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Fico 8 score vs Vantagescore 3.0

Established Member

Fico 8 score vs Vantagescore 3.0

Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference
Message 1 of 30
29 REPLIES
Moderator

Re: Fico 8 score vs Vantagescore 3.0


rollerkosh wrote:
Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference

You'd have to give us non-trivial detail about your report to really pull anything out.  We don't really pay much attention to VS 3.0 here and there isn't nearly as much data about the algorithm other than it appears to be friendlier towards past credit sins that have been resolved via payment.  FWIW my VS is much prettier (+60 points give or take) over my FICO 8's.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 2 of 30
Valued Contributor

Re: Fico 8 score vs Vantagescore 3.0


rollerkosh wrote:
Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference

No. It's not a mistake.  It is, however, comparing apples to oranges. 

 

There are different algorithms at play here.  Both are valid scores for what they are.  The one that matters, that "90 percent of lenders use" is the FICO score.   VantageScores are rarely if ever used by lenders.  It's for educational purposes only.

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 3 of 30
Moderator

Re: Fico 8 score vs Vantagescore 3.0


thom02099 wrote:

rollerkosh wrote:
Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference

No. It's not a mistake.  It is, however, comparing apples to oranges. 

 

There are different algorithms at play here.  Both are valid scores for what they are.  The one that matters, that "90 percent of lenders use" is the FICO score.   VantageScores are rarely if ever used by lenders.  It's for educational purposes only.


No, neither Chase nor Capital One have been using VantageScore for an educational purpose only.  It is a mischaracterization to suggest that.

 

FICO is absolutely the 800 pound gorilla, but out of all the non-FICO scores VS is the one which should be cared about if any and it is not an educational score (read as: no lender uses it to underwrite a decision) as it is and has been used for commercial purposes: I have my original Freedom pre-recon denial letter, VantageScore.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 4 of 30
Valued Contributor

Re: Fico 8 score vs Vantagescore 3.0


Revelate wrote:

thom02099 wrote:

rollerkosh wrote:
Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference

No. It's not a mistake.  It is, however, comparing apples to oranges. 

 

There are different algorithms at play here.  Both are valid scores for what they are.  The one that matters, that "90 percent of lenders use" is the FICO score.   VantageScores are rarely if ever used by lenders.  It's for educational purposes only.


No, neither Chase nor Capital One have been using VantageScore for an educational purpose only.  It is a mischaracterization to suggest that.

 

FICO is absolutely the 800 pound gorilla, but out of all the non-FICO scores VS is the one which should be cared about if any and it is not an educational score (read as: no lender uses it to underwrite a decision) as it is and has been used for commercial purposes: I have my original Freedom pre-recon denial letter, VantageScore.



Revelate wrote:

thom02099 wrote:

rollerkosh wrote:
Fico 8 : 692 - grade good
VS 3 : 597 - grade poor


100 point difference

Is this a mistake or a true reflection of the calculation difference

No. It's not a mistake.  It is, however, comparing apples to oranges. 

 

There are different algorithms at play here.  Both are valid scores for what they are.  The one that matters, that "90 percent of lenders use" is the FICO score.   VantageScores are rarely if ever used by lenders.  It's for educational purposes only.


No, neither Chase nor Capital One have been using VantageScore for an educational purpose only.  It is a mischaracterization to suggest that.

 

FICO is absolutely the 800 pound gorilla, but out of all the non-FICO scores VS is the one which should be cared about if any and it is not an educational score (read as: no lender uses it to underwrite a decision) as it is and has been used for commercial purposes: I have my original Freedom pre-recon denial letter, VantageScore.


You are correct.  I should have been more clear.  My statement was based on the prior statement of "90 percent of lenders use" the FICO score, leaving 10 percent of lenders potentially using the VantageScore; hence the "rarely" in my statement.  I should have said that the Vantage Score as well as internal models are used by some lenders, though not as frequently.    The "educational purposes" statement should have been more directed to the specific providers such as CreditKarma, Credit Sesame, et al.

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 5 of 30
Community Leader
Senior Contributor

Re: Fico 8 score vs Vantagescore 3.0

Hi Thom.  In your correction just now, you wrote:

 

The "educational purposes" statement should have been more directed to the specific providers such as CreditKarma, Credit Sesame, et al.

