Fico vs. Vantage scores

[takeshi74]

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@killer_queen229 wrote:
I think Vantage scores are within 20 points of a FICO score. I noticed that.

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There is no fixed offset.  Again, they are different algorithms.  Variance and even the direction that the scores are going in can vary.  Scores from different models can be coincidentally close or even the same but coincidental != causal.

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@Kostya1992 wrote:
Completely disagree with FICO being some type of a God score. It is completely worthless because you can add AU accounts and inflate it. Banks have their own internal scoring algorithms that they use to determine risk.

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God has nothing to do with it.  The majority of creditors use a FICO model for their credit decisions.  It's the industry standard.  While I'd generally say that worth is highly subjective, if you're applying for credit and the creditor uses a FICO then FICO is quite the opposite of completely worthless.  Also, there isn't just one FICO model.  See also the Understanding FICO Scoring subforum and its stickies.  AU accounts are not always considered.  As I stated, score alone is not the only consideration.  Each creditor has its own underwriting critieria whether or not they have their own internal scoring system so different creditors are willing to extend different offers even for a given credit profile.

I'm not arguing that FICO's models are the best at assessing consumer risk.  I don't have access to the different algorithms or consumer data to make such an assessment -- or even the expertise.  VantageScore's marketing claims that they're better at this but I'd expect their marketing to say that their score is better.  However, that doesn't really mean much until a significant enough number of creditors rely solely on VantageScore for their credit decisions.  It doesn't look like they're anywhere close yet.

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@StartingOver10 wrote:

IMO it is best to use the index that is used in the credit world - FICO, rather than going with the new guy that doesn't have followers yet (Vantage).

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IMO it's best to rely on report data and understand the different factors.  Even with FICO there are a number of models used by creditors and fixating on one FICO can lead to disappointment when a creditor uses an entirely different FICO for their decision.  However, I understand that some want a simple metric to track their progress.

[Anonymous]

Chase publicly acknowledged that they use Vantage but are the only major lender to do so. HUD regulations require the use of FICO for mortgage decisions, so that is a powerful industry driver

[Existentialist]

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@Anonymous wrote:
Chase publicly acknowledged that they use Vantage but are the only major lender to do so. HUD regulations require the use of FICO for mortgage decisions, so that is a powerful industry driver

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This is outdated info. The 'acknowledgement' referred to is based upon past releases that were submitted back in 2011 when VS was still using version 2.0. It is now on version 3.0 and its scoring range was adjusted to reflect the model most currently used (that would be Fico). Assuming (as of 2015) Chase is still using VS (in some form) in lending decisions its a relative certainty (particularly as it relates to cc's) that its NOT an exclusive rather an 'in-conjunction-with' scenario.

@Without addtl proof to the contrary that is the position I maintain. I hav seen no Chase materials stating VS as its scoring model of choice in lending decisions other than what CK and Experian stated @ the time the above releases in ? were originally generated (again 2011). Furthermore I found it revealing that Chase did not confirm its use of VS whcih said far more to me than what the parties in ? stated on its behalf.

Most ppl formulate theories based upon whats said - me.... I tend to focus on whats NOT said.

[Anonymous]

This is absolutely not true in my case. On CreditKarma my scores are 644 and 632 and my Fico scores are 572, 583, and 604. Yea, I was sooooo dissapointed when I saw my actual scores on here....