topic Re: Hey Barry!!! in General Credit Topics

Hey Barry!!!

Anonymous — Tue, 10 Apr 2007 20:49:53 GMT

I just had a thought. Wen a lender uses a certain bureau to determine your credit worthiness at the time of application, are they using that bureaus version of a credit score such as the Vantage or the Plus or would they still get FICO scoring?

It's going to depend. Lenders in different industries...

Anonymous — Tue, 10 Apr 2007 20:55:06 GMT

It's going to depend.

Lenders in different industries (mortgage, credit cards, car loans, etc.) generally have their own tailored versions of scoring. You may score higher in one area but lower in another.

Vantage does not seem to be catching on. Personally, I expect it to flop, unless creditors can be shown it will bring in MORE subprime borrowers than does FICO.

A funny thing happened on the way to the bank

Anonymous — Tue, 10 Apr 2007 20:57:32 GMT

Noah_Bodie wrote:
It's going to depend.

Lenders in different industries (mortgage, credit cards, car loans, etc.) generally have their own tailored versions of scoring. You may score higher in one area but lower in another.

Vantage does not seem to be catching on. Personally, I expect it to flop, unless creditors can be shown it will bring in MORE subprime borrowers than does FICO.

I was wondering since they are all tryig to promote those scores. When I opened my BOFA checking accout online, it showed my experian plus score on the signature card they sent me to sign.

Very interesting. Maybe Vantage is starting to catch. Cou...

Anonymous — Tue, 10 Apr 2007 21:01:12 GMT

Very interesting. Maybe Vantage is starting to catch. Could still be that BOA is test marketing it to see what that their default rate is using it.

Competition is a good thing for the consumer, but in this case the consumer is the creditors. I don't foresee it being good for borrowers.

Hey Brammy....

Barry — Wed, 11 Apr 2007 04:01:21 GMT

Brammy wrote:

I just had a thought. Wen a lender uses a certain bureau to determine your credit worthiness at the time of application, are they using that bureaus version of a credit score such as the Vantage or the Plus or would they still get FICO scoring?

Brammy,

Not sure if this addresses your question, but for application processing most lenders use the FICO score as a component in an application scoring system that also looks at income, employment, rent/own, etc. There are various developers of these application scoring systems, but most use the FICO score.

I wasn't aware of any lenders using non-FICO scores in credit decisions until you said BofA used a Plus score when you opened a checking account, which isn't actually a 'credit' account, so I guess I still don't know of anyone who uses these other scores for actual credit decisions.

Does anyone know of any lenders who do?

-Barry

Re: Hey Brammy....

Anonymous — Wed, 11 Apr 2007 10:53:30 GMT

I did notice after running my FICO on Exp the other day that it was close o the plus score I got from Exp maybe it was a FICO

Re: Hey Brammy....

Barry — Wed, 11 Apr 2007 15:02:11 GMT

Brammy wrote:

I did notice after running my FICO on Exp the other day that it was close o the plus score I got from Exp maybe it was a FICO

If you got it directly from Experian, it's not a FICO score.

Re: Hey Brammy....

Anonymous — Wed, 11 Apr 2007 15:21:08 GMT

Now I know I should be clearer. NO the score I got from EX closely matched the score I got from here so It could have been the FICO score at the time that BOFA was showing on the sig page

Re: Hey Brammy....

Barry — Wed, 11 Apr 2007 16:27:54 GMT

Sorry, I'm a little slow... The question still remains for me: Does anyone know of a lender who uses Vantage, Plus or any of these other non-FICO scores?

Re: Hey Brammy....

Anonymous — Wed, 11 Apr 2007 20:04:13 GMT

I'm strongly suspecting that BofA uses their own homegrown scores, which desperately need some Prozac as they have been consistently lower than my FICO scores--by a hundred points in one instance. I'm subscribed to their PrivacyAssist program, and my credit scores with them are just as dismal as they were when I first got the service last fall, despite me paying all my bills on time and reducing utilization from 90% to 50%.

