@Anonymous wrote:
@Revelate wrote:
@ddemari wrote:
My new ck scores are almost the exact same as my current EQ AND TU fico 04 scores. I am one of the few that the 04 is fico model is VERY nice to compared with 08. My 04s scores are 744 TU 709 EQ and 08 678 TU ans 670 EQ.Where are you getting your TU '04 score from? I thought Lending Club was the last option but they changed their underwriting to FICO 8 I think a while ago.
If we're talking FAKO vs. FICO, while I agree with the sentiment there are some scores even FICO which are pretty much useless in the current market, and of the FAKO options Vantage Score is by FAR the best one to receive as some lenders actually use it to underwrite products on... Chase Freedom's being the most common example that people would be familiar with here at least historically.
That said I ignore the scores, the data is where it's at for CK and that's best in the industry given it's cost. Nobody else even comes close.
Just curious. Do you know who uses the Vantage score? Not questioning that some do but was wondering. Is it in the cc world or elsewhere?
I do agree that CK does have a lot of useful information. I just wish so many people weren't so score focused and worried more about what's in their files and CK is a good place to look for it.
Just CC world I suspect, maybe some installment loans from various places; Chase has underwritten my and many other people's Freedom application with a Vantage Score and that's been confirmed elsewhere by someone who I believe works in Chase underwriting.. Cheaper to use, and has I think on the order of 10% market penetration from some numbers I've seen.
To be fair though, FICO is still the only game in town when it comes to mortgages and likely auto lending, and I put CC's way further down on my list of importance than either of those two, so I don't really track it much, but VS is still the best of the non-FICO provided scores, and probably tracks the closest as well to a real FICO score at least in terms of direction if not absolute value.
ETA: competition is a good thing and I suspect some of the things in FICO 9 weren't included in a vacuum: VS has done some smart things and I think is pushing FICO to improve as well as a result.
@nyancat wrote:I don't understand why people are calling the VantageScore a "FAKO" - a term coined to refer to something that mislead as being representative of your FICO score. Far from it, VantageScore is selling their product to banks for actual use and one of the selling points is that it is different - and they claim more accurate - than a FICO score.
FAKO definition morphed here to everything not FICO.
I agree with your point, VantageScore has more relevance to one's credit worthiness than a number of FICO algorithms that have been released (FICO 8 Mortgage Enhanced industry option being one such) and it was not developed for educational use like so many other scoring algorithms out there; however, I don't think it's going to be possible to get the forum lingo which is used elsewhere too to change. It's still a reasonable description, but it just happens to be FAKO++.
@ddemari wrote:
TU FICO 04 from 5/3 bank credit card paperwork and us bank. EQ from scorepower at equifax.com.
Pretty certain the US Bank provided credit scores aren't FICO? I could be wrong but I thought they'd moved from that model to FICO 8 on their credit card UW too?
Interesting on the 5/3 bank CC, was it stated in the letter out of curiosity?