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Does Capital One Actually Use Vantage 3.0?

Frizclotz
Established Contributor

Does Capital One Actually Use Vantage 3.0?

Or is it just a FAKO score for their customers?

American Express Blue Cash Every | Discover it | Citi Double Cash | Capital One Quicksilver | Capital One Quicksilver One | Barclay Rewards | Amazon Store Card | PayPal Credit | J. Crew | Old Navy All approved in 2015. Garden Club member since 10/13/2015. Credit score 742+.
Message 1 of 13
12 REPLIES 12
RonM21
Valued Contributor

Re: Does Capital One Actually Use Vantage 3.0?

Are you asking if they use it to determine if they'll issue credit, or the credit score that they make available to the user each week?
                

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Message 2 of 13
Frizclotz
Established Contributor

Re: Does Capital One Actually Use Vantage 3.0?

Do they use Vantage 3.0 or is it just informative FAKO credit score for their customer?

American Express Blue Cash Every | Discover it | Citi Double Cash | Capital One Quicksilver | Capital One Quicksilver One | Barclay Rewards | Amazon Store Card | PayPal Credit | J. Crew | Old Navy All approved in 2015. Garden Club member since 10/13/2015. Credit score 742+.
Message 3 of 13
BrutalBodyShots
Super Contributor

Re: Does Capital One Actually Use Vantage 3.0?

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.

Message 4 of 13
takeshi74
Senior Contributor

Re: Does Capital One Actually Use Vantage 3.0?

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.

Message 5 of 13
Frizclotz
Established Contributor

Re: Does Capital One Actually Use Vantage 3.0?


@takeshi74 wrote:

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?

American Express Blue Cash Every | Discover it | Citi Double Cash | Capital One Quicksilver | Capital One Quicksilver One | Barclay Rewards | Amazon Store Card | PayPal Credit | J. Crew | Old Navy All approved in 2015. Garden Club member since 10/13/2015. Credit score 742+.
Message 6 of 13
donny10
Senior Contributor

Re: Does Capital One Actually Use Vantage 3.0?

It's for educational purposes. Cap1 does not use the Vantage 3 score to determine extending you credit internally or externally.

Very few lenders use the Vantage 3 scores.
Message 7 of 13
BrutalBodyShots
Super Contributor

Re: Does Capital One Actually Use Vantage 3.0?

I don't know of any off hand that use Vantage scores in their lending decisions.

Message 8 of 13
JagerBombs89
Established Contributor

Re: Does Capital One Actually Use Vantage 3.0?

Makes sense doesn't it?! 

 

"Here is your credit score.  By the way, it is Vantage 3.0 and not even we use it to determine your credit worthiness!"

Message 9 of 13
BrutalBodyShots
Super Contributor

Re: Does Capital One Actually Use Vantage 3.0?

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.

Message 10 of 13
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