Why is my Vantage score 728 vs FICO 792?

[Anonymous]

I opened a free acct at Credit karma and i guess they changed thier scoring system.  My transunion credit karma was 758 now with the vantage system it went down to 728? whats up with that is that still concerned at good score.  

[Anonymous]

Different scoring model.

[Anonymous]

got ya..  is 728 considered a good score?

[Anonymous]

I think 728 is still a good to excellent score. I'm not sure what about the model made it go down. CreditKarma is subject to not picking up closed accounts, so if you have lots of closed accounts that are boosting your AAoA, your score can look prematurely low when you view CK. With the change in scoring models, my score actually went up ~50 poitns, which I assume is due to a decreased significance to derogs that are about to expire off the report. 

[Anonymous]

Definitely.

[Anonymous]

I only have 2 closed acct in my history..  So are you saying it my go up because of the introduction of the new model.. Should i wait.?  

[Anonymous]

There are dozens of FICO scoring models and many educational purposes only FAKO scoring models. The old CK and new CK scoring models are not used by anyone and meant for educational purposes only. Even among FICO scoring models, each model is only useful for a limited purpose. You have the FICO 8 scores used by many CC companies, the FICO 04 and 98 scores used by many home loan lenders, and industry enhanced scores like bankcard and auto-enhanced scores used by a few lenders. Every score will be different. At the end of the day, what is in your credit report matters most as it determines your score under any scoring model. 

Your "score" only matters if you know what you are looking for and if you know what score the lender pulls. Otherwise, your score is just a number that a prospective lender may or may not use. If your scores are in the 720-800 range across the various systems, then your score is somewhere in the good to excellent range, but some scores can be drastically different than others due to differences in how particular aspects of your report are weighed. 

[Anonymous]

Mine went the opposite direction. Up from 681 to 754. I sure wish that score wasn't useless.

[gdale6]

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@Anonymous wrote:

There are dozens of FICO scoring models and many educational purposes only FAKO scoring models. The old CK and new CK scoring models are not used by anyone and meant for educational purposes only. Even among FICO scoring models, each model is only useful for a limited purpose. You have the FICO 8 scores used by many CC companies, the FICO 04 and 98 scores used by many home loan lenders, and industry enhanced scores like bankcard and auto-enhanced scores used by a few lenders. Every score will be different. At the end of the day, what is in your credit report matters most as it determines your score under any scoring model. 

Your "score" only matters if you know what you are looking for and if you know what score the lender pulls. Otherwise, your score is just a number that a prospective lender may or may not use. If your scores are in the 720-800 range across the various systems, then your score is somewhere in the good to excellent range, but some scores can be drastically different than others due to differences in how particular aspects of your report are weighed. 

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Actually the newer Vantage Score 3.0 is used by a few lenders in making decisions so its not a complete FAKO, the previous score of CK, yes that is a total FAKO the TU new accounts model.

[racer-x]

gdale - From the CK site,  they claim 2000 lenders and over a billioin CK/Vantage 3.0 scores were used last year.

My CK score went up 71 last night, 19 pts higher than myFico TU, but it hasn't updated yet.

"Nearly one billion VantageScore credit scores were used last year by over 2,000 lenders and other industry participants, including six of the 10 largest banks, and the 3.0 model is designed to score more consumers and be more predictive than others.'

"The VantageScore scoring model is a joint effort by the three major credit bureaus, designed to bring more consistency among credit scores. VantageScore Solutions reports that the majority of financial institutions, including eight of the top ten credit card issuers, six of the top ten auto lenders and all of five of the top mortgage lenders, use VantageScore to evaluate borrower creditworthiness."

"Some Credit Karma members may see a change in their credit score due to this transition. There are hundreds of credit score models out there, and each one has a slightly different formula for analyzing the more than 200 different factors of your credit report. You never know what score a bank will use to evaluate your credit worthiness, however VantageScore 3.0 is a strong predictor for what the banks may see."