Do you know how many credit score ranges there are? Do you know how many different credit scores you have? If you think you have just one think again. Let’s take a look at some of the common credit score ranges you may be familiar with:

MyFICO FICO score range 300 to 850
VantageScore range 500 to 990

The VantageScore breakdown for good and bad scores is such:

A (901-990), B (801-900), C (701-800), D (601-700), F (501-600)

These are the nice and clean ones most people are familiar with. You can go to myfico.com and get a copy of your FICO score and it will fit somewhere in this range. But then when you apply for credit for a car loan or home loan you will learn there are more refined credit scoring formulas and ranges to learn.

Here are a few more that you may come across when trying to borrow money:

Auto Insurance Score 150 to 950
Equifax Beacon 5.0 334 to 818
Experian FICO-II 320 to 844
Transunion FICO Classic 04 309 to 839
Home Depot Credit Card Application – Experian Credit Report 250 to 900
Randolph Brooks Federal Credit Union Car Loan Application – Transunion Credit Report 336 to 843

Here’s a sample of credit scores you could get when looking for credit in 2011:

This one is from Randolph Brooks Federal Credit Union in November 2011:

639 credit score – credit denial for a car loan. This was a bad credit score.

These are from May 2011 for a home loan application:

703 Equifax Beacon 5.0
691 Experian FICO-II
739 Transunion FICO Classic 04

The credit scores came from CoreLogic Credco. As you can see, credit scores can change quickly. You can have good credit scores in one month and then you borrow so much money and get several credit inquiries on your credit report and when you go to borrown money a few months later you can have bad credit scores and you get denied credit. And you can also see that credit scores can vary widely from credit reporting agency.

So while Transunion says you have a good credit score of 739, Experian says you have an “OK” credit score at 691. And it all depends on which major credit bureau your lender works with that will determine if you get the loan you want at the interest rate you want.

Your scores can change daily as new information is reported by your creditors. So you can find yourself in the good credit score ranges one day, you may find yourself in the average credit score ranges a few days later as some inquiries or negative credit information gets added to your credit reports.

As listed on the credit score disclosure: “Because the score is based on information in your credit history, it is very important that you review the credit-related information that is being furnished to make sure it is accurate. Credit records may vary from one company to another.”

Each company has their own set of risk factors they want weighted in their credit score formulas and that is why each one has their own credit score range.

But the key to getting and staying the better credit score range is to pay all your bills on time, don’t borrow more than you need by applying for new credit often and keep your debt levels down to a minimum.

Your credit scores are used to determine whether you can get a loan and how much you will have to pay for that loan. By practicing good financial habits you can make sure you have good enough credit scores that it does not matter what credit scoring formula your lender uses and which credit score ranges they use to evaluate your credit.