Best way to improve Vantage 3.0

[Thomas_Thumb]

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@ELV wrote:

Hello, 

trying to improve my vantage 3.0 as soon as possible. exp. 657, trans. 630, equi. 650. Not sure where to begin, but just wondering if anyone new the best way to improve that score other than just paying payments on time over the next two years. 

Thanks 

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VantageScore always factors in AU accounts in its scoring metrics. So, if your file is young and your aggregate credit is low, an AU account could boost your VS score substantially. If you opt for this approach look for a 20/20 card. Account with +20 years age and +20k credit limit.

VS is quite sensitive to elevated utilization and penalizes for hard inquiries for 2 years vs 1 year with Fico. Keep reported aggregate utilization under 5% for best scores.

VS also penalizes substantially for thin files. If your strategy is to boost VS in 2-3 years, get a couple more revolving CC accounts now to increase file thickness. Getting them now will also allow them to gain some age. The new VS4 algorithm has a lot in common with VS3 so implementing a plan to improve VS3 now will help with VS4 score used for mortgage applications starting mid next year.

VS also looks at available credit in $ terms which Fico does not. Therefore, boosting existing credit limits through CLI requests should be part of your strategy.

BTW - a lot of posters here mistakenly believe account aging metrics for VantageScore are open accounts only. That is incorrect. VS factors in closed accounts as well.

Another error is assuming CK and CS  front end information is Vantage Score sanctioned. It is not from VS and the various intervals for inquiries and utilization are category rating representations, not scoring thresholds.

[Jnbmom]

Thanks @Thomas_Thumb  quite a few misconceptions on this thread . You as well @JoeRockhead 

[SRT4kid93]

@Thomas_Thumb @JoeRockhead @ELV @Jnbmom @Gunnerboy 

All,

Wanted to correct myself, i said vantage score scores based on average age of opens accounts that is not true, that is actually just credit karmas thing and is not reflective on VS itself. My mistake, i got those mixed up.

in terms of the other items i said. (Double dinged for high util, vantage score has a section for avail credit, etc) I think that stuff is pretty accurate and some other people seem to be agreeing with me but feel free to correct my mistakes if there are others. 

only thing I'm unsure about is who actually pulls vantage besides synchrony, I'm sure there are credit unions and smaller banks that use them but I don't have specific names. 

in any case, when i first came across the thread there were no responses yet so i wanted to try to help the OP out.  i hope I helped. 

[FicoMike0]

I feel like I have more questions than answers. I had the same idea about closed accounts and I did get it from ck. I just checked capones creditwise and they do count closed accounts. They do agree with ck on what my tu vs3 score is. So, I suppose I just need to accept my vs3 score being 74 points less than fico8. They're just different.

[Snook_on_the_Line]

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@FicoMike0 wrote:

I feel like I have more questions than answers. I had the same idea about closed accounts and I did get it from ck. I just checked capones creditwise and they do count closed accounts. They do agree with ck on what my tu vs3 score is. So, I suppose I just need to accept my vs3 score being 74 points less than fico8. They're just different.

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Your vantage is lower than your fico?

mine are always substantially higher

ive got a coworker in her 20s who has one discover card that is 18months old and her vs3 from karma is 795

what???

vs3 makes no sense to me at all

[SRT4kid93]

My vantage scores are all lower too, biggest difference was my Equifax FICO vs equifax VS. vantage equifax was about 70 points lower. The other 2 bureaus have been more like 20-30 points on average 

[Varsity_Lu]

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@Snook_on_the_Line wrote:

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@FicoMike0 wrote:

I feel like I have more questions than answers. I had the same idea about closed accounts and I did get it from ck. I just checked capones creditwise and they do count closed accounts. They do agree with ck on what my tu vs3 score is. So, I suppose I just need to accept my vs3 score being 74 points less than fico8. They're just different.

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Your vantage is lower than your fico?

mine are always substantially higher

ive got a coworker in her 20s who has one discover card that is 18months old and her vs3 from karma is 795

what???

vs3 makes no sense to me at all

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My Vantage is waaaay lower than my FICO.  Like 60+ points lower. Right now my TranUnion FICO 8 is 812 but TransUnion Vantage 3.0 is 738. 🤔

[Horseshoez]

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@Varsity_Lu wrote:

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@Snook_on_the_Line wrote:

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@FicoMike0 wrote:

I feel like I have more questions than answers. I had the same idea about closed accounts and I did get it from ck. I just checked capones creditwise and they do count closed accounts. They do agree with ck on what my tu vs3 score is. So, I suppose I just need to accept my vs3 score being 74 points less than fico8. They're just different.

---

Your vantage is lower than your fico?

mine are always substantially higher

ive got a coworker in her 20s who has one discover card that is 18months old and her vs3 from karma is 795

what???

vs3 makes no sense to me at all

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My Vantage is waaaay lower than my FICO.  Like 60+ points lower. Right now my TranUnion FICO 8 is 812 but TransUnion Vantage 3.0 is 738. 🤔

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Ignore your Vantage 3, it is for all intents and purposes, irrelevant.

[SRT4kid93]

@Horseshoez 

That's what I tried to say in the first post on this thread, but then it kinda just became a conversation on fico vs vantage. 

someone on this thread (can't remember who) said companies pull vantage scores when doing pre approvals or mailing letters.

Does anyone know which companies do this, is this true? 

[FicoMike0]

@Horseshoez 

Quite a coincidence, the tu scores you report are exactly mine too!I

I do have quite a few hps in the last 24, that might be one factor.