Does anyone have any info about a new grading system that has been implemented for lenders? Apparently there are grade levels, A, B, etc.....how do we as consumers obtain these?
Thank you both. This information is very helpful. I have done research on Vantage Score and now I want to get one. I am curious as to what mine will be...Wells Fargo uses them.
Thank you both. This information is very helpful. I have done research on Vantage Score and now I want to get one. I am curious as to what mine will be...Wells Fargo uses them.
Wells Fargo uses them! Oh no! How did you find this out?
I think it will be quite sometime before the vantage scoring models are widely used. I would focus on getting FICO scores up. Besides, if one has a good FICO score then any other score models should be comparable.
In terms of Vantage scoring I hear that it only counts the last 24months of account history. Which can be great if the last two years had near perfect payment hisotry.
cfstr1 wrote: I think it will be quite sometime before the vantage scoring models are widely used. I would focus on getting FICO scores up. Besides, if one has a good FICO score then any other score models should be comparable.
In terms of Vantage scoring I hear that it only counts the last 24months of account history. Which can be great if the last two years had near perfect payment hisotry.
Actually, I believe they look at the full seven years with a greater emphasis on the most recent two years.
I spoke with a loan rep...she informed me how different it can be...some higher FICO scores may score lowere on Vantage and vice versa, so I am curious about mine...she told me payment history plays heavy in the equation.
