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the effect of paying down a card--vantage score vs FICO

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takeshi74
Senior Contributor

Re: the effect of paying down a card--vantage score vs FICO


@crrredit wrote:

I know Vantage scores are FACO, but they aren't completely worthless.


Worth is really a matter of relevance to a given creditor for any scoring model -- including FICO's.  Keep in mind that there isn't just one FICO model used by creditors.  If you have creditors that use VantageScores then they are not worthless.

Message 11 of 14
crrredit
Established Contributor

Re: the effect of paying down a card--vantage score vs FICO


@Thomas_Thumb wrote:

@crrredit wrote:

Found something else that might be the cause. I looked over my Experian report on CCT and saw that an old paid auto loan (all positive) had reached the 10 year mark and was deleted. CCT shows my FICO went up 4 points (probably due to the pay down of my util %. While on CK it shows that account still on my EQ report, but it also shows my EQ VantageScore dropping 56 points. So it's possible the VantageScore was calculated with that account having fallen off, but for some reason the account is still showing on my CK EQ report. 

 

Who knows, but that seems like a steep drop for that account change. It's my oldest car loan reporting, but not my oldest account.


VantageScore does give more weight to credit mix and total # of accounts than does Fico. You need more accounts (both open and closed) to satisfy mix criteria on VS than on Fico. Nonetheless, a 50 point drop is, well, exceedingly unlikely on VS due to a closed installment loan going AWOL - particularly if you have an open one on file as alluded to in a later post.

 

Something else is going on - any new inquiries on EQ only? How are your Fico and VS TU scores being affected? Differences on the CB reports may certainly be a factor. Did your AAoA and oldest account take a nose dive? Perhaps the loan is still on one CB report but not another.


No new inquiries. My EX VS dropped 50 points, as reported by Credit.com, and my EQ VS score dropped 50+ points as reported by CK. My TU VS score went up 10 points as reported by CK. TU is not yet reporting the pay down of my credit card from 30 to 19%. The other two are. 

 

My FICO scores for all three bureaus have risen a few points each, as reported by MyFICO and CCT. One is over 700, the other two are in the 690s. 

Message 12 of 14
crrredit
Established Contributor

Re: the effect of paying down a card--vantage score vs FICO

Just got my updated CK VantageScores and TU is now also reporting my pay down of my one card reporting a balance. I paid it from 30% to 19% and TU dropped 49 points. All three VantageScores have now dropped about 50 points. Nothing changed on TU except this balance change, just as with the others. Now I feel like I've isolated this change as being the culprit.  In the meantime, my FICO scores continue to rise. EX jumped 10 points today and now two of the three are in the 700s. My VantageScores are now 30 to 50 points lower. Weird.

Message 13 of 14
crrredit
Established Contributor

Re: the effect of paying down a card--vantage score vs FICO


@crrredit wrote:

Just got my updated CK VantageScores and TU is now also reporting my pay down of my one card reporting a balance. I paid it from 30% to 19% and TU dropped 49 points. All three VantageScores have now dropped about 50 points. Nothing changed on TU except this balance change, just as with the others. Now I feel like I've isolated this change as being the culprit.  In the meantime, my FICO scores continue to rise. EX jumped 10 points today and now two of the three are in the 700s. My VantageScores are now 30 to 50 points lower. Weird.


UPDATE: Now, with nothing happening on my report other than another week passing, I got 40 of the 50 points back. While the score reflects a 40 point increase, for some reason the little green up arrow says it went up 29. I'd just assume CK is having problems, but the same drop happened on my EX VantageScore reported by Credit.com. I'll see what happens with that score at the end of the month.

Message 14 of 14
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