“Hi Gary. Question about credit scores. I thought the max was 850, but I just bought a car and they said my score was 870. How is that possible? I asked the guy at the dealership and he didn’t know.”
Answer:
Congratulations for having great credit. But don’t worry, your 870 score hasn’t broken the credit scoring software.
There are actually three different types of credit scores:
300-850: “Classic” FICO model used by the mortgage industry
250-900: “Auto,” used by (you guessed it) the auto industry
250-900: “Bank Card,” used by the bank card industry
Other than confusing the consumer, there must be a good reason there are three different credit scoring models. But no one has shared that with me…
