Are FICO Scores and Credit Scores the Same Thing?

FICO scores and credit scores are not exactly the same thing, but they are very closely related.

A credit score is the general term for the number that summarizes your creditworthiness based on information found in your credit report. FICO is one specific brand of credit score, and it is the most widely used one in lending decisions.

Think of it like "tissue" and "Kleenex" — one is a general term and the other is a brand name.

Is "FICO score" and "credit score" the same?

A FICO score is a type of credit score, but not all credit scores come from FICO.

• Credit score: A general term for a three-digit number used to evaluate your creditworthiness. Different scoring models calculate credit scores using information in your credit report.
• FICO score: A specific type of credit score developed by Fair Isaac Corporation (FICO). It's widely used by lenders when evaluating credit applications.
• VantageScore: Another popular credit scoring model developed jointly by Equifax, Experian and TransUnion.

When most people use the term "credit score," they're referring to either a FICO score or a VantageScore.

Understanding FICO scores

FICO scores are calculated based on the information in your credit report about your past and current credit accounts. The following weighted percentages are applied to this information to calculate your FICO score:

FICO scores range from a low of 300 to a high of 850. The higher your score is, the more likely you are to qualify for low interest rates and other favorable terms. Many lenders will deny your application if your credit is poor.

If you're trying to improve your FICO score, establishing a positive payment history is the most important step you can take. Kikoff makes building that history simple, even if you have bad credit, little credit, or no credit at all.

We don't check your credit when you apply. Once you're approved, you'll get a small credit line that you can use to make purchases in the Kikoff store. You pay off those purchases over time, and we report your payments to the three credit bureaus.

That's not the only credit-building tool we offer. We also assist members with debt negotiation, rent reporting, credit-builder loans, and more.

Read more >> Is FICO 8 score accurate?

Understanding VantageScore

VantageScore is a credit scoring model designed to be more inclusive than FICO. It takes into account a wider variety of payment types, like rent, cell phone payments, and utilities. This means that it can calculate credit scores for people who might not have FICO scores.

Notably, you may have a VantageScore as soon as one month after opening a qualifying account. FICO requires you to have six months of credit history first.

The VantageScore model uses slightly different weighted factors than FICO:

Like FICO scores, VantageScore results can be divided into categories. But these categories are slightly different:

Many websites that offer free credit monitoring show you your VantageScore. Keep in mind that most major lenders rely on FICO scores, and there can be significant differences between the two scoring models.

Read more >> Is VantageScore accurate?

Bottom line

A FICO score is a specific type of credit score, and a credit score is a general term for the number generated from your credit report. When you invest time and effort into building your credit score, you might find yourself opening doors that you never thought possible. But what if you're not sure how to start your credit-building journey?

That's why Kikoff is here. We offer an array of credit-building tools you can access right from your smartphone, and we make it easy to track your progress. If you're ready to get started, sign up in minutes today!