True Link, by TU, provides the Vantage score and uses the Vantage scoring model -- I found out today, when they sent me what I thought would be my TU scores. I find it quite interesting that according to the Vantage scoring model I have (by the skin of my teeth) merely fair credit, not even good, nor anywhere close to good, at 704, and "will have great difficulty obtaining credit without a large down payment or paying high interest rates," whereas Transunioncs deems my 693 Fico "good" and states that a wide range of loan products will be available to me! How much more opposite can one get?
I might also add that the report I received today stated that one of the reasons my score was so low was because I owe too much on my mortgage? That's a new one! Never have I read that as a reason for a lower score. Regarding that, however, as Indymac bought my mortgage from someone else, it appears on the report like a new mortgage that I have only made three payments on. Another of the reasons given was that I have too many credit cards that carry balances. So much for paying them all down to under 10%, huh?
Remember, that when BOA reviewed my credit a few months ago, it was the TU Vantage score they pulled and thereafter sent me a letter stating that they were raising my interest rates and cutting my limit! So this may just be catching on -- but it would seem to me that it will throw a whole lot of people with good credit into the bad credit category! Scary, indeed.
Message Edited by MercyMe on
07-23-2007 04:54 PM
