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Valued Contributor
scottwagnon
Posts: 1,350
Registered: ‎02-07-2010
0

Re: Capital One Credit Limit Increase

i think people should move on and start considering vantagescores. eventually things of old perish. i think its time for individuals to consider the value of vantagescores. right now lenders might not look at them, but maybe someday that is all they will look at. vantagescore is already in the process of updating its system, to be even more accurate than before. that should be sheer value to smart lenders. if i was a lender, i would want to rely of a scoring system that is a few times more accurate than fico. (at least the one that is supposed to be coming out this year.) truecredit sells all three vantagescores.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Contributor
BoSox617
Posts: 94
Registered: ‎09-25-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

 


scottwagnon wrote:

i think people should move on and start considering vantagescores. eventually things of old perish. i think its time for individuals to consider the value of vantagescores. right now lenders might not look at them, but maybe someday that is all they will look at. vantagescore is already in the process of updating its system, to be even more accurate than before. that should be sheer value to smart lenders. if i was a lender, i would want to rely of a scoring system that is a few times more accurate than fico. (at least the one that is supposed to be coming out this year.) truecredit sells all three vantagescores.


 

I disagree - I see no value whatsoever in scores that are not used by lenders.  Why should any import be placed on scores that "might" be used? 

 

If one is seeking a mortgage, auto loan, credit card, etc., one would be best served assessing their own eligibilty, areas for improvement, etc. by looking at FICO scores...the very scores most lenders will see.  Why suggest that there is CURRENTLY value in Vantage because there MIGHT be someday?  Particularly when there have been a number of folks reporting wide variances in these scores versus FICO scores.

 

One can argue for or against elements that may result in more "accurate scores" - and discuss which aspects of current models work, and which aspects could be improved, and why.

 

But at the end of the day, learning about the current system and how you can make it work in your favor is more valuable than assigning weight to a scoring system that "might" be in use "someday".

 

ETA: Here is a relevant thread which discusses a wide variance in FICO versus Vantage Scores http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-on-earth-is-my-Vantage-Score-775-and-...

 

 

Valued Contributor
Mustanglvr2006
Posts: 1,971
Registered: ‎02-06-2011
0

Re: Capital One Credit Limit Increase

I have been a Cap1 Platinum Card member for almost a year now and I have called twice I think for a CLI and was told "your account is not avail for a CLI at this time" or something along those lines, I don't think I'll ever get a CLI from Cap 1, thinking about ditching the card.

 

About Vantage score I personally think their scoring model is horrible, My EX Plus score from FCR.com is a 729 and I pulled a Vantage score from EX one day just to compare, and my Vantage score was something like 660 (BAD Credit) according to Vantage scoring model, I know my Plus score is not a FICO but a 729 Plus score is "Excellent Credit" "Low Risk". I applied for a AmEx Blue Cash card the other day and after I was approved (AmeX pulled EX only) I asked the AmEx rep if she could tell me my score and she said she couldn't tell me over the phone, so I said I have a 729 Plus score and she did say that the score she was looking at was just a little higher than that, anyone have any idea if she was looking at was an EX FICO? When Amex pulled my EX credit file and report wouldn't it have been a EX FICO score? If so that just proves my theory about the Vantage score. And BTW it was only like three weeks ago when I pulled my Vantage score of 660 (Bad Credit according to Vantage).

 

It would be really awesome if it was an EX FICO score AmEx pulled, that would mean its actually higher than the 729 that my FCR.com Plus score is. Hopefully one of the more experienced members here can tell me.


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Established Contributor
JayRizzo
Posts: 582
Registered: ‎10-17-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

I disagree with all of it... who gives a FICO about scores!!!  They're all just making new-fools pay for their own report cards.  But, I gotta agree with Scott about "out with the old, in with the new".  From what I know, Vantage considers up to the past 2 years in its equations whereas FICO considers up to the past 10 years which means to me that you're more forgiven after 2 years rather than 10 -- I bet that would sound like a sweet deal if we were all locked up in a Credit Prison.  A lighter sentence always outbeat the long-term.

 

Bank/auto loans and credit cards were around LOOOOOOOONG before scoring came about.

 

Bottom line, they're all money-grubbin' gimmicks!!!

