This should help you to understand how credit scores work..
FICO scores from 300 to 850 and Vantage Plus scores from 501 to 990.
Here is the breakdown for both systems.
Vantage Plus system scores from 501-990.
FICO system scores from 300-850.
FICO is the only one that matters since it's the one that all major lenders look at.
So as you can see it depends on if your looking at a true FICO score or a Vantage plus score.
As far as what makes up credit scores it's the following;
1. Payment history (longer the better) 35%
2. Time in bureau (longer the better) 15%
3. Types of credit (mix of credit cards & installment loans) 10%
4. New credit (new accounts and inquiries) 10%
5. Debt to credit ratio (lower the better) 30%
Things that don't effect your score.
1. How much you make or how long you have been on your job.
2. Where you live or how long you have been there.
3. Any account not considered real credit like cell phones, rent, utilities, insurance or gym memberships.
4. If your a registered voter or not.
5. Having a checking or savings account.
6. How wealthy you are.
So as you can see credit is based on opening and paying accounts. So without that you would have no score at all.
The credit bureaus use different scoring systems, Equifax scores from 250 to 843, Experian from 253 to 893. Transunion from 250 to 877.
There are also 3 different types of scores. The standard that you see, the auto enhanced that only auto dealers and lenders see and the factual which only mortgage companies and lenders see.
So each person can have 12-15 different scores none of which will match. Great system huh. Add to this the fact that all lenders do not even report to all 3 credit bureaus and some don't report at all and you begin to see the problem with our current system.
As far as a real score goes, go to myfico.com it will cost $20.00 but you will get a real FICO score. You might also go to annualcreditreport.com and print out all 3 of your reports for free, no reason to pay a credit monitoring service.
Finance Manager for over 12-years, 2013 edition Consumer Action Handbook.