Hi cjc, welcome to the forum.
The Vantage score is a FAKO score, used by no lender in it's credit making decisions.
Just out of curiosity, how did you equate your Vantage score of 797 to a FICO score of 632? Was it a simple math equation? Obviously the methodology is incorrect.
The only scores that you should take seriously are those scores that say FICO Score on it.
Wonderful scores, btw.
The Vantage score is a FAKO score, used by no lender in it's credit making decisions.
Just out of curiosity, how did you equate your Vantage score of 797 to a FICO score of 632? Was it a simple math equation? Obviously the methodology is incorrect.
The only scores that you should take seriously are those scores that say FICO Score on it.
Wonderful scores, btw.
@Anonymous wrote:
I don't think anyone has found a reasonable co-relation, between the 2 scores, other than FAKO scores are generally, most times but not always, 10-50 points higher than FICO scores. The logic?
I rack it up to one of the mystery's of the universe, and the phase of the moon, and how I dry my hair in the mornings. lol
I think OP's link to the conversion figure hiccuped off. I found an article that said to multipy the Vantage by 0.86 to get the FICO's. Mine was dead-on for TU and very close for EX. You can tell that they follow the FICO formula awfully closely, although their pie chart (percentages for each component) is a bit different.
I've just started digging in to all this, and I am finding that Vantage scores are different from the run-of-the-mill FAKO's, and they do have some underlying logic underneath them. They are the ones that SOME lenders are starting to use in addition to FICO's, I think mainly because there's a deal going where lenders can get it dirt cheap (per Timothy.) I agree with him that lenders might be checking it out, but they're going to want to see a lot of history on it to believe that it predicts risk accurately enough to rely on. I don't think that FICO's are going away any time soon, even if Vantage is a lot cheaper for lenders to use, and I'm going to still work on my FICO scores. I haven't seen any info on lenders going strictly with Vantage.
There's another post going on this same board where I copy/ pasted my Vantage negatives, and some of them are very weird indeed. Also, there are some indications there that Vantage is ignoring AU accounts. The comments they made about age of open accounts and total available credit, that only make sense if you take my 18-year-old, $14K CL AU account out of the mix. They also seem to want for you to have LOTS of open credit lines and high CL's, and high mortgage loans. Gee, do you think that maybe they're marketing to lenders?
Vantage multiplied by 0.86 = a FICO score of 704. My scores are in the 760's.
Vantage scoring,
