topic Re: Vantage Scoring in Rebuilding Your Credit

Vantage Scoring

Anonymous — Tue, 02 Apr 2013 00:14:41 GMT

Went to the website to get my free annual credit reports. I paid to get my TU and Ex scores. They both used vantage scores. My TU score is 799 and my Ex score to my surprise is 761(Experian used to be higher than TU and EQ). My overall grade on both are C. My fico score for EQ is 675. If the other 2 agency's are using the new scoring system, where does one really stand? Is EQ using the vantage scoring as well?

Re: Vantage Scoring

DiabolicallyRandom — Tue, 02 Apr 2013 00:38:46 GMT

Vantage scores aren't so widely used, its still mostly FICO's. Vantage runs on a scale of 501-990 while fico is 350-850. The numbers are a bit deceitful.

Re: Vantage Scoring

starry1 — Tue, 02 Apr 2013 00:45:28 GMT

Yeah, I wouldn't believe all the hype that vantage scores are the next big thing. As far as we know, very few lenders are using them.

Re: Vantage Scoring

rckstrscott — Tue, 02 Apr 2013 09:32:17 GMT

@Anonymous wrote:
Went to the website to get my free annual credit reports. I paid to get my TU and Ex scores. They both used vantage scores. My TU score is 799 and my Ex score to my surprise is 761(Experian used to be higher than TU and EQ). My overall grade on both are C. My fico score for EQ is 675. If the other 2 agency's are using the new scoring system, where does one really stand? Is EQ using the vantage scoring as well?

You have to remember, what the agencies sell you are a product they prefer you buy.

What a LENDER uses, is FICO -- Vantage scores are used by something like, 2 percent of lenders. FICO is well over 90 percent.

CRA's don't 'USE" any scoring. They do not make risk assements. Anything you purchase that does not say FICO is dubious at best. When a lender assesses risk, they use a credit score, a credit report ect ect -- and they almost never use Vantage.

-scott

Re: Vantage Scoring

Anonymous — Tue, 02 Apr 2013 14:14:44 GMT

I've been using Experian reports that Wells Fargo is running a promotion on and it does say Vantage Score, but the range is still 300-850 also. It currently is giving me a 641, so I'm not sure how to interpret that.

Re: Vantage Scoring

DiabolicallyRandom — Tue, 02 Apr 2013 15:49:46 GMT

The Experian you get from Wells Fargo is the Experian Plus score. Its just another Experian Fako like all the others in circulation.

Re: Vantage Scoring

Anonymous — Tue, 02 Apr 2013 19:45:35 GMT

Thank you all for your responses. It's just funny how when people were talking about the new scoring way back when, that it was supposed to help the "other people". All I can get out of Vantage is higher scores and a grade that equates to lower scores and a risk category that you get from Fico. I'll stick with the Fico scoring system.

Re: Vantage Scoring

DiabolicallyRandom — Tue, 02 Apr 2013 19:47:50 GMT

Yeah, its ridiculous. It just goes to show that the numbers arent so significant, what really matters is the information on the report. I feel your disappointment though, my TU Vantage is 827. The thrill just led to disappointment.