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Devil's Advocate

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indiolatino61
Valued Contributor

Devil's Advocate

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.

Message 1 of 5
4 REPLIES 4
JoeRockhead
Community Leader
Senior Contributor

Re: Devil's Advocate


@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.       

Message 2 of 5
indiolatino61
Valued Contributor

Re: Devil's Advocate

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.

Message 3 of 5
Thomas_Thumb
Senior Contributor

Re: Devil's Advocate

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.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 4 of 5
Zoostation1
Valued Contributor

Re: Devil's Advocate

VS wants to you have a ton of accounts but will also penalize your HPs for 2 yrs.

Rebuild Started Nov 2021
June 2022 FICO 8:
June 2022 FICO 9:
June 2025 FICO 8:
June 2025 FICO 9:
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