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Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
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Thousands of lenders eh?

Got an email from Quizzle today saying they are going to give us our Vantagescore for free. Then they said this:

 

"Quizzle now features the VantageScore credit score. This score is used by thousands of lenders, including the nation’s largest banks, in their credit card, auto lending and mortgage decisions."

 

Thousands of lenders? Really? 

 

Can I call them out on this or make them prove this? hah

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Moderator
Posts: 13,890
Registered: ‎04-15-2011
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Re: Thousands of lenders eh?

I've never received any approvals nor denials from any of my lenders due to my vantage score.  So I really couldn't ellaborate on this one.  I've not seen it though.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
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Re: Thousands of lenders eh?

Moderator Emeritus
Posts: 11,922
Registered: ‎12-30-2011
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Re: Thousands of lenders eh?

[ Edited ]

Statistics like these are hard to disprove: it's quite likely that thousands of lenders have pulled a Vantage Score at some point over time; however, how much they base their underwriting decision on is nearly impossible to tell.  Lenders will pull multiple scores quite often for any given consumer application but only provide one.

 

I do know Chase has used VS for Freedom applications in particular, and I've heard from an insider that it costs them less to do this than a more traditional FICO score.  The CRA's could be deeply discounting VS scores in order to try to win marketshare from FICO which is the 800 pound gorilla in the space.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 5,009
Registered: ‎06-05-2013
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Re: Thousands of lenders eh?

[ Edited ]

rckstrscott wrote:

 

Can I call them out on this or make them prove this? hah

 


You can do whatever you want but it would be a pointless endeavor IMO.  It's market speak.  Like any other business selling product they carefully select their words to present their product in the way that they want you to see it.

Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
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Re: Thousands of lenders eh?


takeshi74 wrote:

rckstrscott wrote:

 

Can I call them out on this or make them prove this? hah

 


You can do whatever you want but it would be a pointless endeavor IMO.  It's market speak.  Like any other business selling product they carefully select their words to present their product in the way that they want you to see it.


It was a tounge in cheek joke about calling them out. 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
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