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Hello:
I will be applying for a home loan soon, post fc and just for kicks, through USAA I pulled my VantageScore 3.0.
It's 50 points higher than myfico scores. (range 775-802)
I know there is always talk about fako scores and different models being used, but does anyone know of any mortgage lenders that use VantageScore 3.0?
Thank you,
David
Nope, or at least not the 99.999% ergo statistically indistinguishable from 0.
So you're saying there is still a chance??
@ilzhoefer wrote:So you're saying there is still a chance??
Proverbial's snowball chance in hell
It'd have to be a portfolio lender of which there aren't many, and even then when only 10% of the lenders use VS to begin with, and odds are those aren't anyone in the mortgage space, it's probably even worse percentage wise than what I stated heh.
We've only even had one report of a lender using FICO 8, let alone something further afield like VS.
What it seems like is all lenders use FICO scores to approve/decline financing and some lenders use Vantage for internal scoring. Perhaps Vantage is a cheaper service and that's why it's used to auto approving an existing account. Yet FICO is the gold standard so that's why it's used universally for all lenders to determine creditworthiness to open a new line of credit.
Example in employment terms: Vantage is used by a few employers to determine if you qualify for a pay raise and FICO is used by all employers to determine if you should be hired.
Say it ain't so.
I can't get a job unless I have a good Fico score? How do I get a good Fico score if I can't get a job?
slipper wrote:Example in employment terms: Vantage is used by a few employers to determine if you qualify for a pay raise and FICO is used by all employers to determine if you should be hired.
Source?
I think slipper was making an analogy.
That said the mortgage market isn't setup like that at all; it wouldn't be in the best interests for the lenders to do that, and so they don't. The scores are dictated by the GSE's for conventional, and rest of the market pretty much follows in all things (FHA, VA, USDA too).
The more common occurrence of credit card and other credit issuers testing out new scores, yes they might be.