- Almost all lenders look at your FICO scores, not your VantageScore
- Hard inquiries affect your VantageScore more than your FICO score.
- Other than that, they're pretty similar.
VantageScore was created by the 3 major credit bureaus to compete against FICO, which is used by the vast majority of lenders. The main advantage of VantageScore is that it's free and easily obtained. It is in version 3.0, and like FICO, is scored out 850 points.
|Payment history||how timely and consistent your payments are||28%|
|Credit utilization||debt-to-credit ratios and how much credit is available||23%|
|Credit balances||what your total debt is, most likely; delinquent debt is counted more harshly than current debt||9%|
|Depth of credit||length of credit history and types of credit previously received||9%|
|Recent credit||how recent and many new hard inquiries and new accounts there are||30%|
|Available credit||how much credit can be accessed, for example, could you spend $50,000 of credit tonight or within the next week||1%|
Since VantageScore is used by less than 10% of lenders (this is changing, although FICO isn't going anywhere this decade), but easily obtained through any number of free sources, you should adjust your VantageScore to reflect your FICO score. The biggest difference is that credit inquiries are weighted far less by FICO.
|Payment history||how timely and consistent your payments are||35%|
|Credit utilization||debt-to-credit ratios and how much credit is available||30%|
|Depth of credit||length of credit history and types of credit previously received||25%|
|Recent credit||how recent and many new hard inquiries and new accounts there are||10%|
If you've made late payments or have debt, your credit score is going to be pretty shitty no matter what, but it will affect your FICO more than your VantageScore. Whichever you use makes no difference since lenders pick from dozens of FICO scores which vary between the credit agencies.