FICO versus Vantage scoring?

[Anonymous]

Could a poster please explain to me the difference in the two systems.  My mother has an good FICO score of 716 for Experian, however, when she bought her Vantage score from Experian she only had a score of 713 on a 990 scale..

I am trying to understand how the system works right now.  Do banks use FICO or Vantage when deciding a whether or not to approve loans? Thank you in advance for any answers to my questions.

TheTaxMan

[GFer]

This might help!

http://www.vantagescore.experian.com/

Different lenders sometimes use different scoring models. They are usually 'tweaked' to correspond with whatever product they are pulling for (ie., mortgage, cc, automobile loan, etc).

Even the three cra's use different models!

[llecs]

Ignore the VantageScore. Just about every lender out there uses a FICO score. Remember also, the scale for VantageScore goes to 990 but starts at 501 (or something like that) in comparison to 300 on FICO.

[Anonymous]

A few lenders use vantagescore....I think some auto lenders, but over 90 percent of lenders use FICO (especially mainstream ones). In addition, almost every mortgage lender pulls FICO scores.