topic Re: Vantage/fico in General Credit Topics

Vantage/fico

Anonymous — Sat, 07 Nov 2015 18:06:35 GMT

Does vantage on credit karma for EQ weigh auto loans differently? Haven't Checked my fico yet but CK alerted me my first auto loan reported on EQ I signed on and my CK score jumped 57 points since last week

Re: Vantage/fico

Anonymous — Sat, 07 Nov 2015 18:44:11 GMT

Stay away from Vantage 3 or any of the product scoring models because they are not only wrong but not used by lenders that much, so if you have to ask a lender what they use and they say Vantage.....RUN because I have a 720 here on fico and 575 on the creditkarma website....they are no good, read their blogs and forums and you will see MANY upset folks.

Re: Vantage/fico

takeshi74 — Sun, 08 Nov 2015 03:45:13 GMT

@Anonymous wrote:
Stay away from Vantage 3 or any of the product scoring models because they are not only wrong

Do not rely on such oversimplifications. Always consider the relevance of a given model/CRA to a given creditor. VantageScores are not "wrong". They're just a different scoring model. One cannot use a score generated by one model to determine a score generated by another model. Different models use different algorithms that evaulate report data differently and can even have different points scales. Even FICO does not have just one model so you can't rely on one FICO being "right".

@Anonymous wrote:
I have a 720 here on fico and 575 on the creditkarma website....

You don't have just one score on either site. CK provides both TU and EQ VantageScore 3.0's. Again, there are many FICO models used by creditors. Typically for a model you have a score with each CRA and there are 3 major CRA's.

Again, always consider both the model and CRA -- not just the number.

Re: Vantage/fico

Thomas_Thumb — Sun, 08 Nov 2015 13:42:09 GMT

@Anonymous wrote:
Does vantage on credit karma for EQ weigh auto loans differently? Haven't Checked my fico yet but CK alerted me my first auto loan reported on EQ I signed on and my CK score jumped 57 points since last week

CK does not "customize" VantageScore 3.0. The values you get are based strictly off the data in the credit reports from each bureau. Did your TU based VantageScore also rise by a similar # of points? Is the Auto loan inquiry on both EQ and TU reports and was it an HP?

Both VS3 and Fico 8 like to see an open installment loan on file - and this will help your score in the long run for either model [once you paydown a portion of the loan]. I suspect it might take longer for the Auto loan to positively impact Fico 8 score. Many have reported a score drop on Fico score when 1st opening an Auto loan and after it is paid off and closed [if it was their only open installment loan]. Loan partially paid down but still open = maximum benefit on Fico 8.

If you already have an open mortgage, impact of opening/closing an Auto loan is different.