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Do any leaders use VantageScore 3.0?

Valued Contributor

Do any leaders use VantageScore 3.0?

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?

 

 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $6000 / Barclay Apple Rewards - $5400
Merrick - $2400 - Total - $130,800

EQ - 745 / TU - 738 / EX - 740
Message 1 of 31
30 REPLIES
Community Leader
Super Contributor

Re: Do any leaders use VantageScore 3.0?

Some lenders do for sure.  Revelate I believe has had direct experience where a credit granting decision was made to him based in part on a Vantage score (and he received a letter to that effect).

 

Moreover, it's likely (in my opinion) that many more lenders are testing Vantage behind the scenes to see whether it might be a reliable model for them as indeed it appears to be (reliable at predicting risk, which is what FICO and VS are all about). 

 

So even if a given creditor today is far more likely to pull your FICO score rather than a Vantage Score, that could be very different as time goes on.

 

Therefore the phrase "totally for entertainment purposes" would not be the best way to describe Vantage, especially if that means "only good for its silly comic value."  Vanatge Scores are especially good IMO for people who want a free simple choice to track their improvement over time, e.g. via Credit Karma.  My advice to such folks is to once a year grab their FICO 8 scores pulled on the same date via a $1 solution like Credit Check Total, just so they have some sense as to how the two models are differing for their profile.

Message 2 of 31
Frequent Contributor

Re: Do any leaders use VantageScore 3.0?

I haven't had a lender pull it yet, but my apartment used it when running my credit for their application. At this moment, I'd prefer everyone pull my vantage scores. THOSE scores are excellent. LOL
Message 3 of 31
Valued Contributor

Re: Do any leaders use VantageScore 3.0?

I would sure prefer that lenders would use the Vantage 3.0 model, too! Smiley Happy My Vanrage 3.0 scores are about 40-50 points higher than my FICO 8 scores. What is interesting to me is that FICO 9 scores are almost exactly the same as my Vantage 3.0 scores, giving the impression that Vantage 3 and FICO 9 appear to like the same things about my profile, whereas FICO 8 seems less forgiving of my past issues.

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2018: EX8: 745; EQ8: 740; TU8: 750; FICO 9 Scores about 50 points higher
In My Wallet: Discover $69.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Citi Costco $10.5K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $226K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 4 of 31
Frequent Contributor

Re: Do any leaders use VantageScore 3.0?

That's true. I hadn't noticed how similar they seem. I think my 9's are a tad higher than vantage. But vantage is about 75 pts higher than my 8s. I've seen the opposite too though. Some people are much lower on vantage, so idk.
Message 5 of 31
Community Leader
Super Contributor

Re: Do any leaders use VantageScore 3.0?

My Vantage TU is actually 55 -60 points lower than my Fico while my vantage EQ is relatively close. Go figure Smiley Wink
To obtain Credit One Kenobi status upon 0/24 is to Garden Harden!!
Message 6 of 31
Valued Contributor

Re: Do any leaders use VantageScore 3.0?


Roodog26 wrote:
I haven't had a lender pull it yet, but my apartment used it when running my credit for their application. At this moment, I'd prefer everyone pull my vantage scores. THOSE scores are excellent. LOL

VantageScore is going after the low hanging fruit first. The rental market is a primary target for them and they have made major inroads in that market segment. Some of the success is likely due to credit score use for rental decisions is more recent so there is no holy grail baseline reference to contend with.

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 7 of 31
Established Contributor

Re: Do any leaders use VantageScore 3.0?

My Vantage 3.0 scores are 75-100 points LOWER than my Fico 8.  And 100-125 points lower than my Fico 9s.

 

And those Vantage scores don't want to move...  I went from 35% util to 22% util over two months, and my TU Vantage score went up 2 points while my TU Fico 8 went up 17.

Venture: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV:  $2.5K | Cabela's: $1K


 Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726



Message 8 of 31
Valued Contributor

Re: Do any leaders use VantageScore 3.0?

My 3.0 scores are 5-10 points lower than my 08 scores. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $6000 / Barclay Apple Rewards - $5400
Merrick - $2400 - Total - $130,800

EQ - 745 / TU - 738 / EX - 740
Message 9 of 31
New Contributor

Re: Do any leaders use VantageScore 3.0?

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.

Message 10 of 31