Which FICO Scores Do Lenders Use?

If you've ever applied for a credit card, mortgage, or car loan, you probably know that you have a FICO score. You likely have quite a few. That's because lenders use different versions of FICO scores depending on the type of credit you need and other issues. Here's a quick guide to the various FICO scores and which lenders use which ones.

What Are FICO Scores?

FICO scores are credit scores developed by the Fair Isaac Corporation (now called FICO). Used by more than 90% of major lenders, according to the company, the scores are designed to help assess a borrower's creditworthiness. FICO considers five factors when calculating a score:

• Payment History (35%)
• Amounts Owed (30%)
• Length of Credit History (15%)
• New Credit (10%)
• Credit Mix (10%)

Why Are There Different FICO Scores?

When you apply for credit, whether it's your first credit card or a second mortgage, lenders need to decide whether you're worth the risk. They check your credit scores or get credit reports from one or more of the three major credit bureaus: Equifax, Experian, and TransUnion.

Multiple versions of FICO scores reflect the evolution of the credit market and consumer behavior since the scores first became a tool for lenders in 1989.

FICO has ten versions of its "base" score, and most of them are still in use by lenders to some extent. Lenders can currently choose from the following base versions: 

• FICO 2
• FICO 3
• FICO 4
• FICO 5
• FICO 8
• FICO 9
• FICO 10 and 10T

FICO 8 remains the most widely used score, but several lenders have switched to FICO 9, which is more forgiving of unpaid medical bills. The FICO 10 Suite, which lenders could access starting in 2020, was introduced to add more flexibility and predictability to the scoring model, FICO says. 

Depending on the type of credit involved, lenders may use one of the various industry-specific scores that FICO has developed. While the base FICO scores look at how likely borrowers are to repay debt, these scores see payment history and risk behaviors that might be more relevant to that specific market. For example, if a borrower has missed payments on a car loan in the past, that could impact their FICO Auto Score.

Another difference between base FICO versions and industry-specific ones is the range of scores you can get. FICO scores on the base versions can fall between 300 and 850, with anything above 670 generally considered "good" credit. Meanwhile, industry-specific scores, such as the FICO Bankcard Score for credit cards and the Auto Score for car loans, range from 250 to 900. 

Which Lenders Use Which FICO Scores?

Except for the mortgage market, which is heavily regulated, lenders can generally choose which FICO score they use when running a credit check. They use versions depending on the kind of credit for which you apply. Here's a look at the most common FICO scores for each type of credit.

Mortgages 

When you take out a mortgage, the loan may be bought by Fannie Mae or Freddie Mac. These massive government-backed mortgage companies dictate which FICO scores home lenders can use. Here are the FICO scores offered by the three major credit bureaus for that purpose, along with the alternative names the bureaus use to advertise them:

• Equifax: FICO Score 5 (Equifax Beacon 5.0)
• Experian: FICO Score 2 (Experian/Fair Isaac Risk Model V2)
• TransUnion: FICO Score 4 (TransUnion FICO Risk Score 04)

Car Loans

Though FICO has created several auto-specific scores, the base FICO 8 and 9 scores are still widely used in car lending. Here are the various FICO auto scores available, as well as which ones credit bureaus tend to use: 

• FICO Auto Score 2 (Experian)
• FICO Auto Score 5 (Equifax)
• FICO Auto Score 4 (TransUnion)
• FICO Auto Score 8 (Experian, Equifax, TransUnion)
• FICO Auto Score 9 

Credit Cards

Just as it has for auto loans, FICO has developed a series of scores attuned to the concerns of credit card issuers. FICO bankcard scores are more sensitive to how a borrower manages credit cards. Here are the available FICO bankcard scores and the credit bureaus that use them:

• FICO Bankcard Score 2 (Experian)
• FICO Bankcard Score 4 (TransUnion)
• FICO Bankcard Score 5 (Equifax)
• FICO Bankcard Score 8 (Experian, Equifax, TransUnion)
• FICO Bankcard Score 9

The Bottom Line

Unless you're turned down for credit and receive an adverse action notice, you may never know which FICO score a lender has chosen when considering your credit application. Still, regardless of what methodology is applied, the essentials for earning a good score apply:

• Make your monthly payments on time
• Don't open more credit accounts than you need
• Keep debt balances down

You can check your FICO 8 credit score free of charge through FICO. You can access your scores from your bank, credit card company, or an independent website.