Do any leaders use VantageScore 3.0?

[Anonymous]

Vantage stinks! all my Vantage scores or an average 50 points lower than my Fico scores. vantage doesn't forgive new accounts or Credit inquiries like Fico does. I hope Vantage never catches on it stinks! Most Major credit card companies use Fico not fako.

[Anonymous]

My Vantage scores are 10-15 pts higher than my Fico 08's.

[Anonymous]

My Fico 8 are around 610 Vantage 3 around 690. If Vantage 3 is more accurate model than eventually it will be used more.

[Anonymous]

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@masscredit wrote:

Capital One, Credit Karma and some others provide VantageScore 3.0 scores. Do any lenders actually use these for anything or are they totally for entertainment purposes?

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"Educational Purposes".

[Anonymous]

@Anonymous  

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@Anonymous wrote:

I must be the odd one. My Fico 8 scores pretty much exactly match, within a point or 3, my Vantage scores every single month.

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i realize this is from november 2016 but you are not alone matts175 -  my FICO 8 are fairly similar to VS 3  +/- 15ish.    but i don't have many accounts.   

something i found weird tho is,  i have a collection account that shows on TU but not on Equifax, another that shows on equifax but not TU.   and both show on experian.  seems suspect to me that it works out sort of evenly divided that way with TU and Equifax.

also i discovered that you need to carry a small balance on an account  (with FICO 8 anyway) paying my only open credit card off  (so $0 owed)  lowered my FICO 8 score by 15 points.. :/

it went like this:   7/1 i was notified my score went up 3 points after a month of no change.   on 7/2 i was notified that my score went down 15 points.   the only change was my cc reported my balance as $0.

[Anonymous]

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@Anonymous wrote:
If Vantage 3 is more accurate model than eventually it will be used more.

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What are you basing your statement of it possibly being a more accurate model on?

[K-in-Boston]

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@Anonymous wrote:

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@Anonymous wrote:
If Vantage 3 is more accurate model than eventually it will be used more.

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What are you basing your statement of it possibly being a more accurate model on?

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I think they mean a more accurate predictor of future credit behavior, which is what all credit scores strive to be.  Certainly for me, Vantage 3.0 is not at all a more accurate predictor of my risk than FICO 08.  Comparing scores on the same days, my TU and EQ Vantage 3.0 scores were 635 and 642 compared to respective FICO 08 scores of 735 and 745.  That's a difference of 100 and 103 points, and the difference between qualifying for pretty much any credit product I would want and having a 50/50 shot of getting approved for a seriously subprime card.  The Vantage model seems to say that the person with a BK on their reports and recent 90 day lates probably learned their lesson and won't do it again, while the person with decades of ontime payments and no derogs just hasn't defaulted yet, but certainly will.  It just makes no sense to me.

Back to the original question, I have never had a single lender use a Vantage score that I am aware of.

[Thomas_Thumb]

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@K-in-Boston wrote:

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@Anonymous wrote:

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@Anonymous wrote:
If Vantage 3 is more accurate model than eventually it will be used more.

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What are you basing your statement of it possibly being a more accurate model on?

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I think they mean a more accurate predictor of future credit behavior, which is what all credit scores strive to be.  Certainly for me, Vantage 3.0 is not at all a more accurate predictor of my risk than FICO 08.  Comparing scores on the same days, my TU and EQ Vantage 3.0 scores were 635 and 642 compared to respective FICO 08 scores of 735 and 745.  That's a difference of 100 and 103 points, and the difference between qualifying for pretty much any credit product I would want and having a 50/50 shot of getting approved for a seriously subprime card.  The Vantage model seems to say that the person with a BK on their reports and recent 90 day lates probably learned their lesson and won't do it again, while the person with decades of ontime payments and no derogs just hasn't defaulted yet, but certainly will.  It just makes no sense to me.

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^ Agree credit model accuracy is benchmarked on likelihood of a profile going 90+ day delinquent on an account. There are quite a few white papers from both Fico and VantageScore comparing their model results to actual data.

There are a few known differences between VS and Fico as there are between the older and newer Fico models. However, I can't say that VS3 is necessarily more lenient on 90 day lates or bankruptcy relative to the plethora of Fico models.

Side note: A model being more accurate is only a small driver relative to model adoption. In use existing models become ingrained as part of a lenders culture as there is a vast historical database available for comparison. Thus, the continued use of older Fico models for mortgages even though newer models might be better predictors. Yes, cost of model use can be a consideration and there is some use of VantageScore by rental agencies/landlords.

[Anonymous]

To go back to the original question... Carvana does. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
If Vantage 3 is more accurate model than eventually it will be used more.

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What are you basing your statement of it possibly being a more accurate model on?

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I have no evidence of it being more accurate.  When My Vantage 3 scores were 80 points higher than my Fico 8 I wanted it to become used.  But now with FICO 8 higher I think it is totally bogus.   When I had two charge offs come off my report my Vantage 3 wet down like 30 points.   What kind of scoring model would do that.