What's your credit score? If you don't at least have a rough idea right away, it may be a good idea to check and find out! Here at American Heritage Credit Union, we're proud to provide our members with access to VantageScore®, a credit scoring model that analyzes your credit-related activities and provides a frame of reference to lenders.
VantageScore is a credit scoring model for consumers. It takes a close look at your credit-related activity, such as your active balances (including credit cards, auto loans, mortgage, personal loans, and more), your repayment history, and more to provide you with a credit score ranging from 300 to 850.
VantageScore uses six key factors to determine your credit score, and each is weighed differently. These factors include:
At first glance, VantageScore may sound very similar to FICO, another credit scoring model. However, there are some key differences between the two. Some of these differences include:
To take a closer look at the VantageScore model, its differences from the FICO model, and how American Heritage members can access their score, we sat down with Bryan Eichenbaum, American Heritage's Chief Lending Officer.
"From my perspective as Chief Lending Officer, VantageScore uses a different formula that often does a better job of scoring people with shorter or newer credit histories. That means more of our members can get a score and be considered for credit sooner, instead of being told they have "no score.""
"No. Instead of showing exact percentages for each factor, VantageScore uses simple terms like "very important" or "less important." This is just a clearer way to explain what matters most. It helps members quickly see which habits—like paying on time or keeping balances low—will make the biggest difference in their score."
"VantageScore pulls out "total debt and available credit" as its own separate factor, instead of combining it with other balance information. From where I sit, that makes it easier for us to see how much credit a member has and how much of it they are using, which can reward members who keep their overall debt at a healthy level."
"In both credit scoring models, paying your bills on time is still the most important thing. The difference is that VantageScore clearly labels which other factors matter "a lot" and which matter "less." That helps members understand that things like high credit card balances or a short credit history can affect their score, and it gives them a simple roadmap for what to work on first."
"VantageScore does not look at personal details like your age, race, gender, marital status, income, or where you live. As a lending leader, I see this as a big positive for members because it keeps the focus on how you manage credit, not who you are or what you earn."
"Not at all. Because these two credit scoring models use different formulas, it is perfectly normal for the scores to not match exactly. From our perspective, VantageScore actually gives us a fuller view of a member's credit behavior and can help more members qualify for credit products."
"We plan to let members see their VantageScore right in Online and Mobile Teller. From my vantage point, this gives members an easy way to check their score regularly, understand how our decisions are made, and see how their everyday choices, like making payments on time, change their score over time."
"We will use VantageScore when we review applications for things like credit cards, personal loans, auto loans, and lines of credit, along with other information such as income and overall relationship history. This helps us make fairer decisions and may allow us to approve more members or offer better terms when VantageScore shows that their credit behavior is strong."
"Yes, in many cases they can. One of the big advantages I see in VantageScore is that it can often provide a score for people who have only a small amount of recent credit activity. That means newer borrowers, young adults, or members rebuilding their credit have a better chance of being scored or considered for starter products that help them move forward financially."
"VantageScore does look at credit checks, but it may treat some situations, like shopping around for a car loan or mortgage in a short time period, more gently. As a lender, I see this as a benefit because it allows members to compare offers without worrying that every single check will seriously hurt their score, while still watching out for patterns of many inquiries that might signal higher risk."