topic Vantage 3.0 vs Fico Inquiry point differences in Understanding FICO® Scoring

Vantage 3.0 vs Fico Inquiry point differences

Anonymous — Wed, 19 Jun 2019 01:12:29 GMT

Its a good thing no one bases scores on Vantage but according to them I had a 12pt drop with 1 HP on TU only. Cap1 card with $4500 CL and 4.5 years open with perfect payment history and clean credit report. Yes I am a thin file but I know my Fico in TU was around 802, as I was getting denial letters from various Lending Tree partners who showed my TU score as 802. I have not pulled a true TU Fico score to see my actually drop in points, but its interesting how Vantage scored it for only 1 HP.

Re: Vantage 3.0 vs Fico Inquiry point differences

Anonymous — Wed, 19 Jun 2019 03:11:10 GMT

Per your title it depends on the complete profile. While you're seeing a 12 poiont drop for a HP my recent experiences are only 1 point for a HP. For adding accounts it's about the same +/ - 5 points.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Thu, 20 Jun 2019 12:44:05 GMT

Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Fri, 21 Jun 2019 02:28:03 GMT

@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

Rather than focus on the short term, I might suggest looking at a longer time line before getting too upset and you'll see the silver lining. Consider that 12 months from now if you don't apply for any more credit that your scores will likely be in the 820-830 range as the inquiry and new account penalty will be gone, your $2700 SL could very well grow to $10k+ and you could request and likely have that APR lowered by 5%+ by that time. No bubbles, no troubles.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

FireMedic1 — Fri, 21 Jun 2019 13:46:25 GMT

Also remember it wasn't just 1 inq that did the drop. New account, drop in AAoA, AoYA, and so on. Like the guys said. You'll rebound. Congrats on the approval 👍

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

KJinNC — Fri, 21 Jun 2019 19:55:39 GMT

Bear in mind that scores aren't the point. The point is qualifying for what you want to qualify for.

If, as your sig implies, you have great scores but in effect are treated like you are merely in the "good credit" range due to a thin file, the way to solve that isn't by preserving your scores, it's by rounding out your credit profile.

A short-term loss of score points is worth it if it ultimately results in qualifying for stuff you want more easily. From what I have read (not that I would know from personal experience), anything above 750 or even sometimes 720 has little effect on qualification, and is simply padding.

I think it'll work out fine. JMO, good luck!

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Fri, 21 Jun 2019 20:46:49 GMT

@FireMedic1 wrote:
Also remember it wasn't just 1 inq that did the drop. New account, drop in AAoA, AoYA, and so on. Like the guys said. You'll rebound. Congrats on the approval 👍

I dont think that's how it works with an inquiry, which would have been based for an approval or denial since the account is not even on my credit profile yet, I will take another hit when it shows up on my account for AAoA, AoYA. Us Banker stated that my credit profile wont show up on my report for 30 days. 17 pts is from the Inquiry itself since there is a 1 day difference when I applied and the Inquiry was generated on my report. I read somewhere that Discover might show up quicker on the report and I wont be applying for new credit until July, so I will be keeping an eye on the Experain score, when Discover does show up.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sat, 22 Jun 2019 01:56:25 GMT

@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

I wonder what the algorithm is using to decide who gets more points deducted for an inquiry.

I never had a credit card before this past December, and Citi pulled both Equifax and Experian to approve me for a Costco Anywhere Visa with $6500 cl. EQ 8 was at 750, EX 8 at 748 at that time due to letting the only account on my file - an SSL - age to 1year. (Also paid down to 8.47%, which helped a lot with the total FICO 8 +62pt gain on all 3B F8 scores.)

EQ inquiry cost 20 points. EX cost 19 points. I guess it makes sense for someone whose entire credit history was 1year old at the time.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sat, 22 Jun 2019 02:11:34 GMT

@Anonymous wrote:
@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.
I wonder what the algorithm is using to decide who gets more points deducted for an inquiry.

I never had a credit card before this past December, and Citi pulled both Equifax and Experian to approve me for a Costco Anywhere Visa with $6500 cl. EQ 8 was at 750, EX 8 at 748 at that time due to letting the only account on my file - an SSL - age to 1year. (Also paid down to 8.47%, which helped a lot with the total FICO 8 +62pt gain on all 3B F8 scores.)

EQ inquiry cost 20 points. EX cost 19 points. I guess it makes sense for someone whose entire credit history was 1year old at the time.

So you had a year on 1 card only and you had that drop vs my credit history which is 4.5 yrs old based on a pretty much prefect report but only with 1 card also. I know others say dont worry, but my fico will be dopping again once my 2 accounts hit my credit profile, I still have 4 more cards to apply for too. That sounds bad but once Im done, each will only have 2 inquires per EX EQ TU and Ill be done and in the garden. Ill be keeping track of my fico movenment along the way

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sat, 22 Jun 2019 02:29:46 GMT

@Anonymous wrote:
So you had a year on 1 card only and you had that drop vs my credit history which is 4.5 yrs old based on a pretty much prefect report but only with 1 card also. I know others say dont worry, but my fico will be dopping again once my 2 accounts hit my credit profile, I still have 4 more cards to apply for too. That sounds bad but once Im done, each will only have 2 inquires per EX EQ TU and Ill be done and in the garden. Ill be keeping track of my fico movenment along the way

I had a year on a 'credit builder' / Share Secured Loan (SSL). There were no revolving accounts on my file at the time I apped with Citi.

