Cap1 Score Tracker

[Revelate]

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@Anonymous wrote:

I don't think they are quite using FAKO yet.  My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700.  My Cap 1 tracker is 665.   They anounced the switch but I don't think they are at Vantage 3 yet.   

Are there even any leanders that use Vantage 3?  

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Yes, Chase as one notable lender still does to my knowledge. 

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score.  As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

I don't think they are quite using FAKO yet.  My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700.  My Cap 1 tracker is 665.   They anounced the switch but I don't think they are at Vantage 3 yet.   

Are there even any leanders that use Vantage 3?  

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Yes, Chase as one notable lender still does to my knowledge. 

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score.  As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

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Are you sure about that?  First I've heard that they use the Vantage score.  Most often, they just their internal scoring system (CARS).

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

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@Anonymous wrote:

I don't think they are quite using FAKO yet.  My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700.  My Cap 1 tracker is 665.   They anounced the switch but I don't think they are at Vantage 3 yet.   

Are there even any leanders that use Vantage 3?  

---

Yes, Chase as one notable lender still does to my knowledge. 

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score.  As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

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Are you sure about that?  First I've heard that they use the Vantage score.  Most often, they just their internal scoring system (CARS).

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They pulled it for my Freedom, and were still using it a year ago according to someone non-trivially up in their CC portfolio group.  FICO, internal, and Vantage, they have all 3 plus some other scores as I understand it when it comes to decisioning depending on what they select.  Cost does factor in there, not sure what else goes into selecting internal vs FICO vs whatever else.

[Anonymous]

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@Revelate wrote:

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@Anonymous wrote:

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@Revelate wrote:

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@Anonymous wrote:

I don't think they are quite using FAKO yet.  My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700.  My Cap 1 tracker is 665.   They anounced the switch but I don't think they are at Vantage 3 yet.   

Are there even any leanders that use Vantage 3?  

---

Yes, Chase as one notable lender still does to my knowledge. 

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score.  As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

---

Are you sure about that?  First I've heard that they use the Vantage score.  Most often, they just their internal scoring system (CARS).

---

They pulled it for my Freedom, and were still using it a year ago according to someone non-trivially up in their CC portfolio group.  FICO, internal, and Vantage, they have all 3 plus some other scores as I understand it when it comes to decisioning depending on what they select.  Cost does factor in there, not sure what else goes into selecting internal vs FICO vs whatever else.

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Good to know.  Thanks!

[Thomas_Thumb]

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@Revelate wrote:

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@Anonymous wrote:

I don't think they are quite using FAKO yet.  My FAKO from Credit Karmar, WalletHub and Credit Sesame are 700.  My Cap 1 tracker is 665.   They anounced the switch but I don't think they are at Vantage 3 yet.   

Are there even any leanders that use Vantage 3?  

---

Yes, Chase as one notable lender still does to my knowledge. 

It's not a useless score, unlike the former score Cap 1 was offering, which was laughably bad as it wasn't designed as a general purpose credit score.  As others have stated though, if you have to pick a benchmark, pick a FICO score even if I think VS 3.0 is possibly better from an UW perspective than FICO 8, certainly made FICO change some things for FICO 9 when many of the announced improvements were things VS was already doing.

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This, I believe, is true. The CRAs spent considerable effort collaborating on development of a robust credit scoring model. The published white papers on VantageScore 3.0 demonstrate a strong validation of the model's ability to correlate risk (creditworthiness) to score.

The scoring model Cap One has been using is the Transunion New Accounts 3.0 model (score range 150 to 950) - not to be confused with VantageScore 3.0.

Fico models are continually being developed to better meet the needs/wants of creditors and thankfully there is competition to help drive continuous improvement. Even now Fico is fine tuning another new model, "XD". Fico has partnered with Equifax and LexisNexis (yes the company that dominates CBIS scoring with their wild models) in development of Fico XD which considers non traditional factors.

Here is a link to one article speaking to Fico XD and a paste of three exerpts from that article.

http://www.pymnts.com/in-depth/2015/the-fall-of-the-fico-standard/

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EXCERPT #!

“FICO-based underwriting doesn’t do a very good job of answering two questions: ‘Can you pay us back, and if you can, will you pay us back?’ And that’s what we’re really good at seeing, because we look at thousands of small data clues that give us the answer,” Doug Merrill, CEO and Founder of ZestFinance (and former CIO of Google) told PYMNTS in a recent interview.  

EXCERPT #@

And as alt players like Zest (and VantageScore, and Kredditech, just to name a few) are gaining more and more traction with their alternative rating platforms, it seems even the most mainstream players are starting to come around.

EXCERPT #3

And TransUnion is not the only traditional player jumping into the wild world of alternative ranking systems. Even the classicists over at FICO are getting in on the act, so to speak, as it has developed its own new score (in conjunction with Equifax) which provides data on cellphone and cable accounts and LexisNexis Risk Solutions, which provides property records and other public data.  

They are calling it FICO XD. So far in testing, it has allowed more than half of all applicants who had been previously unable to get a score actually have one to call their own.

“It’s definitely an on-ramp,” said Jim Wehmann, EVP For Scores at FICO.

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P.S. People are rated by an untold # of scroring models. Fico is by no means the only game in town. 

Check out "The scoring of America" link and download the report.

https://www.worldprivacyforum.org/2014/04/wpf-report-the-scoring-of-america-how-secret-consumer-scores-threaten-your-privacy-and-your-future/

[elim]

I agree with Thomas...   I have tracked V3 scores for almost 2 years....

Cap1 Credit Tracker is not Vantage 3.