Hey Barry!!!

[Brammy]

I just had a thought.  Wen a lender uses a certain bureau to determine your credit worthiness at the time of application, are they using that bureaus version of a credit score such as the Vantage or the Plus or would they still get FICO scoring?

[Noah_Bodie]

It's going to depend.

Lenders in different industries (mortgage, credit cards, car loans, etc.) generally have their own tailored versions of scoring. You may score higher in one area but lower in another.

Vantage does not seem to be catching on. Personally, I expect it to flop, unless creditors can be shown it will bring in MORE subprime borrowers than does FICO.

[Brammy]

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Noah_Bodie wrote:

It's going to depend.

Lenders in different industries (mortgage, credit cards, car loans, etc.) generally have their own tailored versions of scoring. You may score higher in one area but lower in another.

Vantage does not seem to be catching on. Personally, I expect it to flop, unless creditors can be shown it will bring in MORE subprime borrowers than does FICO.

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I was wondering since they are all tryig to promote those scores.  When I opened my BOFA checking accout online, it showed my experian plus score on the signature card they sent me to sign.

[Noah_Bodie]

Very interesting. Maybe Vantage is starting to catch. Could still be that BOA is test marketing it to see what that their default rate is using it.

Competition is a good thing for the consumer, but in this case the consumer is the creditors. I don't foresee it being good for borrowers.

[Barry]

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Brammy wrote:

I just had a thought.  Wen a lender uses a certain bureau to determine your credit worthiness at the time of application, are they using that bureaus version of a credit score such as the Vantage or the Plus or would they still get FICO scoring?

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Brammy,

Not sure if this addresses your question, but for application processing most lenders use the FICO score as a component in an application scoring system that also looks at income, employment, rent/own, etc.  There are various developers of these application scoring systems, but most use the FICO score.

I wasn't aware of any lenders using non-FICO scores in credit decisions until you said BofA used a Plus score when you opened a checking account, which isn't actually a 'credit' account, so I guess I still don't know of anyone who uses these other scores for actual credit decisions.

Does anyone know of any lenders who do?

-Barry

[Brammy]

I did notice after running my FICO on Exp the other day that it was close o the plus score I got from Exp maybe it was a FICO

[Barry]

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Brammy wrote:

I did notice after running my FICO on Exp the other day that it was close o the plus score I got from Exp maybe it was a FICO

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If you got it directly from Experian, it's not a FICO score.

[Brammy]

Now I know I should be clearer.  NO the score I got from EX closely matched the score I got from here so It could have been the FICO score at the time  that BOFA was showing on the sig page

[Barry]

Sorry, I'm a little slow... The question still remains for me: Does anyone know of a lender who uses Vantage, Plus or any of these other non-FICO scores?

[TheNewWorldMan]

I'm strongly suspecting that BofA uses their own homegrown scores, which desperately need some Prozac as they have been consistently lower than my FICO scores--by a hundred points in one instance. I'm subscribed to their PrivacyAssist program, and my credit scores with them are just as dismal as they were when I first got the service last fall, despite me paying all my bills on time and reducing utilization from 90% to 50%.