Several weeks ago, we published a blog on tips for improving your FICO scores. Many people may not realize that there is a competing credit scoring system. There are also other credit scoring models that are currently used and becoming more popular. More lenders are starting to use VantageScore. VantageScore bases your score on the following factors: Your payment history: Payment history is the most important scoring factor for the VantageScore model. Your score is docked for late payments. With VantageScore, certain types of late payments carry a more severe penalty. For instance, you are docked more points for late mortgage payments under the VantageScore model. Age and type of credit: VantageScore places a high importance on the ages and types of credit accounts listed in your credit reports. According to VantageScore, it is a good idea to maintain a mix of credit card, mortgage, auto and other types of…
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