Re: Hey Barry!!!

Anonymous — Thu, 12 Apr 2007 00:58:38 GMT

TNWM,

With PrivacySssist do you get one score or three scores? If it's three scores, then you probably are getting the Big Threes FAKO scores which, I believe, are using Vantage. If you're getting one score, then it's probably their own "adjusted" scoring system.

My FAKOs are lower than my FICOs. Most people report that condition. But some, like you, do report the opposite where FICOs are higher. That's actually a good thing for you as most lenders still seem to be relying upon FICO scores even if some are dabbling in Vantage.

Re: Hey Barry!!!

Anonymous — Thu, 12 Apr 2007 04:42:43 GMT

Couple of recent articles on Google News about Vantage.

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2007/04/01/REGA1OV6NA1.DTL&type=politics

http://www.azcentral.com/arizonarepublic/business/articles/0408biz-cherry0409.html

http://insurancenewsnet.com/article.asp?n=1&neID=20070307560.2_9db1056ce642e4b7

Re: Hey Barry!!!

Tuscani — Sun, 22 Apr 2007 19:11:09 GMT

The only lender I know that uses vantage is prosper

Re: Hey Barry!!!

Anonymous — Mon, 23 Apr 2007 01:18:36 GMT

Barry,

I have spoken to several creditors since you and I last spoke on the telephone. I still have not found any that are using non-FICO scores. So, it appears the Vantage and other non-FICO scores are still a bit of a ruse.

Re: Hey Barry!!!

Anonymous — Mon, 23 Apr 2007 23:55:30 GMT

I don't know if this answers the question either, but here goes. I spoke with someone [not very bright] at Transunion last week regarding the way they reported something on my report. Nevertheless, I started talking FICO and he adamantly informed me that TU does not use FICO scores. So I guess if you know that a particular creditor pulls TU only, then they would be using TU's scoring system, which I believe is Vantage.

Re: Hey Brammy....

MercyMe — Wed, 25 Apr 2007 00:01:26 GMT

Questions, questions ... what would constitute a good plus score? BOA approved my app for a Visa using Experian's plus score. BOA's inquiries haven't shown up on my TU or Equifax reports. Just curious. And if you would be so kind as to give us some insight into the differences between the Fico and the Plus? Thanks.

Re: Hey Brammy....

MercyMe — Wed, 25 Apr 2007 00:06:00 GMT

Sorry, but it's me, again. BOA does use Experian. They offer credit monitorring from Experian on my banking site. Also, though I'm not 100% certain, I believe I saw a lot of Experian pulls from BOA on whogavemecredit.com.

Have a happy!

Mercy

Re: Hey Brammy....

Tuscani — Wed, 25 Apr 2007 00:12:13 GMT

MercyMe wrote:
Sorry, but it's me, again. BOA does use Experian. They offer credit monitorring from Experian on my banking site. Also, though I'm not 100% certain, I believe I saw a lot of Experian pulls from BOA on whogavemecredit.com.

Have a happy!

Mercy

Yep. They pull Experian mostly.

Re: Hey Brammy....

Anonymous — Fri, 27 Apr 2007 06:07:38 GMT

That's not good...I am trying to graduate a secured BofA CC into an unsecured card. My Experian score is in desperate need of some Prozac, it ALWAYS lags all the others.

I'm not surprised...the FAKO score service in PrivacyAssist with BofA also sees the world through crap-colored glasses. Those scores lag FICO by a good 30 to 80 points.

Re: Hey Brammy....

Anonymous — Fri, 27 Apr 2007 12:11:02 GMT

MercyMe wrote:
Sorry, but it's me, again. BOA does use Experian. They offer credit monitorring from Experian on my banking site. Also, though I'm not 100% certain, I believe I saw a lot of Experian pulls from BOA on whogavemecredit.com.

Have a happy!

Mercy

They do pull their info from experian usually but they probably are using a FICO -based score on info from experian