why do I have a different score on Chase Credit Journey vs my CK score? Don't they both provide a vantage score base on TU? My credit journey score is lower than my CK TU score😢
Credit Karma provides VantageScore 3.0 scores for both Transunion and Equifax. Chase Credit Journey provides VantageScore 3.0 for Experian. It's completely normal for you to have different scores across the 3 bureaus depending on if your different creditors report to all 3 CRAs or not, and each CRA has their own proprietary algorithms for both VS and FICO models. Differences between the 3 are very common. It's actually a pretty big fluke if they're all the same.
Note: The VantageScore scoring models are used by very, very few lenders. Apps like CK and Chase Credit Journey are great for seeing and monitoring the contents of your reports across all 3 CRAs (I use them along with Mint, Credit Sesame, Cap One Credit Wise), but the VS scores just aren't in wide use by lenders, so take them for what they are. 90% of lenders use FICO scores, and there are some free websites/apps (experian.com (don't sign up for boost), Discover Credit Scorecard) and some paid (myFICO.com, credit.com) where you can track your FICO scores.
@SoonerSoldier33 wrote:Credit Karma provides VantageScore 3.0 scores for both Transunion and Equifax. Chase Credit Journey provides VantageScore 3.0 for Experian. It's completely normal for you to have different scores across the 3 bureaus depending on if your different creditors report to all 3 CRAs or not, and each CRA has their own proprietary algorithms for both VS and FICO models. Differences between the 3 are very common. It's actually a pretty big fluke if they're all the same.
Note: The VantageScore scoring models are used by very, very few lenders. Apps like CK and Chase Credit Journey are great for seeing and monitoring the contents of your reports across all 3 CRAs (I use them along with Mint, Credit Sesame, Cap One Credit Wise), but the VS scores just aren't in wide use by lenders, so take them for what they are. 90% of lenders use FICO scores, and there are some free websites/apps (experian.com (don't sign up for boost), Discover Credit Scorecard) and some paid (myFICO.com, credit.com) where you can track your FICO scores.
Thank you, I do have a Discover card and free access to Experian so I can see my true score just wondering about the CK vs CJ from Chase. I did sign up for boost, what's the down side ?
There are several downsides in my opinion. First, lenders can see your 'boosted' and real FICO scores, and just ignore the boosted scores. Mortgage lenders often make you remove yourself from Boost during the mortgage approval process. Second, and biggest to me, you're giving Experian access to your entire financial profile at the transaction level. That's a huge security risk in my opinion. Boost is basically a data mining product for Experian (and ALL their 3rd party partners) that gives you no actual score benefit. Way too much access for me.
@SoonerSoldier33 wrote:There are several downsides in my opinion. First, lenders can see your 'boosted' and real FICO scores, and just ignore the boosted scores. Mortgage lenders often make you remove yourself from Boost during the mortgage approval process. Second, and biggest to me, you're giving Experian access to your entire financial profile at the transaction level. That's a huge security risk in my opinion. Boost is basically a data mining product for Experian (and ALL their 3rd party partners) that gives you no actual score benefit. Way too much access for me.
Well it's not really working anyway I continue to get messages that they are having trouble connecting to my bank account and ask me to reconnect. I've just been ignoring it.
Good info, but the part about the algorithm differing from bureau to burea with VS is not true. From VantageScore's website
"The Same Model is Used Across All Bureaus
VantageScore models are the only true tri-bureau credit scoring models which use the same algorithm for all three national credit reporting companies (CRCs), Equifax, Experian and TransUnion. Other conventional models require custom programming for each CRC database – a process which introduces additional variation in score results. With VantageScore, any variation in credit scores that consumers contemporaneously obtain from the three CRCs will be due solely to variations in the contents of the consumers’ credit files."
This is interesting. I will totally admit I've spent very little time researching VS, but I can tell you from my own experience that something's up here. My TU and EQ credit files are absolutely identical. Not one iota of difference in reported accounts, payment history on those accounts, etc. Absolutely identical. TU VS 3.0: 697 EQ VS 3.0: 692. My EX VS 3.0 is remarkably higher, just like my FICOs, but I know why. Big difference in what's being reported between EX and the other 2. If the VS algorithm is the same across the 3 bureaus, then there's a flaw somewhere. LOL
That is odd. I know VS touts that it is the same algorithn across all bureaus quite frequently.
Is there any difference in number of inquiries between TU and EQ? I believe inquiries impact scores for the entire 2 years on VS. Although I don't follow VS scores very closely since they have very little impact on credit decisions, so I could be wrong about how long inquiries impact the VS score.
Nope. 0 inquiries on either TU or EQ. I'm just coming out of a rebuild, and have only applied for 1 new product...a Discover card which only pulled EX. I do have 2 open installment CO baddies reporting monthly to both TU and EQ. My only guess is that the negative status of these 2 baddies could somehow be coded differently between the 2, but I don't see how. They're both being updated monthly as CO with identical balances. All my current revolvers and 1 current installment all report the same. I can't decipher any differences in the way they're reporting between TU and EQ, but I don't have access to annual credit reports right now. I'm deployed overseas, and ACR seems to not allow you to pull reports over a VPN connection, so I'm relying on about 7 different apps/websites for access to my reports. There could be some abstract difference in the payment history of these 2 accounts between TU and EQ that I just can't see, but on the whole, the 2 reports are identical. Very strange.