 

Actually, Credit Karma and Credit Sesame are both using Vantage Score 3.0 as the primary score they supply their users.  So does Quizzle.  Credit.com supplies two scores, but one of them is Vantage. 

Message 6 of 30
Valued Contributor

Re: Fico 8 score vs Vantagescore 3.0

Although the VantageScore models are not as widely used by lenders - partially due to a lack of historical data, a lot of collaborative effort by all three CRAs went into their development. The models are respected in their ability to numerically categorize credit risk of consumer profiles. The "refinements" to Fico models as rolled out in Fico 8 were influenced by the VantageScore models (1.0 and to some extent 2.0).

 

It is correct that Credit Karma has adopted VantageScore 3.0 for credit score reporting. As with Fico 8, VantageScore 3.0 has a range from 300 to 850. The older VantageScore 2.0 has a 501 to 990 range. The 300 to 850 range is an established standard and the desire for greater market penetration was a factor in VantageScore's range adjustment in version 3.0. I anticipate VantageScore will continue to make inroads with lenders and highly recommend checking free VantageScore as well as Fico scores. 

 

Other, industry specific credit risk scores, such as: mortgage, bankcard and auto FICO scores are available - but are typically fee based.

 

 

 

Fico 08: EQ 850 | TU 850 | EX 850

Fico 04: EQ 796 | TU 823 | EX 830

VS 3.0:  EQ 830 | TU 831 | EX 833

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 7 of 30
Valued Contributor

Re: Fico 8 score vs Vantagescore 3.0

VantageScore 3.0 is in the same vintage as FICO 9 which has just started rolling out and isn't yet much used. Both of these have made major changes in scoring. They now look at the payments made which were not avaialble previously. They also ignore paid collections. These are very big differences  compared to VS2 or FICO 8 which are roughly the same vintage.

 

Because of this fairly radical change in the information that is scored I would expect VS3.0 and FICO 9 to differ more from FICO 8 scores than previous versions did for any given individual with as much chance as a positive deviation as negative.

 

If I was extending credit to someone I would prefer to use VS3 over FICO 8. OTOH, if I was looking to apply for a loan I would consider FICO 8 to be more reflective of what a creditor would use.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 8 of 30
Valued Contributor

Re: Fico 8 score vs Vantagescore 3.0

As a side note to this topic, I sure hope at some point in the not too distant future we might have a way to obtain our FICO 9 scores.  I have been quite curious about what my FICO 9 scores are, given that my Vantage 3.0 scores are roughly 75 points higher than my FICO 8 scores.  I am curious as to which model my FICO 9 scores are closest to.  

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Oct 2017: EX8: 736; EQ8: 736; TU8: 747; EQ04: 734 FICO 9 Scores about 50 points higher
In My Wallet: Discover $63.7K; Cap1 Venture $36.7K; Amex ED $38K; Amex Optima $12.5K; Amex Delta Gold $15K; Cap1 Plat $8.4K; Barclay $7K; Citi TY Pref $13K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $209.8K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 9 of 30
Super Contributor

Re: Fico 8 score vs Vantagescore 3.0


EW800 wrote:

As a side note to this topic, I sure hope at some point in the not too distant future we might have a way to obtain our FICO 9 scores.  I have been quite curious about what my FICO 9 scores are, given that my Vantage 3.0 scores are roughly 75 points higher than my FICO 8 scores.  I am curious as to which model my FICO 9 scores are closest to.  

 

 


Well EW. this has been discussed many times in the past. of course it is basically the same as Fico 8   one noticible change only. or 2 depending how you look at it.

It has 1 . medical collections will not be counted in your score.

Any paid collections will also no longer be considered negative. this will encourage people to pay those old collections as in current system is better to not pay it. as you score will suffer the same. fico 9 realized. people make mistakes and over look things some times. which should not be reflected asap in the credit scoring system. so if you pay a bill like a collection. however late. the fact you paid it. will allow your score to recover. that is the only difference. Too bad. just like vantage. not many lenders have adopoted it. just like fico 8. only in the last 18 months have lenders truly adopted it. but as it implies it came out in 2008. So it may be many years before lenders start to adopt fico 9. im thinking of my credit union. which is stil using. Equifax beacon 5.0. i hate that score. Smiley Frustrated


Message 10 of 30