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I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
So is CK going to switch to 4.0 as well?
It would appear that Amazon Store Card has switched as well. Just got the same screen when logging into my account.
PayPal Credit still shows FICO, as does my other Synchrony cards: CareCredit & Sleep Number
@Jnbmom wrote:
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
So is CK going to switch to 4.0 as well?
I would imagine that they will. It’s just a matter of time.
Looks like my VS 4 is 698
Also interesting are my negative reason codes - too many recent accounts and no mortgage. It looks like VS will now penalize you quite a bit for credit seeking behavior as well as eliminate the scoring benefit from SSL tricks. Curious to see what mine looks like next month when my SSL reports 8.9%. It wouldn’t surprise me to not see much of a lift.
I also had to put a lift on my TU freeze to be able to get my score.
@Anonymous wrote:I figured the 4.0 was a typo but I looked it up. Lots of lenders might switch to this, the score uses trended data to forecast, not just a frozen snapshot like FICO currently uses.
https://www.creditkarma.com/advice/i/new-vantagescore-4-0-explained/
Utilization officially has a memory.
Whoa.
So how is this different from other scoring models? For some credit-scoring models, your utilization rate doesn’t have a “memory.” In other words, credit scoring models generally consider your most recently reported utilization rate when calculating a credit score for you.
However, the new VantageScore model will incorporate up to two years’ worth of trended data into its credit scoring model. It’s the first tri-bureau credit scoring model to do so.
I can see a lot of lenders trying this new model out. I bet NFCU will be one of the first too. They’re already using trended data based on denial reasons.
@Anonymous wrote:I’m okay with this. My VS are 702 with TU, 707 with EQ. I still get TU free from Disco so it’s not much of a loss.
I think we’ll be seeing Vantage around a lot more. There are a few lenders like BBVA who use Vantage as part of their UW.
Yep! Some DP have reported Cap One using it. It also may be used by DOE for student loan decisions in the near future.
@MrCreditInternational wrote:
Just checked: Amazon, GAP, and AEO did change to VS4, but B&H still uses FICO
Yep looks like MySynchrony accounts still have FICO. My Payboo card has it still.