topic Re: Cap1 Score Tracker in General Credit Topics

Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:33:26 GMT

My Cap1 score tracker shows lowered score than myfico, why is this?

Cap1 shows 50 points lower than myfico? Which score should I pay attention to?

So confused with all these different scoring model. My head hurts

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:36:16 GMT

Pay attention to your FICO score not Vantage 3.

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:36:45 GMT

The Capital One credit tracker is not accurate, it is not ment to really be an acurate score it's there to show you how your actions can affect your scores. Fico is the score you need to focus on. Thou many lenders use your fico score they use different versions of your Fico score depending on what type of credit your seeking.

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:37:58 GMT

they are in the process of switching it to advantage 3 but still focus only on your fico scores

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:42:42 GMT

Vantage scores tend to weigh recent patterns more heavily. Pre app spree fako and fico were close. I'm 50 points lower on vantage too. So if you have a terrible VantageScore maybe it's a cause for reflection

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 17:44:50 GMT

Thanks everyone. Now I feel better. Phew!!!

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 18:03:18 GMT

I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 18:56:27 GMT

@Anonymous wrote:
The Capital One credit tracker is not accurate, it is not ment to really be an acurate score it's there to show you how your actions can affect your scores. Fico is the score you need to focus on. Thou many lenders use your fico score they use different versions of your Fico score depending on what type of credit your seeking.

That's an over-simplification...these are ALTERNATIVE scores, they don't claim to be Fico scores but they are 'credit scores' and they are ACCURATE for

what they claim to be.

No different than if a store brand offered a 'cola' to claim it isn't a freaking soda is NOT accurate saying it ain't a Pepsi is accurate nothing more nothing less.

These models give 'accurate' info according to the model being used based upon the data entered....simple computer programming...

Re: Cap1 Score Tracker

Anonymous — Sun, 06 Mar 2016 19:10:59 GMT

Re: Cap1 Score Tracker

CH-7-Mission-Accomplished — Sun, 06 Mar 2016 22:09:12 GMT

@Anonymous wrote:
@Anonymous wrote:
The Capital One credit tracker is not accurate, it is not ment to really be an acurate score it's there to show you how your actions can affect your scores. Fico is the score you need to focus on. Thou many lenders use your fico score they use different versions of your Fico score depending on what type of credit your seeking.
That's an over-simplification...these are ALTERNATIVE scores, they don't claim to be Fico scores but they are 'credit scores' and they are ACCURATE for
what they claim to be.

No different than if a store brand offered a 'cola' to claim it isn't a freaking soda is NOT accurate saying it ain't a Pepsi is accurate nothing more nothing less.

These models give 'accurate' info according to the model being used based upon the data entered....simple computer programming...

They are indeed accurate and completely useless scores. Ignore them.

Re: Cap1 Score Tracker

Revelate — Mon, 07 Mar 2016 00:51:28 GMT

@Anonymous wrote:
I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?

Yes, Chase as one notable lender still does to my knowledge.

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score. As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

Re: Cap1 Score Tracker

Anonymous — Mon, 07 Mar 2016 00:56:03 GMT

@Revelate wrote:
@Anonymous wrote:
I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?
Yes, Chase as one notable lender still does to my knowledge.

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score. As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

Are you sure about that? First I've heard that they use the Vantage score. Most often, they just their internal scoring system (CARS).

Re: Cap1 Score Tracker

Revelate — Mon, 07 Mar 2016 01:07:00 GMT

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?
Yes, Chase as one notable lender still does to my knowledge.

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score. As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.
Are you sure about that? First I've heard that they use the Vantage score. Most often, they just their internal scoring system (CARS).

They pulled it for my Freedom, and were still using it a year ago according to someone non-trivially up in their CC portfolio group. FICO, internal, and Vantage, they have all 3 plus some other scores as I understand it when it comes to decisioning depending on what they select. Cost does factor in there, not sure what else goes into selecting internal vs FICO vs whatever else.

Re: Cap1 Score Tracker

Anonymous — Mon, 07 Mar 2016 01:19:44 GMT

@Revelate wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?
Yes, Chase as one notable lender still does to my knowledge.

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score. As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.
Are you sure about that? First I've heard that they use the Vantage score. Most often, they just their internal scoring system (CARS).
They pulled it for my Freedom, and were still using it a year ago according to someone non-trivially up in their CC portfolio group. FICO, internal, and Vantage, they have all 3 plus some other scores as I understand it when it comes to decisioning depending on what they select. Cost does factor in there, not sure what else goes into selecting internal vs FICO vs whatever else.

Good to know. Thanks!

Re: Cap1 Score Tracker

Thomas_Thumb — Mon, 07 Mar 2016 20:13:46 GMT

@Revelate wrote:
@Anonymous wrote:
I don't think they are quite using FAKO yet. My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700. My Cap 1 tracker is 665. They anounced the switch but I don't think they are at Vantage 3 yet.

Are there even any leanders that use Vantage 3?
Yes, Chase as one notable lender still does to my knowledge.

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score. As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

This, I believe, is true. The CRAs spent considerable effort collaborating on development of a robust credit scoring model. The published white papers on VantageScore 3.0 demonstrate a strong validation of the model's ability to correlate risk (creditworthiness) to score.

The scoring model Cap One has been using is the Transunion New Accounts 3.0 model (score range 150 to 950) - not to be confused with VantageScore 3.0.

Fico models are continually being developed to better meet the needs/wants of creditors and thankfully there is competition to help drive continuous improvement. Even now Fico is fine tuning another new model, "XD". Fico has partnered with Equifax and LexisNexis (yes the company that dominates CBIS scoring with their wild models) in development of Fico XD which considers non traditional factors.

Here is a link to one article speaking to Fico XD and a paste of three exerpts from that article.

http://www.pymnts.com/in-depth/2015/the-fall-of-the-fico-standard/

EXCERPT #!

“FICO-based underwriting doesn’t do a very good job of answering two questions: ‘Can you pay us back, and if you can, will you pay us back?’ And that’s what we’re really good at seeing, because we look at thousands of small data clues that give us the answer,” Doug Merrill, CEO and Founder of ZestFinance (and former CIO of Google) told PYMNTS in a recent interview.

EXCERPT #@

And as alt players like Zest (and VantageScore, and Kredditech, just to name a few) are gaining more and more traction with their alternative rating platforms, it seems even the most mainstream players are starting to come around.

EXCERPT #3

And TransUnion is not the only traditional player jumping into the wild world of alternative ranking systems. Even the classicists over at FICO are getting in on the act, so to speak, as it has developed its own new score (in conjunction with Equifax) which provides data on cellphone and cable accounts and LexisNexis Risk Solutions, which provides property records and other public data.

They are calling it FICO XD. So far in testing, it has allowed more than half of all applicants who had been previously unable to get a score actually have one to call their own.

“It’s definitely an on-ramp,” said Jim Wehmann, EVP For Scores at FICO.

P.S. People are rated by an untold # of scroring models. Fico is by no means the only game in town.

Check out "The scoring of America" link and download the report.

https://www.worldprivacyforum.org/2014/04/wpf-report-the-scoring-of-america-how-secret-consumer-scores-threaten-your-privacy-and-your-future/

Re: Cap1 Score Tracker

elim — Mon, 07 Mar 2016 13:32:48 GMT

I agree with Thomas... I have tracked V3 scores for almost 2 years....

Cap1 Credit Tracker is not Vantage 3.