topic Re: Does Capital One Actually Use Vantage 3.0? in General Credit Topics

Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 09:24:39 GMT

Or is it just a FAKO score for their customers?

Re: Does Capital One Actually Use Vantage 3.0?

RonM21 — Tue, 14 Jun 2016 09:20:59 GMT

Are you asking if they use it to determine if they'll issue credit, or the credit score that they make available to the user each week?

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 09:26:20 GMT

Do they use Vantage 3.0 or is it just informative FAKO credit score for their customer?

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 12:20:16 GMT

The credit score provided by Credit Wise from my understanding is a Vantage 3.0 score based on TU data. My credit wise score exactly matches my CK TU Vantage 3.0 score.

Re: Does Capital One Actually Use Vantage 3.0?

takeshi74 — Tue, 14 Jun 2016 12:48:45 GMT

Nope. Don't overlook resources such as the Credit Pulls Database (Google to find) and existing threads to hlep you determine which scoring model & CRA a given creditor/product uses in the decision.

It's not unusal for creditors to offer a score to customers that they don't use in their decision.

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 17:59:09 GMT

@takeshi74 wrote:
Don't overlook resources such as the Credit Pulls Database

I will clarify my question. Is Vantage Score 3.0 used for internal purposes ( for existing Capital One customers). Or is it merely given to their customers for credit score educational purposes?

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 18:03:34 GMT

It's for educational purposes. Cap1 does not use the Vantage 3 score to determine extending you credit internally or externally.

Very few lenders use the Vantage 3 scores.

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 22:29:43 GMT

I don't know of any off hand that use Vantage scores in their lending decisions.

Re: Does Capital One Actually Use Vantage 3.0?

JagerBombs89 — Tue, 14 Jun 2016 22:39:48 GMT

Makes sense doesn't it?!

"Here is your credit score. By the way, it is Vantage 3.0 and not even we use it to determine your credit worthiness!"

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Tue, 14 Jun 2016 23:56:19 GMT

Yeah, it's kind of bogus.

The average person doesn't know that there are different types of credit scores; they see a 500-700 "something" and think it's their one and only score. When I first signed up for credit karma I was under the impression that the scores I was getting were the same scores that a potential lender would use to evaluate me. Obviously, I was wrong.

It amazes me (well not really) that so many people believe CK and/or other FAKO scores to be FICO scores. I have 90+ people that work for me, several of which are CK members and they've told me "my credit score is..." as if that score is the be all end all of their credit life. It's not. I do believe that they are a pretty good representation of the general population though. I'm glad that we have this forum to create awareness. Unfortunately, the percentage of people that acutally find this forum and stick around long enough to educate themselves is incredibly small.

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Wed, 15 Jun 2016 03:06:53 GMT

@JagerBombs89 wrote:
Makes sense doesn't it?!

"Here is your credit score. By the way, it is Vantage 3.0 and not even we use it to determine your credit worthiness!"

That's better than the "this isn't really any kind of credit score, we are just making it up to make you feel good about yourself" numbers we were getting a few months ago.

Re: Does Capital One Actually Use Vantage 3.0?

Anonymous — Wed, 15 Jun 2016 17:14:56 GMT

My guess is that credit card companies want to encourage responsible credit usage and teach people what constitute good credit behavior.

I heard in the old days only rich people could have credit cards and the credit card companies realized that they could make money earning interest off the middle class and poor as well perhaps in the last 16 years or so*.

*I don't watch television but I assume that credit card companies have been aggressive with marketing their credit card products since around 2000. I don't really remember much credit card advertisements back in the 90s but again, I don't watch television. Perhaps someone can pitch in here.

Re: Does Capital One Actually Use Vantage 3.0?

Revelate — Wed, 15 Jun 2016 06:36:35 GMT

There were plenty of CC offers when I was in college the first time in '93 and that wasn't a new thing. Probably since 1980 or thereabouts I'm guessing they were common place though doubtful they were marketed nearly as much as they are now.

Any credit education is good in my estimation; Vantage was used to underwrite my Freedom back in 2013 so it's not just an educational score; however, at that time Chase was using FICO, VS, and internal scores, and the score they've apparently switched to giving most folks is now the internal one.

Have to see what score I get from Chase since I doubt I got their bottom tier rate on my new FU but sadly their online interface just says 0% for Purchase APR.. so guess I get to wait to see what I get in the mail heh. We had reports of Cap 1 using a mix of VS and FICO 04 models during the Venture craze last year but those things not only change over time, it's somewhat hard to get good concrete data for.

In general I just try to make a pretty report, which should result in a pretty score regardless of what algorithm the lender picks. They do some things differently but VS is reasonably well characterized and what's good for FICO is typically good for VS (mostly).