What FICO Score Does U.S. Bank Use for Credit Decisions?

When applying for a loan or credit card lenders will check your credit report and score to determine your creditworthiness. But which credit scoring model do they use? This is an important question as different scoring models can produce varying scores for the same person. In this article, we’ll look at the specific FICO score versions used by U.S. Bank.

An Overview of FICO Scores

FICO scores are developed by the Fair Isaac Corporation and range from 300 to 850. The higher the score the lower the perceived credit risk. There are several different FICO score versions used by lenders including

• FICO Score 8 – The most commonly used FICO score version, It has been around since 2009

• FICO Score 9 – An updated version of FICO 8 that is more forgiving of certain credit report items. Introduced in 2014.

• Industry-specific FICO Scores – Tailored for auto, bankcard, and mortgage lending. Examples are FICO Auto Score 8 and FICO Bankcard Score 8.

In general, a FICO score above 670 is considered good, and a score of 800 or higher is excellent. But the minimum score required depends on the lender and credit product.

Which FICO Score Does U.S. Bank Use?

U.S. Bank primarily uses the FICO Score 9 when evaluating applications for credit cards and consumer loans. This is based on data points reported by U.S. Bank customers on myFICO forums.

Here are some key facts on the FICO score used by U.S. Bank:

• For credit card applications, U.S. Bank mainly pulls your FICO Score 9 from TransUnion. But they may also check your Experian or Equifax reports.

• For personal loans, U.S. Bank uses your FICO Score 9 from Experian.

• U.S. Bank has a minimum FICO score requirement of 700 for most of their credit card and loan products. But some cards, like the U.S. Bank Secured Visa® Card, are available with lower scores.

• In U.S. Bank online banking, customers can view their free VantageScore 3.0 from TransUnion. But this educational score is not used for lending decisions.

How FICO Score 9 is Different from FICO Score 8

The FICO Score 9 is an updated model that differs from previous FICO versions in how it handles certain credit report factors:

• Medical collections – With FICO 9, paid medical collections do not negatively impact your score. Unpaid medical collections have less of an impact compared to FICO 8.

• Third-party collections – Paid third-party collections no longer hurt your score once the collection account is reported as paid.

• Rental history – FICO 9 incorporates positive rental payment history from Experian RentBureau data. This can help consumers with thin credit files.

Due to the above changes, the FICO Score 9 model tends to be more favorable for many consumers compared to FICO 8. However, not all lenders have adopted the newer version yet. According to 2023 data from FICO, over 80% of lenders still use FICO Score 8.

Checking Your FICO Score 9 at U.S. Bank

While U.S. Bank uses FICO Score 9 for lending, they provide a different educational credit score in online banking. Here are the details:

• U.S. Bank customers can view their free VantageScore 3.0 from TransUnion within online and mobile banking.

• This educational VantageScore is updated weekly and can be checked as often as desired without impacting your credit.

• The VantageScore gives you a general indication of your credit health, but isn’t used by U.S. Bank for approvals.

To check your real FICO Score 9 for free, you’ll need to use external sites like Experian, TransUnion, or myFICO. Monitoring this specific score regularly can help ensure you meet U.S. Bank’s minimum requirements prior to applying.

How to Check Your FICO Score 9 for Free

You have a few options for checking your FICO Score 9 for free, including:

• Order your free annual credit reports from www.annualcreditreport.com. These include your FICO scores from Experian and TransUnion.

• Sign up for a free Experian account at www.experian.com. This provides your FICO Score 8 and 9 from Experian.

• Use the free trial offer from myFICO.com. This provides 28-day access to your FICO Scores from all three credit bureaus.

Checking your FICO Score 9 directly through the credit bureaus is the best way to understand your approval odds with U.S. Bank. Monitoring this specific score over time can help you maintain a strong credit profile as you approach your next U.S. Bank application.

How to Improve Your FICO Score 9

If your FICO Score 9 is below U.S. Bank’s minimum requirements, here are some tips to improve it:

• Pay all credit accounts on time each month. Payment history has the largest impact on FICO scores.

• Keep credit card balances low. High utilization hurts your score.

• Avoid opening multiple new credit accounts in a short period. New accounts lower your average account age.

• Don’t close old credit card accounts as this reduces your total available credit.

• Check reports for errors or fraudulent accounts that could be weighing on your score. Dispute any inaccuracies found.

• Allow negative information to age. FICO scores are less sensitive to items like late payments as they get older.

With time and positive credit behaviors, you can rebuild and raise your FICO 9 score to meet U.S. Bank’s requirements. Checking your score regularly lets you gauge your progress.

The Takeaway

U.S. Bank primarily uses your FICO Score 9 from TransUnion and Experian when evaluating applications for credit cards and loans. A minimum score of 700 is recommended for approval, but requirements vary by product. Checking your FICO Score 9 directly through the credit bureaus allows you to see the actual score version used by U.S. Bank for decisions. Maintaining a strong FICO 9 score ensures you’ll have the best chance for approval on your next U.S. Bank credit application.