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@Anonymous wrote:I will say that it's irksome that Capital One, for one, shows its accountholders the Vantage score instead of the FICO score, as other issuers (in my case, Discover and Synchrony) do. Especially irksome because right now, my Vantage TU score is way off (49 (!!!) points higher) than my FICO TU score, even though the other two bureaus seem to be fairly close in Vantage and FICO.
I wonder why Capital One give their customers vantage scores especially if they do not use these scores to determine credit worthiness.
I don't know. Maybe they're too stingy to pay for the FICO scores?
@Anonymous wrote:I don't know. Maybe they're too stingy to pay for the FICO scores?
Always follow the money That would be my guess too!
@A1Credit wrote:okay. I guess I need to find out who uses it.
LexisNexis is dominant in the credit based insurance score industry and VantageScore has a large presence in the apartment rental market industry. Fico is a minor player in these areas.
Fico has a near monopoly in the mortgage lending industry and is the major player in credit card decisioning, auto loans and most other loans. VS certainly has a presence in credit card pre-qualifications done by credit card "partners" - probably due to the lower cost associated with pulling a VS score. However, the approval and credit limit decisioning, done by the credit card company, is generally based on a Fico score along with internal scoring models.
@Thomas_Thumb wrote:
@A1Credit wrote:okay. I guess I need to find out who uses it.
LexisNexis is dominant in the credit based insurance score industry and VantageScore has a large presence in the rental market industry. Fico is a minor player in these areas.
Fico has a near monopoly in the mortgage lending industry and is the major player in credit card decisioning, auto loans and most other loans. VS certainlyhas a presence in credit card pre-qualifications done by credit card "partners" - probably due to the lower cost associated with pulling a VS score. However, the approval and credit limit decisioning, done by the credit card company, is generally based on a Fico score..
Is this apartment rental you refer to or equipment rentals or both. Glad to hear someone uses VS for actual approvals of something.
Apartment rental - added that clarification in my above post. For example, see below lonk. The rental market is big business
https://www.verticalrent.com/tenant-screening/tenant-credit-reports
Thanks for the info Thomas_Thumb...I can see an advantage in the fact that the VS can actually return a score on people that have too thin or not recent enough credit files to be scored by Fico. I think only time will tell how predictive the model will actually be for these fico unscorable individuals. It does also say something that the later versions of fico seem to actually be following the lead of the VS by ignoring paid collection accounts. I have a good score with both, but my fico is a little higher. The VS score will always be less important to most people though, until it becomes more widely used in credit card, mortgage, and installment lending, which the big banks seem to be hesitant to adopt it.
Lenders have trialed it, my understanding is it didn't work out for them of those which did.
I didn't scan my Freedom pre-recon denial letter (oh if I'd known pics or it didn't happen would be necessary later) but Chase was trying it back in early 2013, and that was confirmed by an internal Chase employee in their lending division, was clearly a Vantage Score.
There hasn't been any reports recently of VS being used for Freedoms in particular as Chase pretty much moved to their internal scoring to my knowledge. There were reports here back when I got my Venture that Cap 1 was using a mix of FICO 04 and VS for underwriting, but don't think that was ever nailed down either.
Basically when talking individual score costs for a pull:
internal < VS < FICO: follow the money indeed. Too bad, I'm at 799 on one VS 3 as of the other day heh. Gold plated with nobody to look at it but myself, yay!
It seems like Vantage Scores are very similar to FICO 9 scores.
I got my creditchecktotal trial report today, and there's a pretty big difference between my TU FICO (627) and VS (676). As I posted elsewhere, I think that can be explained in large part because for some reason my two most recent accounts, Penfed (car loan) and Discover (credit card) haven't been added to TU yet. There's also a significant though smaller difference in my EQ FICO (659) and VS (687) scores, but my EX FICO and VS scores are just about identical (662).
The irksome thing about Discover not reporting on TU is that, in fact, Discover is using TU as the CRA to show me my FICO score on my own account there! Now, I ask you; what logic is there for a credit card issuer to use a CRA that doesn't include its accounts in their credit report?