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Do I get a prize for being the first post...lol? Ok, playing DA here, isn't it ironic that myFICO (the true score) is teaming up with NerdWallet (the so-called "FAKO" score)? The general feeling here is that Vantage scores are worthless, or is it that myFICOans are snobs...lol? Please accept this in the light-hearted way it is intended. Thank you...and btw I am a member of both.
@indiolatino61 wrote:Do I get a prize for being the first post...lol? Ok, playing DA here, isn't it ironic that myFICO (the true score) is teaming up with NerdWallet (the so-called "FAKO" score)? The general feeling here is that Vantage scores are worthless, or is it that myFICOans are snobs...lol? Please accept this in the light-hearted way it is intended. Thank you...and btw I am a member of both.
This might be one of my (popular/unpopular (depending on your vantage point (< no pun intended) "shoot the messenger" type replies that I grace the the boards with here and there, but here it goes anyway... To say that Vantage scores are worthless is a bit misguided, combined with a sprinkle of myFiconian snobbery.
At one time, the "Fako" moniker had more merit, but... we're not in Kansas anymore. VS scores are likely here to stay, and being used to make decisions... like it or not. They are used by many businesses such as landlords, property rental agencies, utility companies, cell service providers and all manor of major and secondary market lenders for a variety of reasons. If I was lending money, or extending credit, it would only seem logical to use all the tools and information at my disposal.
Thanks...I can always depend on you for a reasonable and informed comment. I started here in 2012, and perceptions have surely changed. I used Vantage scores all the time via Credit Karma, Credit Sesame, NerdWallet and WalletHub. It is only when I joined myFICO that the FICO vs. FAKO debate entered the arena. At any rate, even if you discount Vantage scoring, having access to your free reports and data points is indeed useful.
There's a whole world of scoring outside village Fico. Check out "The Scoring of America" for starters.
VantageScore appears to give preferential treatment to credit mongers who are waist deep in credit river when fishing for new accounts. With Fico, knee deep is sufficient for catching the prize fish.
VS wants to you have a ton of accounts but will also penalize your HPs for 2 yrs.