 

Contributor
BoSox617
Posts: 94
Registered: ‎09-25-2010
0

Re: Capital One Credit Limit Increase

 


JayRizzo wrote:

I disagree with all of it... who gives a FICO about scores!!!  They're all just making new-fools pay for their own report cards.  But, I gotta agree with Scott about "out with the old, in with the new".  From what I know, Vantage considers up to the past 2 years in its equations whereas FICO considers up to the past 10 years which means to me that you're more forgiven after 2 years rather than 10 -- I bet that would sound like a sweet deal if we were all locked up in a Credit Prison.  A lighter sentence always outbeat the long-term.

 

Bank/auto loans and credit cards were around LOOOOOOOONG before scoring came about.

 

Bottom line, they're all money-grubbin' gimmicks!!!

 


 

I apologize if I misunderstand your tone (are you being sarcastic?), but I think a lot of folks "give a FICO about scores"...hence our presence on this and other sites.  I certainly care about my FICO scores - understanding how to maximize them could save me tens of thousands of dollars or more over my lifetime.  Yep, I care. 

 

I'll gladly pay for FICO scores & reports if that helps me accomplish this.  But knowing how to best increase my score and keep it that way doesn't require a lot of money or reports.  Simple monitoring, responsible credit use, and planning are my focus.  Sure, I'd love to get free FICO scores all the live long day - but I can't, and that's OK.  I'm not going to waste energy on that - where would that get me? - I'd rather focus on what I can do to be and stay "credit healthy"...and that includes learning about what scoring models are useless, and saving my time for valid ones. 

 

If it is true that Vantage only considers the past 2 years of history versus 10, then that is one big strike AGAINST Vantage, IMO.  What do you think could happen to the credit climate if folks realized they would only be "punished" for 2 years versus 10?  Would help default rates?  The longer the history one needs be be held accountable for, the more prudent one would be when considering credit application, and careful when managing credit.

 

Established Contributor
JayRizzo
Posts: 582
Registered: ‎10-17-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

Yes, the gimmick works in their favor by leading people to believe doing what you're supposed to do (pay bills and on-time) isn't good enough.  You must comply to a game of "am I good enough" by paying us money to tell you "not really" because all of your accounts do not subscibe to our particular company, BUT, you can go over to the other competitor (not really because they're all in it together) and spend x-dollars for them to give you their version of score -- which explains why you must pay to have a TU-FICO and pay again for a EQ-FICO.  And they're leading their little herd of sheep and laughing while raking in the bucks.

 

WWJD

Contributor
BoSox617
Posts: 94
Registered: ‎09-25-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

 


JayRizzo wrote:

Yes, the gimmick works in their favor by leading people to believe doing what you're supposed to do (pay bills and on-time) isn't good enough.  You must comply to a game of "am I good enough" by paying us money to tell you "not really" because all of your accounts do not subscibe to our particular company, BUT, you can go over to the other competitor (not really because they're all in it together) and spend x-dollars for them to give you their version of score -- which explains why you must pay to have a TU-FICO and pay again for a EQ-FICO.  And they're leading their little herd of sheep and laughing while raking in the bucks.

 

WWJD


 

 

I find the abundance of FAKO scores deceptive and arguably criminal.  This is why I voiced my opinion when sympathetic remarks about FAKOs were made. 

 

Knowledge is power – people won’t be “lead to believe” anything if they choose to educate themselves.  There are multiple versions of FICO scores – deal with it, or do something constructive to change it.  One can either bitterly throw up one’s arms in defeat, or one can choose to learn about and maximize each one to meet their present and future goals.

 

Understand how scoring works (AAoA, utilization, hard inquiries, etc.), pay bills on time, use your cards regularly, live within your means, don’t go “app happy”, address issues in a timely manner - that’s all you really need to do, and you’ll be fine.  If you have “baddies”, this and other sites have a wealth of information on options and tactics.

 

You don’t HAVE to pay goodness knows how much for reports and scores on a frequent basis (you can get all 3 reports for free annually).  You can use credit responsibly, monitor, read and learn from others’ experiences, and even experiment to see what helps/hurts (have X # of accounts report a small balance one month, zero the next, etc.).  I think it’s fascinating and fun (that doesn’t say much for my sense of fun, I realize).

