I am so bummed but it seems its going to take a while for my Vantage EX score (or EX score for that matter) to go up. Unfortunately i know its because of the 2 recent paid collections that are being reported. One is reaching the 2 year mark while the other is under 1.5 years. They are not credit card collections but still a collection. Just refreshed my 3 Vantage Scores from TU website and TU went up to 781, EQ is at 809 and EX only at 733 (actually went down 2 points from previous month). The same with my credit.com Vantage score has me at an estimated 701 (down from 709 previous month). Have no idea what my EX Fico is other than from a letter back from AMEX in August 2012. I know i shouldnt pay attention to FAKO scores but still bumms me out. I know in time those collections will age and fall off. Send my first round of GW to those colleciton companies a couple of weeks ago and nothing so far...
Has anybody paid the $7.95 to get your new score from Experian? I'm curious to see how much difference there is between 3.0 vs Fico vs EX Plus scores. For me, it could be a significant difference as all my CA accounts and baddies are all showing $0 balance. My 2 new Cap1 cards haven't reported yet, but will in another 7-10 days. That's the only new TL I will have open since my ch7 discharge.
@JM-AM wrote:Dont worry with the NEW Vantage Model coming out, any derogs paid and or showing 0 owed will not be counted against your scores. So paying off your charge offs and or collections as examples is suppose to have no impact on your scores.
They advertise that 7 of the top 10 Banks are using this NEW Vantage Model. But can not find any other proof as to what Banks or Lenders are using this scoring Model.
Personally I can not see how not including the derogative information is giving any Bank or Lender a true look at how you are or arent a credit risk.
Being a Mortgage Banker, I will just have to wait and see how this impacts the mortgage world.
They only exclude CAs with 0 balance. C/Os and lates continue to count and may count more. Vantage Score does this while still becoming more predictive because stand alone CAs without OC chargeoffs are rare and tend to be things like tickets, medical bills and such that are not that reliable as a credit indicator. The other big change is that Vantage Scores will use "fine grain" infomration such as when payments are made and how large they are. This allows them to distinguish PIF types from people that are regularly carrying a balance and represent higher risk.
I logged into Credit Karma today and noticed that my VantageScore (I assume they are still on 2.0) was up nearly 30 points, so I am curious to see what my 3.0 model score would be. My baddies are old CO/CA that have 0 balances, a very fresh ch7 and 1 judgment that has a 0 balance. There are 5 good paid accounts either currently paid or paid and closed, but good. I will have 2 NEW CC show up sometime next week when the statement cuts and they report. My CC Util should be around 6%. I have a feeling my 3.0 score, and FICO should be going up....Especially when the new stuff reports.
@Deltadog03 wrote:
Has anybody paid the $7.95 to get your new score from Experian? I'm curious to see how much difference there is between 3.0 vs Fico vs EX Plus scores. For me, it could be a significant difference as all my CA accounts and baddies are all showing $0 balance. My 2 new Cap1 cards haven't reported yet, but will in another 7-10 days. That's the only new TL I will have open since my ch7 discharge.
My EX score was purchased at the same time as TU and EQ from myfico. They are in my sig. It was from a few weeks ago, so I am assuming it is new?
I was curious to see the new VantageScore 3.0 in action, so I purchased the report from Experian today....Guess what?? Its NOT the 3.0 they advertise.....its the 2.0 scale system.... pissed....ugggh