@leo222 wrote:Was a little bit surprised to see that my Vantage 4.0 score is 672. My FICO 8 per AMEX is about 722 right now (and should be rising even more soon, due to debt paydowns and recent CLI's that weren't reported yet). It's pretty surprising that these scores could be so different. I'm wondering if V 4.0 is used by any lenders, and/or if I should be worried about it?
They score things differently like which collections are factored in or VS doesn't factor in closed accounts while FICO does
@leo222 wrote:Thanks...Yeah I've never had any collections, defaults, or anything like that.
That's just an example of differences. Another one, in regards to medical collections, both vs 4.0 and FICO 9 weigh unpaid medical collections less, but only vs 4.0 ignores medical collections for the first 6 months to allow insurance to fix any billing issues.
While you may not have a collection on your reports, there are other things that they weigh differently. VS is heavily into trended data. So, if you have a history of carrying a balance or only pay the minimum due, it could affect your score if you've been doing it for a while.
@Brian_Earl_Spilner wrote:
@leo222 wrote:Thanks...Yeah I've never had any collections, defaults, or anything like that.
That's just an example of differences. Another one, in regards to medical collections, both vs 4.0 and FICO 9 weigh unpaid medical collections less, but only vs 4.0 ignores medical collections for the first 6 months to allow insurance to fix any billing issues.
While you may not have a collection on your reports, there are other things that they weigh differently. VS is heavily into trended data. So, if you have a history of carrying a balance or only pay the minimum due, it could affect your score if you've been doing it for a while.
Agreed. When I look at my VS4.0 in my Lowe's account, below the score is the breakdown of factors and their importance. This is the breakdown of the factors and their relevance to VS4.0
Notice that in this model, utilization is the most important factor, more so than even payment history. Compare these factors and their comparative influence on score with the known FICO pie slices and you can easily see how the two algorithms will come up with vastly different scores.
@Anonymous wrote:
@Anonymous wrote:Synchrony is now using VS4.0.
I have never heard of lenders actually using this score, even tho it's the one they give out since it's cheaper for them i would guess.
We'll probably start seeing it more and more. As mentioned above, FICO has no memory, even though they now have trended data as well. But, think about it, which would be a more accurate representation of somebody, a score that's a snapshot in time and worthless the moment something changes, or a score that shows your credit use history over the last 2 years?