Or is it just a FAKO score for their customers?
|TCL: $306,100||Utiliz: 6%||AAoA: 5yrs 2m||Other: Lease, Loan, *No Mortgage||Collections-Lates-BK's: 0|
Do they use Vantage 3.0 or is it just informative FAKO credit score for their customer?
The credit score provided by Credit Wise from my understanding is a Vantage 3.0 score based on TU data. My credit wise score exactly matches my CK TU Vantage 3.0 score.
Nope. Don't overlook resources such as the Credit Pulls Database (Google to find) and existing threads to hlep you determine which scoring model & CRA a given creditor/product uses in the decision.
It's not unusal for creditors to offer a score to customers that they don't use in their decision.
Don't overlook resources such as the Credit Pulls Database
I will clarify my question. Is Vantage Score 3.0 used for internal purposes ( for existing Capital One customers). Or is it merely given to their customers for credit score educational purposes?
Yeah, it's kind of bogus.
The average person doesn't know that there are different types of credit scores; they see a 500-700 "something" and think it's their one and only score. When I first signed up for credit karma I was under the impression that the scores I was getting were the same scores that a potential lender would use to evaluate me. Obviously, I was wrong.
It amazes me (well not really) that so many people believe CK and/or other FAKO scores to be FICO scores. I have 90+ people that work for me, several of which are CK members and they've told me "my credit score is..." as if that score is the be all end all of their credit life. It's not. I do believe that they are a pretty good representation of the general population though. I'm glad that we have this forum to create awareness. Unfortunately, the percentage of people that acutally find this forum and stick around long enough to educate themselves is incredibly small.