Vantage 3 130 points less!

[Anonymous]

Hi all, still learning this credit game.

Capital One creditwise and Credit Sesame had my shoe at 613.

My FICO 8's are all over 740.

Should I be concerned?

[Anonymous]

Just saw that credit sesame says my oldest account is two months old which means it isn't showing my old paid off school loan.

[Thomas_Thumb]

How long ago were your loans paid off? 

If they were closed close to 10 years ago and drop off your CRA reports that will have a major impact on age of file and AAOA given your credit card is only 2 months old.

Fico scores are sensitive to AAOA and file age.

[Anonymous]

It will be 10 years old in March 2017. I know I'll take a hit, but I'm hoping that by then I can remain over 700. And by May 2017, my AAOA will be over a year, right now my AAOA is less than three years because of the new credit.

[Anonymous]

I wouldn't worry about Vantage score, IMO they are meaningless, no lender approves you for anything based on your Vantage scores.

[Anonymous]

No, you should not be concerned about your Vantage scores being in the low 600's.  Worry about your FICO 08's, which are looking nice in the 740's!

[Thomas_Thumb]

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@Anonymous wrote:
It will be 10 years old in March 2017. I know I'll take a hit, but I'm hoping that by then I can remain over 700. And by May 2017, my AAOA will be over a year, right now my AAOA is less than three years because of the new credit.

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It appears to me that your Fico scores could be vulnerable and that potential exists for a unpleasant score drop when the student loans disappear.

Do you have any other installment loans? If not, you may want to consider the share secured strategy outlined in another thread. How many accounts (excluding the student loans) do you currently have on file? 

[Anonymous]

Thomas_Thumb, you are right. I did get a secured loan in April, paid it down to about 8% in May, and saw some jumps in my scores. I'm not going to apply for any more credit for at least a year.. other than the old school loan, everything on my report is from April till now. I have a CU Visa, Cap One, Chase, Discover, and the personal loan. 

After posting this, I've had two more score udpates.. EQ down 20 to 743, and TU up 30 to 787. The alert on the drop said it was my CAP one finally being reported (it hadn't shown up to this point).

I have no idea why the TU is up that high! 

[Thomas_Thumb]

Thanks for the additional information. You are in good shape.

Frankly, I would expect your score to be in the 760 to 800 range given you have 5 open accounts with a paid down installment loan, a clean file and well aged closed loan(s), Your file is not thin in its current state. Once the newbie accounts have a few months age, my guess is all three CRAs will show Fico 08 scores in the above range. 

Unfortunately, when your student loans all drop off and your AAOA drops so will your score. If your file history age drops off that will put you on a different scorecard. The reduced history may have greater impact on score than the relatively small change in AAOA. Post age off, scores in the 720 to 750 range would be my estimate.

Obviously there is a lot of guess work here. Not sure if you can run "what if" simulations on this with the MyFICO. 

[Revelate]

Vantage penalizes more harshly (and possibly rewards more generously by the same token) for recent data in my experience.  Recent 30 day late, more harsh, recent inquiries, more harsh.  My TU VS has taken a 120 point drop over the past year for the combination of the two, whereas my TU FICO 04 and FICO 8 are pretty much unchanged.

Also they appear to calculate revolving utilization differently as well.

Anyway I wouldn't worry about it, should be fine as time goes on.