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Is Sync moving away from giving FICO scores?

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Anonymous
Not applicable

Re: PP MC switches to Vantage 4.0 from FICO

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. Smiley Surprised

Message 41 of 151
Jnbmom
Credit Mentor

Re: PP MC switches to Vantage 4.0 from FICO


@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. Smiley Surprised


So is CK going to switch to 4.0 as well?

EXP 780 EQ 791TU 795
Message 42 of 151
Queen_Etherea
Valued Contributor

Re: PP MC switches to Vantage 4.0 from FICO

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

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 43 of 151
Anonymous
Not applicable

Re: PP MC switches to Vantage 4.0 from FICO


@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. Smiley Surprised


So is CK going to switch to 4.0 as well?


I would imagine that they will. It’s just a matter of time. 

Message 44 of 151
Anonymous
Not applicable

Re: PP MC switches to Vantage 4.0 from FICO

Looks like my VS 4 is 698

 

D39F4C8E-7FE8-4F1B-80A4-C74FC521B214.jpeg

 

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. 

Message 45 of 151
FireMedic1
Community Leader
Mega Contributor

Re: PP MC switches to Vantage 4.0 from FICO


@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. Smiley Surprised


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.


Message 46 of 151
Anonymous
Not applicable

Re: PP MC switches to Vantage 4.0 from FICO

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. 

Message 47 of 151
blindambition
Senior Contributor

Re: PP MC switches to Vantage 4.0 from FICO


@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.

Message 48 of 151
MrCreditInternational
Frequent Contributor

Re: PP MC switches to Vantage 4.0 from FICO

Just checked: Amazon, GAP, and AEO did change to VS4, but B&H still uses FICO
Schwab Amex Platinum (NPSL); Amex Gold (NPSL); HH Aspire (31,700); Amex BBP (27,000); HSBC Premier WMC (18,000); USB Altitude Reserve (10,000); Chase Sapphire Preferred (5,800), Delta Platinum (5,000); Apple Card (4,750); USB Altitude Go (1,000)

Started collecting cards: Oct/2018
Message 49 of 151
Anonymous
Not applicable

Re: PP MC switches to Vantage 4.0 from FICO


@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. 

Message 50 of 151
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