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Vantage score?

Valued Contributor

Vantage score?

I might be in the wrong section (if so mods please move) but what is a vantage score and what is it used for? I know FICO and EQ, EX and TU but I see vantage on CK and am wondering WHY that score is sooooo much higher than any of my others? Is this a CK thing or do lenders actually use this? I searched the forum but no one has explained what it is .......at least from what I could find. Thanks!

Message 1 of 8
7 REPLIES
Valued Contributor

Re: Vantage score?

Not sure of current activities, but Chase used to use V (just another developed scoring system to compete with fico).

Message 2 of 8
Senior Contributor

Re: Vantage score?


odd_dog wrote:

I know FICO and EQ, EX and TU but I see vantage on CK and am wondering WHY that score is sooooo much higher than any of my others?


Compare the scoring ranges.

 


odd_dog wrote:

I searched the forum but no one has explained what it is .......at least from what I could find. Thanks!


Keep in mind that the forum isn't the only resource out there.  Granted, this is Wikipedia so the usual caveats apply:

http://en.wikipedia.org/wiki/VantageScore

 

CK also has its own page on the VantageScore:

https://www.creditkarma.com/article/vantageScore

Message 3 of 8
Regular Contributor

Re: Vantage score?

I can't answer the question about whether any lenders actually use it, but the reason your Vantage Score on CK is higher than your other scores is because the scoring range is different. FICO scores are between 300 and 850, whereas Vantage Scores (according to CK) are between 501 and 990.

Message 4 of 8
Valued Contributor

Re: Vantage score?

Alliant Credit Union offers this score to their members.

 

They are currently transitioning from 2.0 to 3.0, and 3.0 has the same range as FICO scores.

 

Message 5 of 8
Valued Contributor

Re: Vantage score?

Thanks for the answers and links! Yet another scoring system....

Message 6 of 8
Frequent Contributor

Re: Vantage score?

There are now TWO different versions of Vantage Score:

If the score was generated using an earlier VantageScore model, it will range from 501 to 990.

 

If it was generated using the NEW VantageScore 3.0 model, it will range from 300 to 850—a numerical scale that is more commonly used by other credit scoring models, including FICO. 

Credit.com will give your VantageScore 3.0 credit score, in addition to Credit.com's own "Experian National Equivalency Score."

 

http://your.vantagescore.com/interpret_scores

 

FICO Score 8: EQ 815 EX 809 TU 814 **** FICO Bankcard 8: EQ 837 EX 826 TU 841 **** VantageScore 3.0: EQ 824 EX 823 TU 822
TOTAL CL (6 cards): $127.7K **** INQUIRIES 2 yrs (1 yr): EQ 0(0) EX 0(0) TU 0(0) **** UTILIZ: 1 % **** GOAL: FICO Score 8: 800+
r>>
Amex BCE 30K || NASA FCU Rewards Visa 30K || Chase Sapphire Visa Signature 21.5K || PayPal Extras MC 20K
CITI Diamond Preferred MC 16.2K || Discover it 10K **** CLOSED 7 cards **** GARDENING since 9-26-2014
Message 7 of 8
Highlighted
Community Leader
Epic Contributor

Re: Vantage score?

The Vantage scoring algoritms were developed jointly by the big-3 CRAs to compete with Fair Isaac.

One of theri asserted advantages, aside from whether they more risk predictive, is that they were marketed as providing a uniform scoring system used by each CRA, whereas FICO algorithms licensed to each CRA are different, based on their individual tailoring to the requrements of each customer.

 

While they are often referred to as FAKO scores, there is actually nothing fake about them.  They claim to be better risk predictors than FICO scores.

They prefer to sell your their scores rather than pay a licensing fee to Fair Isaac for producing a score based on their algorithms.

However, the market speaks, and regardless of whehter they are more or less predictive, most creditors dont rely on them.

 

If your creditor uses Vantage scores, then certainly they will be more important to the consumer in that individual transaction.

 

Message 8 of 8