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Established Member
Posts: 34
Registered: ‎05-10-2007
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New Grading by CB's ???

Does anyone have any info about a new grading system that has been implemented for lenders?  Apparently there are grade levels, A, B, etc.....how do we as consumers obtain these?
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: New Grading by CB's ???

 
Do a search for "Vantage Score"
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: New Grading by CB's ???

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Member
Posts: 34
Registered: ‎05-10-2007
0

Re: New Grading by CB's ???

Thank you both.  This information is very helpful.  I have done research on Vantage Score and now I want to get one.  I am curious as to what mine will be...Wells Fargo uses them.
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
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Re: New Grading by CB's ???



ficohelp wrote:
Thank you both.  This information is very helpful.  I have done research on Vantage Score and now I want to get one.  I am curious as to what mine will be...Wells Fargo uses them.


Wells Fargo uses them! Oh no! How did you find this out?
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Frequent Contributor
Posts: 436
Registered: ‎06-15-2007
0

Re: New Grading by CB's ???

I think it will be quite sometime before the vantage scoring models are widely used. I would focus on getting FICO scores up. Besides, if one has a good FICO score then any other score models should be comparable.

In terms of Vantage scoring I hear that it only counts the last 24months of account history. Which can be great if the last two years had near perfect payment hisotry.
Moderator Emeritus
Posts: 16,374
Registered: ‎03-12-2007
0

Re: New Grading by CB's ???



cfstr1 wrote:
I think it will be quite sometime before the vantage scoring models are widely used. I would focus on getting FICO scores up. Besides, if one has a good FICO score then any other score models should be comparable.

In terms of Vantage scoring I hear that it only counts the last 24months of account history. Which can be great if the last two years had near perfect payment hisotry.

Actually, I believe they look at the full seven years with a greater emphasis on the most recent two years.
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Established Member
Posts: 34
Registered: ‎05-10-2007
0

Re: New Grading by CB's ???

I spoke with a loan rep...she informed me how different it can be...some higher FICO scores may score lowere on Vantage and vice versa, so I am curious about mine...she told me payment history plays heavy in the equation. 
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