topic Re: mortgage lending now going to include fico10t&vantage ... im scared in Understanding FICO® Scoring

mortgage lending now going to include fico10t&vantage ... im scared

mfinsmi1 — Tue, 25 Oct 2022 23:37:25 GMT

So there was an announcment that they are now going to include vanatage scores and use fico10t in loan decisions for things like mortgage - this is really scary becuase my vantage scores are so much lower than my fico . Also i was looking at my fico 10 scores and they are so much lower than my fico 5, 8 and 9 . What is the difference with fico 10 ?? Its like i fix things to improve my fico mortgage and credit card scores and then now theres a whole new scoring model that causes my score to look bad again : (

Re: mortgage lending now going to include fico10t&vantage ... im scared

pizzadude — Tue, 25 Oct 2022 23:54:55 GMT

@mfinsmi1 wrote:
So there was an announcment that they are now going to include vanatage scores and use fico10t in loan decisions for things like mortgage - this is really scary becuase my vantage scores are so much lower than my fico . Also i was looking at my fico 10 scores and they are so much lower than my fico 5, 8 and 9 . What is the difference with fico 10 ?? Its like i fix things to improve my fico mortgage and credit card scores and then now theres a whole new scoring model that causes my score to look bad again : (

The announcment stated that Fico10t and Vantage4.0 scores would be accepted but it does not mandate these scores, nor does it preclude the older "traditional" FICO mortage scores from continuing to be used.

I believe that it will be some time before these scores are in widespread use as underwriting / banks / CUs will have to make changes to their processes which is costly and time-consuming so it won't happen overnight.

Re: mortgage lending now going to include fico10t&vantage ... im scared

mfinsmi1 — Wed, 26 Oct 2022 02:08:34 GMT

@pizzadude unfortunatly i cant figure out what is supressing my 10t i assume its all the new accounts i got but i dont rly know how 10 t works ... and yes i know its not gonna be an overnight thing but doesnt mean i wont worry about it today still lol

Re: mortgage lending now going to include fico10t&vantage ... im scared

Zoostation1 — Wed, 26 Oct 2022 02:04:22 GMT

I agree with pizza mod that it'll take a while for either to get used with any regularity. My concern with VS4.0 would be that it really needs to become more available to consumers. Right now I don't know of any way to get that any VS4.0 score unless you have a card with Synchrony. It's not like we can purchase it like we do all the other FICO scores. In regards to 10T (and 10) they hit you harder than 8 and 9 for inquries. 10T with it being trended has been good to me since returning to AZEO and seems to really like very low utilization. I seem to have a somewhat higher ceiling on my profile (thin and dirty) with 10T than I do on 9, and a signficantly higher ceiling than 10 and 8 do. 3 months of AZEO with very low utilization numbers and 10T had my highest scores as of early October (EQ 700, TU 692, EX 682).

Re: mortgage lending now going to include fico10t&vantage ... im scared

805orbust — Wed, 26 Oct 2022 03:10:37 GMT

I dont get it personally but my 10 and 10T are my highest scores so bring it on. Looks like they accomplished their stated goal with me 🤣

Re: mortgage lending now going to include fico10t&vantage ... im scared

pizzadude — Fri, 28 Oct 2022 23:47:47 GMT

More details are in this thread in the Credit in the News board.