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Is Vantage score taking over?
How do we know who uses this scoring system as supposed to the standard "traditional" FICO?
What are the main differences between FICO and VantageScore?
The vantage score or what is known as the credit bureaus version of the score is not taking over. At least 90% of all lenders use the fico credit score. Go down to your bank or credit union & ask them.
@mikemsceo wrote:Is Vantage score taking over?
Nope. Might seem that way if you're reading Vantage Score marketing material.
@mikemsceo wrote:How do we know who uses this scoring system as supposed to the standard "traditional" FICO?
Aggregated anecdotal evidence.
@mikemsceo wrote:What are the main differences between FICO and VantageScore?
Not sure what answer you're expecting. None of these companies release the details of their scoring models. All we can really tell you is that they're different models and factors are weighed differently.
@takeshi74 wrote:
@mikemsceo wrote:Is Vantage score taking over?
Nope. Might seem that way if you're reading Vantage Score marketing material.
@mikemsceo wrote:How do we know who uses this scoring system as supposed to the standard "traditional" FICO?
Aggregated anecdotal evidence.
@mikemsceo wrote:What are the main differences between FICO and VantageScore?
Not sure what answer you're expecting. None of these companies release the details of their scoring models. All we can really tell you is that they're different models and factors are weighed differently.
Hi! Yeah thats what i meant. What factors weigh more for each scoring model... But i guess it is irrelevant since not many use it. But, what you said caught my attention. Why do the agencies not release information on how they get these scores. We should know.. I understand how it could cause issues knowing... but not knowing is more of an issue... May sound silly.. but how do i know my race and age have nothing to do with it?
Try Wikipedia for the basic details on how Vantage Scoring works. Which factors weigh more, etc.
http://en.wikipedia.org/wiki/VantageScore
It can't include things like race because it is not included in your credit report. Your Vantage Score is calculated based on the same report as your FICO scores. Your age is not included because it is illegal or at least very bad for PR. Instead they use proxies (e.g. age of credit history).
Vantage score has been used in the past by Chase on some cc approvals, for some people. Not widespread at all.
@CreditDunce wrote:Try Wikipedia for the basic details on how Vantage Scoring works. Which factors weigh more, etc.
http://en.wikipedia.org/wiki/VantageScore
It can't include things like race because it is not included in your credit report. Your Vantage Score is calculated based on the same report as your FICO scores. Your age is not included because it is illegal or at least very bad for PR. Instead they use proxies (e.g. age of credit history).
Lol, thanks for that
Makes me feel a bit better!