CK claims Vantage 3.0 is used by....

[EW800]

I am sorry that I do not have a screen shot of this, however the IOS mobile app for CK, when clicking on Credit Report, has a statement acknowledging that they are still upgrading the app to reflect Vantage 3.0. They then state that Vantage 3.0 is used by 8 of the top 10 credit card issuers. Has anyone seen any evidence that that many CC companies truly use Vantage 3.0?

[Anonymous]

i was wondering this as well .. will check up on it tomorow.

Night!

[Revelate]

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@EW800 wrote:
I am sorry that I do not have a screen shot of this, however the IOS mobile app for CK, when clicking on Credit Report, has a statement acknowledging that they are still upgrading the app to reflect Vantage 3.0. They then state that Vantage 3.0 is used by 8 of the top 10 credit card issuers. Has anyone seen any evidence that that many CC companies truly use Vantage 3.0?

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Chase uses Vantage Score or has on many of their Freedom applications.  That's 1/10 there.

[Anonymous]

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@Revelate wrote:

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@EW800 wrote:
I am sorry that I do not have a screen shot of this, however the IOS mobile app for CK, when clicking on Credit Report, has a statement acknowledging that they are still upgrading the app to reflect Vantage 3.0. They then state that Vantage 3.0 is used by 8 of the top 10 credit card issuers. Has anyone seen any evidence that that many CC companies truly use Vantage 3.0?

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Chase uses Vantage Score or has on many of their Freedom applications.  That's 1/10 there.

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They didn't use it on mine. Maybe I'd have gotten approved if they did. 

[cashnocredit]

Standard marketing gibberish using words to imply a stronger case than exists.

Many banks "use" VantageScore. Banks are always testing scoring algorithms to assess when and if they should change. A bank that "uses" VantageScore on .1% of their customer base can be counted as a "use."  Note FICO makes the more specific claim that 90% of lending decisions incorporate FICO scores.

You never see VantageScore making a claim about what percentage of lending decisions use it. And for good reason.

Here's a description of the Champion-Challenger model which broadly describes the continuing search for profitable decision making.  

https://blegrange.wordpress.com/tag/champion-challenger/

[Imperfectfuture]

The eq score I got back from chase doesn't match my vantage 3 score at all. Closer to Fico.

[Revelate]

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@Imperfectfuture wrote:
The eq score I got back from chase doesn't match my vantage 3 score at all. Closer to Fico.

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Chase underwrote my Freedom on VS 2.0 FWIW, but that was 2 years ago.  Did it say FICO and was there a score range on it?  

[Imperfectfuture]

Said credit card acquisition risk score, 250 to 900. Didn't match my vantage 2 nor 3. Used EQ, was 5 points away from my fico 08, which makes sense since the bottom and top vary by 50 pts, so still the same.

Got lowest rate apr for product, and decent starting limit, can't complain. But chase isn't using it, they are obviously big enough to use their own scoring.

PS, vantage 3 claims those secured installment loans are not installment, they list the reports the same way. This is a change from the old ck, and the fico scoring here. Just an FYI.

PPS, my CU uses fico 04, while TU showed 746 here, the installment loan bumped it up considerably for their scoring model pulled Friday, scored at 728. Not bad, leaning over 720 everywhere except with vantage 3 (Eq updated with cli to 5k from Amex, so is 726, TU not updated until 25th, so looking at 717).

[Revelate]

Where are you seeing VS 3.0 not seeing them as installment loans?

Reference is the bureaus: the 3rd party presentation of the data isn't the same, the score comes directly from either FICO or however the CRA's setup VS; however, the data is independent of that and I don't see anyone getting the presentation right.  Looked at my old myFICO 3B report from when the product launched and in one section it suggested I have no collections on TU, and then in the derogatory breakout it lists two of them (which is accurate)... and in my experience here is one of the better report interpretations.

Will say Equifax has my installment loans listed as Other on the tradeline but they themselves count them as installment loans along with my auto loans in the summary, so I'd find it awfully suspect that VS wouldn't be counting them... and for absolutely certain VS 3.0 likes me and secured installment loans factor heavily on my report.  (765/765/766 VS 3.0 scores)

[Kostya1992]

Could always be an internal score that they use to assert risk and give auto CLIs, etc.