The highest credit score available for a consumer to obtain is dependent on the credit score model used. FICO credit scores are the most common credit scores for consumers but they are not the only credit score. Most lenders and banks still use the FICO credit score more than any other credit score and this is important point that should not be overlooked by individuals reviewing their credit score or wishing to obtain their credit score.
The highest credit score attainable based on the FICO credit score is 850. FICO scores range from a low of 300 to the highest FICO score of 850.
VantageScore is another prominent credit scoring model used by the three major credit reporting companies: Equifax, Experian and TransUnion. The highest credit score available based on the VantageScore is 990. VantageScore ranges from a low of 501 to the highest credit score of 990.
There are several other competing companies that offer credit scores but are collectively a very small percentage of the credit score industry.
When a consumer is reviewing their credit score it is important to know which credit score model they are looking at since the maximum range between different credit score models is quite measurable. By fully understanding the highest credit score that can be obtained as well as the lowest credit score, it is easier to understand the factors that influence the scores either by lowering the credit score or improving the credit score.
Your credit report is a key component to the credit scoring systems. The major scoring models are based on the information in your credit report. Whether a consumer is looking at a credit score developed under the FICO credit score model or under the VantageScore model there may up to three different scores obtained or one for each of the three credit reporting agencies: Experian, TransUnion, and Equifax.
Each credit reporting agency acquires data that is used to calculate a credit score and each score may be different because the credit history at each credit reporting agency has about you may be different. Generally, the data is very similar but is not likely to be exact.
As important as is to know the highest credit score possible, remember your credit score will also change over time as new information is reported by the credit reporting agencies regarding new accounts, account dates, balances, payments and more. Consumers can take a number of actions to improve their credit scores to help qualify for better bank rates, loan terms and more. Striving for the highest credit score is a worthy goal for anyone.
Additional resources regarding credit score facts and figures can be found at:
Credit Scores Range
Average Credit Score
What is a Good Credit Score