Vantage 3 dropped 44pts

[cr101]

Aside from this just being another weird thing about Vantage, can you explain why my score dropped 44 points?

It actually increased from 687/688 to 725-728 after I did the following a few wks ago:

2 reported CLI

Paid off tradeline that was at around 24%

Overall util was previously 18%, but went down to 12-13% IIRC.

Went from 4 accts reporting balances to 2 accts reporting balances

So, it was 725-728 for a few weeks. It's now at 684, which is lower than it was before the score jump!

I check my score every.single.day. The only thing that has changed is WF finally reporting after almost a month's delay. My WF bal went down by just about $80. With the latest WF update, my util is 11%. That's the only other change, unless...I have closed student loans that were reported in 2017. There are a lot of late payments on the acct. When accounts age, do you also lose the 'payment'? I'm wondering if I lost a payment. Even if that's the way that it works, do you really think the score would drop that much? The %age of ontime payments couldn't have dropped that much. (I'm posting this part as a separate question, but if you have the answer, feel free to respond here).

[dynamicvb]

Vantage scores react a lot differently than Fico when it comes to balances. You can pay down your utilization and they will drop. Charge up some extra and they will go up. Both these situations would have the opposite effect on a Fico 8.  I would use credit karma and these others for keeping track of what is getting updated on your reports, but I would not pay any attention to what your scores may do.

[gdale6]

Not many track Vantage scores, there isnt really anyone using Vantage 3.0 for credit granting purposes, its an entertainment score that should be ignored. Fico is the main score that lenders use.

[Physh1]

VS3, which you shouldn't care about much really at the moment, likes higher utilization....like in the high 20% range. Fico & VS3 are nothing alike...especially with ideal reported utilization %.

[cr101]

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@gdale6 wrote:
Not many track Vantage scores, there isnt really anyone using Vantage 3.0 for credit granting purposes, its an entertainment score that should be ignored. Fico is the main score that lenders use.

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As my luck would have it, the 2 cards that I'm holding out for use Vantage 3 as one of their 2 scores that they use.

@Physh1  Insane that they'd penalize you for paying down your debt. 

[Physh1]

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@Physh1  Insane that they'd penalize you for paying down your debt. 

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If you look at credit as debt management than it's irritating. When you look at credit as a financial tool & not debt management it makes sense. Having a card report 20% or higher reported utilzation across multiple cards isn't a bad thing if it's paid off every month...at least wity VS3.

[M_Smart007]

Vantage 3.0     ..IMHO

[Iusedtolurk]

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@cr101 wrote:

Aside from this just being another weird thing about Vantage, can you explain why my score dropped 44 points?

It actually increased from 687/688 to 725-728 after I did the following a few wks ago:

2 reported CLI

Paid off tradeline that was at around 24%

Overall util was previously 18%, but went down to 12-13% IIRC.

Went from 4 accts reporting balances to 2 accts reporting balances

So, it was 725-728 for a few weeks. It's now at 684, which is lower than it was before the score jump!

I check my score every.single.day. The only thing that has changed is WF finally reporting after almost a month's delay. My WF bal went down by just about $80. With the latest WF update, my util is 11%. That's the only other change, unless...I have closed student loans that were reported in 2017. There are a lot of late payments on the acct. When accounts age, do you also lose the 'payment'? I'm wondering if I lost a payment. Even if that's the way that it works, do you really think the score would drop that much? The %age of ontime payments couldn't have dropped that much. (I'm posting this part as a separate question, but if you have the answer, feel free to respond here).

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I have seen countless times where my Vantage scores would drop for no apparent reason and then go up for no apparent reason a few days later.

It's the Vantage way.  I had 4 accounts with a small increase in balance and my Vantage scores jumped up 14-16 points then I had four accounts that had small increases in balances and my VS went down around the same number of points.

[Trudy]

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@cr101 wrote:

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@gdale6 wrote:
Not many track Vantage scores, there isnt really anyone using Vantage 3.0 for credit granting purposes, its an entertainment score that should be ignored. Fico is the main score that lenders use.

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As my luck would have it, the 2 cards that I'm holding out for use Vantage 3 as one of their 2 scores that they use.

@Physh1  Insane that they'd penalize you for paying down your debt. 

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@Physh1, are you sure they use it for making credit decisions or do they just provide it as a cardholder?  Many cards provide V3 (cheaper I presume) but don't use them to make credit decisions, despite what Credit Karma implies.  They may in fact use it determine the likelihood of approval but other than 2 lenders (and I'm not absolutely sure about Synch as 1 with V4), I know of no others that use Vantage scores to make credit approval decisions.  Might I ask which lenders?

As stated up thread, its nearly non existent use for approvals results in little research on this forum to why changes occur with Vantage scores.

[cr101]

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@Trudy wrote:

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@cr101 wrote:

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@gdale6 wrote:
Not many track Vantage scores, there isnt really anyone using Vantage 3.0 for credit granting purposes, its an entertainment score that should be ignored. Fico is the main score that lenders use.

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As my luck would have it, the 2 cards that I'm holding out for use Vantage 3 as one of their 2 scores that they use.

@Physh1  Insane that they'd penalize you for paying down your debt. 

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@Physh1, are you sure they use it for making credit decisions or do they just provide it as a cardholder?  Many cards provide V3 (cheaper I presume) but don't use them to make credit decisions, despite what Credit Karma implies.  They may in fact use it determine the likelihood of approval but other than 2 lenders (and I'm not absolutely sure about Synch as 1 with V4), I know of no others that use Vantage scores to make credit approval decisions.  Might I ask which lenders?

As stated up thread, its nearly non existent use for approvals results in little research on this forum to why changes occur with Vantage scores.

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I've gone through BBVA's pqual a few times and when I was declined, they displayed my FICO and Vantage score. I don't see why they'd show it if they don't use it. Amex provides access to FICO and Vantage and I asked which one they use. I was told that they could use either one.