Our credit monitoring utilizes the TransUnion VantageScore 3.0, while our Credit Card considers your FICO score.
Here are several differences between the TransUnion VantageScore 3.0 and other credit scores. In general, different models apply different weightings to components of your credit score such as payment history or credit utilization. This means the TransUnion VantageScore 3.0 scoring model (displayed in Relay) may differ from other scoring models even if the underlying credit data is the same.
It is also important to note that the credit score in Relay is intended to provide our members insight into their debt situation and understand where they stand, It is not used in SoFi’s underwriting decisions.
Some of the key differences between this model and a FICO score are:
- A VantageScore might be available sooner because it typically takes 1-2 months to establish credit as opposed to 6 months typically required by FICO.
- A VantageScore might be available to more people because it considers recurring monthly payments such as rent and utilities which cannot be scored by most FICO models.