 

When I first started reading about credit, I felt beyond overwhelmed – there was so much info, so many darn abbreviations being tossed around.  But I stuck to it, because my scores were in the crapper and I did not understand why.  I actually ENJOY this now (my weird “hobby”) and my efforts have saved me money (hundreds in the past year alone, by PCing to and obtaining cash back rewards cards and PIFing before statements cut).  The input from knowledgeable folks here was and continues to be an invaluable part of growing – I’ve learned a LOT from other people’s mistakes and experiments.

 

 

You alluded to a situation in which one of your reports did not contain all of your accounts.  That doesn’t mean “you aren’t good enough”, it just means that you have a little work to do. 

 

A few suggestions:

 

1.  Call the “offending” creditors and see if they CAN report – the worst they can say is “no”.

 

2.  Seek CLIs on existing accounts that are already reporting on said report.  Get your utilization down, maximize what you can - then speak with credit analysts (front-line CSRs are usually not helpful).  Be persistent - call back if analyst #1 isn't helpful.

 

3.  Plan accordingly, and apply for USEFUL credit that you know will appear on said report.  How many times have folks asked “which creditor reports to X?” and found the answers?  Target creditors who you learn give CLIs with soft inquiries (BoA, Discover, etc. – lots of posts out there provide feedback) – this way you can grow your lines over time without having to necessarily take on hard inquiries.

 

4.  Consider a secured card - you front your own dough, and could make the line as high as you're able to "help".

 

Over time, your AAoA will increase, your total lines will also hopefully increase with CLIs (hopefully all from softs), and you’ve set yourself up to be in a healthier state should it matter someday.  Will all this happen overnight?  Nope.  But it’s better to try than not bother at all.

 

Edited for typo

Established Contributor
JayRizzo
Posts: 582
Registered: ‎10-17-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

hahaha I never alluded ANYTHING to a situation with my credit... that was an example of the many excuses the CRAs and it's scoring resources would give as an explaination of why numbers don't match -- they know all lenders do not subscribe to all 3 agencies and they capitalize on that.  Like I said before, "I don't really give a care -- I'm not the one purchasing scores whether it's FICO or FAKO".  I'm in this forum to assist those who are seeking knowledge to get themselves out of financial difficulties or better themselves in order to live a normal, stress-free life without tremendouse financial burdens looming.  Education "is" important, but how much education can you get out of an undesclosed or unknown algorithm?  We can only speculate to the best of our abilities and wind up spending far too much time pondering over an unknown.

 

Again, absolutely nothing is wrong with my credit which I've handled since I was on my own at 18 years of age and had no choice but to look out for myself.  I have excellent credit, but never boast about it online in a forum and never had any problems acquiring credit with low to zero percent interest rates (including house, car, and credit cards [wooo! slight boast, but to make a good point]) but as I stated before... it was of my own doing by paying bills to keep from being in the dark; without a car; without a roof over my head; being in the cold; or starving.  All of this while not having some company trying to sell me a score to tell me what I should already be doing.

 

I understand not everyone is in the same situation, but I'd rather not see a member struggling to pay their debts while spending hard-earned money on credit scores to find out where they stand... just keep doing what you are doing and you will get there.  Those who've read my postings know I'm always promoting patience, gardening, and saving, but almost never about spending as a way to look out for my fellow members.

 

I apologize to everyone that we strayed so far off topic, but it's a real trip-and-a-half to hear members telling other members to go out and buy credit scores when the topic was actually "Capital One Credit Limit Increase".

 

I'm Jay Rizzo, Valued Contributor, and I've beating this credit score topic into the dirt where it "should" be.

Valued Contributor
scottwagnon
Posts: 1,350
Registered: ‎02-07-2010
0

Re: Capital One Credit Limit Increase

[ Edited ]

i think fico scores are a great tool. but to me, not having convenient access to all three scores throws a wrench in it for me. Sorry fico. I don't consider vantagescores fake scores, because unlike any other scoring system, vantagescore is independent, just like fico.

 

btw, creditkarma provides a free transunion VANTAGESCORE on a DAILY basis. thats free. no 30 day trial, nope. free forever. (unless creditkarma decides to change the way it runs its website.)

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Established Contributor
JayRizzo
Posts: 582
Registered: ‎10-17-2010
0

Re: Capital One Credit Limit Increase

+1,000,000 Scott


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