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|"VantageScore, the new rating system is a result of businesses and consumers demand for a more consistent and objective credit scoring that is easy to understand and apply."
Vantage Scores will range from 501 to 990, compared with 350 to 850 for FICO scores and will be rated on the familiar academic scale using letter grades to rate creditworthiness:
A - 901-990
B - 801-900
C - 701-800
D - 601-700
F - 501-600
A credit score of 990 or A means excellent creditworthiness, allowing you to easily obtain credit from creditors and enjoy the lowest possible interest rates.
A score of 501 or F, though, is the lowest possible credit score. A consumer with a lower credit score is considered credit risk and expected to have a hard time obtaining credit and will have to pay high interest rates.
Citizen groups such as low income people, recently widowed women, young adults and recent immigrants, who could not get credit in the past are among the millions who are expected to bennefit from the new credit score formula.
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