Best way to improve Vantage 3.0

[Horseshoez]

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@FicoMike0 wrote:

@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.

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??? Hmmm, don't remember reporting any scores. 

[Thomas_Thumb]

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@Cblough93 wrote:

@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? 

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Of course it is true. VantageScore 3.0 is often used for prescreening on credit card solicitations. It is also used for evaluating rental applicant qualifications.

When an OP asks for ways to improve VS3 score, they are not asking for personal opinions on the value of the score. Simply put, the score is used.

[Cblough93]

@Thomas_Thumb 

if that's the case why does everyone say VS is pointless. If companies really pull this for soft inquiries than I agree vantage score is far more important than people make it out to be.

i don't know about you all but I personally only apply for cards that I have been prequalified for to increase my chances at an approval. I don't want to take hard inquiries if I don't get approved so I just dont risk it. Had I known companies actually use vantage for pre quals I would  have never said it was  completely pointless.

thanking you pointing this out to me, I have read hundreds of posts on this forum and I had no idea that companies do this. And knowing this I can now give much better advice. 

[Thomas_Thumb]

It's herd mentality. That's one reason why BOTs are so prevalent on forums and social media. Establish a herd of followers and then start a stampede to intimidate and obliterate the opposition.

I try to understand what's behind all my scores regardless of who uses them for what purpose. It has been a hobby for 10 years. Of course it is also good to know how various scores are used.

Never understood how it harms VS haters if someone seeks knowledge about their own VantageScores. The vitriol is profound at times.

Good thing these forums have TOS banning politics.

[Varsity_Lu]

So, earlier in this thread I postulated that Vantage valued a higher overall credit limit and rewarded scores accordingly, provided the utilization was low. FICO merely looks at utilization as a percentage, so 50/500 is equal to 5,000/500,000 in FICOs eyes. Vantage would give a better score to the 5,000/500,000. 

Am I correct in this?

[Thomas_Thumb]

What VantageScore focuses on, to a small degree, is available credit in $ in addition to utilization - not aggregate CL per se. In otherwords $100k in available credit whether or not total CL is $150k or $500k. Of course, utilization is evaluated and affects score independent of available credit.

Just to clarify, available credit is aggregate revolving CL less aggregate balances.

I know CBIS from TransUnion and LexisNexis use average revolving credit limit as a scoring metric. I can't recall if VS considers that as a metric. I'd have to check historical sources.

BTW - Fico looks at aggregate balance in $ as a metric seperate from aggregate utilization. It just carries much less weight in scoring.

[FicoMike0]

@Horseshoez 

My mistake, you reposted the scores.

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@Horseshoez wrote:

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@Varsity_Lu wrote:

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@Snook_on_the_Line wrote:

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. 🤔

So, Snook, my tu scores are exactly what you posted yours as.

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[FicoMike0]

@Snook_on_the_Line 

Since you and I have the same tu scores, maybe we can  make some progress on the fico vs. vs score difference. Using creditwise, not ck, I see my hps are 7/24, but only 3/12.

I'll get my report from annualcredutreport.com and post my particulars.

[Thomas_Thumb]

VS Scores will be accurate as of the date pulled no matter where you get them from. The misleading information comes from the front end summaries that are 3rd party generated.

[FicoMike0]

Here's my attempt at providing data:

From experian, fico8 792 08Oct24

Open accounts 9

Closed accounts 3

Inquiries 4 ( 2/12, 4/24)

Payment history 100%

Revolving Util 1%, accounts w/ bal. 4, balance $242

AAoA 2 yr 4 mo, AoOA 9 yr 5 no

Recent inq. 2, AoYA 2 mo (this is ssl),

Mix, revolving 10, installment 2, bank issued 9

From Chase credit journey

Ex vs3 747 05Oct24

Age metrics same as ex

Util 0%, 3 accounts/balance, 3%, 2%, 1%

Balance $431, cards $242, install $189

Available credit $59,108

All else same.