There are three major credit reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be taken into account when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical.
Credit Scores are represented along a credit score range, which helps Members get an easier understanding of where they stand.
- 781–850: This score range is considered “Excellent”. Members in this range have very healthy credit history, and are usually eligible for lowest rates on loans and most generous offers on credit cards.
- 661-780: This score range is considered “Good”. These Members typically have good credit; but it may have a few negative things on their report that lowered their score. These Members may not get the lowest rates on all types of loans.
- 601-660: This score range is considered “Fair”. Members in this range do not get the lowest rates on loans and opportunities to borrow start becoming limited.
- 501-600: This score range is considered to be “Unfavorable”. Members in this range are new to credit or have had significant defaults. Members in this range get loans at rates that are amongst the highest in the market.
- Below 500: This range is considered to be “Poor”. Members in this range are new to credit or have had significant defaults. Members in this range may find it hard to find credit.