I'm sure Citi probably SP'd TU too. Even though I was approved for my very first card ever from my credit union just a few days prior, to Citi it looked like theirs would be my first card.

Maybe the high inquiry penalty is all about the number of cards. 1 in your case, 0 in mine.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sun, 23 Jun 2019 08:12:38 GMT

My profile is totally different than yours (and you should be grateful! ) but I noticed a score drop after I added new cards/inquiries, but that impact faded quickly. After some faithful gardening, the scores kept on going up and up and up. (Now the scores are going to take a dip because I apped for a new card and got it!) But I tell myself, that is the price for a much-wanted card and in truth, that card is going to be worth the temporary dip in credit score.

Time always helps. In a few months, all your accounts will be a few months older. It's just a necessary process, and time corrects and "heals" it.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sun, 23 Jun 2019 13:29:56 GMT

@Anonymous wrote:
@Anonymous wrote:
So you had a year on 1 card only and you had that drop vs my credit history which is 4.5 yrs old based on a pretty much prefect report but only with 1 card also. I know others say dont worry, but my fico will be dopping again once my 2 accounts hit my credit profile, I still have 4 more cards to apply for too. That sounds bad but once Im done, each will only have 2 inquires per EX EQ TU and Ill be done and in the garden. Ill be keeping track of my fico movenment along the way
I had a year on a 'credit builder' / Share Secured Loan (SSL). There were no revolving accounts on my file at the time I apped with Citi.

I'm sure Citi probably SP'd TU too. Even though I was approved for my very first card ever from my credit union just a few days prior, to Citi it looked like theirs would be my first card.

Maybe the high inquiry penalty is all about the number of cards. 1 in your case, 0 in mine.

I can see 10 pts but 17pts? I still got 1 more pull with Ex but that will be done in July and yes I understand they will go back up. I guess I shouldnt care since my scores dont matter anyways since im gettig high APRs, they will matter once I garden and start getting more history

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sun, 23 Jun 2019 13:33:43 GMT

@tenaya

Yes I understand that, im tracking what my ficos will be with every inquiry I get and by how much. While I am grateful for my scores, they mean nothing to the creditors as they are basing it on history of a mix of credit. When Im done with my spree Ill garden and have to wait, like you said "time" is needed.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

KJinNC — Sun, 23 Jun 2019 14:58:32 GMT

Well, again, I can't say I'm an expert or that I know how the story ends, but to me, FICO scores only matter in terms of qualifying for stuff. If I had high scores but couldn't qualify for stuff due to thin profile, I would sacrifice points without thinking twice, to address the issue (in this case, thicken the profile). I approached my build with a very different philosophy, consciously frontloading pain for longterm gain. Good luck!

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sun, 23 Jun 2019 17:12:29 GMT

Vantage score risk indictor which maybe true to some but very wrong for me

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Sun, 23 Jun 2019 23:54:35 GMT

The score you posted in the image above is not from the VS 3.0 model. It's from EQ's own scoring model.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Mon, 24 Jun 2019 15:49:37 GMT

@Anonymous wrote:
The score you posted in the image above is not from the VS 3.0 model. It's from EQ's own scoring model.

The point I was making is this scoring model is wrong in my case....

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Tue, 25 Jun 2019 03:20:30 GMT

@Anonymous wrote:
The point I was making is this scoring model is wrong in my case....

I'm not following you. No scoring model is "wrong." A scoring model can be "different" than another one, but they aren't "wrong." Maybe you can clarify what you mean.

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

Anonymous — Fri, 28 Jun 2019 23:16:29 GMT

@KJinNC wrote:
Bear in mind that scores aren't the point. The point is qualifying for what you want to qualify for.

If, as your sig implies, you have great scores but in effect are treated like you are merely in the "good credit" range due to a thin file, the way to solve that isn't by preserving your scores, it's by rounding out your credit profile.

You're so right. You'll notice that by some coincidence, we have identical FICO8 scores. But I can't qualify for any of the cards you have. My good cards are based on Canadian credit history. On my American, despite the 691 (704 last month), I've only been able to get the Capital One Platinum.

It's more than scores. They look at my file and they see someone who seemingly didn't exist a year ago, with no employment history. It's going to take more than 8 months of responsible use of a few cards to make lenders trust someone with no history of existing.

(Of course in conversation I'm not puzzling at all, but the simple story that I'm a Canadian who finds it financially advantageous to use US cards will never show up in a credit report)

Re: Vantage 3.0 vs Fico Inquiry point differences (Update)

KJinNC — Fri, 28 Jun 2019 23:21:03 GMT

Well, you probably could qualify for all my stuff except maybe the Coastal Credit Union stuff, as it's mostly secured cards and other starter stuff aside from that. I just sort of "appeared" in March, in a way, also, though for different reasons. However you slice it, it takes time.