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Answer:
The thing is that along with the universally known FICO credit score model, there is a new scoring model referred to as VantageScore. VantageScore, which range is higher, 501-990 as compared to the FICO 350-850, has been collaboratively worked out by the three major credit bureaus as a more reliable scoring model to be used by creditors when assessing applicants' credit risk. You may find out more about VantageScore just browsing the Internet but we've presented its main feature, its range. So, VantageScore has certain grades for evaluating the credit risk. "A": 901-990 (excellent credit); "B": 801-900 (good credit); "C": 701-800(fair credit); "D" 601-700 (poor credit); "F": 501-600 (no credit). According to this model, it appears that a customer with a FICO score of 650, accepted as fair, falls in the category of poor credit customers. That's it. Now, you just need to know which score is more important for potential creditors. If FICO score is more important, you may qualify for such fair credit cards as Standard Platinum or Platinum-Visa issued by Capital One Bank. If VantageScore matters, your variant would be Centennial Gold MasterCard®/Visa from First PREMIER Bank, a credit card for poor (bad) credit applicants. You see that the credit score model plays a critical role for your chances to be approved for a desired credit card. So, we advise you first find out which score your bank will use and only then apply for a credit card. |
