@steelholder wrote:Alliant CU seems to have good rates but they use vantage 4.0 and I've heard those scores could be much lower than the fico 8, kind of worried about thay, Navyfed is anywhere between 6%-16%. Could someone explain how a loan from a CU or bank differs from a lender ok your credit report?
Alliant doesn't use Vantage for actual lending decisions. They use FICO 9 IIRC.
The difference in reporting is, as RSX says, just in the FICO reason codes. It's infuriating because when you start optimizing scores, that's when it shows up. It's a little ding, somewhere around the value of 2 HPs worth of points, but it's a ding that sticks around until the account falls off your report. Take a 3 year loan, you're going to have that reason code at least 13 years. 
@Anonymous wrote:
@steelholder wrote:Alliant CU seems to have good rates but they use vantage 4.0 and I've heard those scores could be much lower than the fico 8, kind of worried about thay, Navyfed is anywhere between 6%-16%. Could someone explain how a loan from a CU or bank differs from a lender ok your credit report?
Alliant doesn't use Vantage for actual lending decisions. They use FICO 9 IIRC.
The difference in reporting is, as RSX says, just in the FICO reason codes. It's infuriating because when you start optimizing scores, that's when it shows up. It's a little ding, somewhere around the value of 2 HPs worth of points, but it's a ding that sticks around until the account falls off your report. Take a 3 year loan, you're going to have that reason code at least 13 years.
According to an alliant loan officer I spoke with today, they do, started using it during the summer. There may be other threads on them pulling the 4.0 vantage.
@steelholder wrote:
@Anonymous wrote:
@steelholder wrote:Alliant CU seems to have good rates but they use vantage 4.0 and I've heard those scores could be much lower than the fico 8, kind of worried about thay, Navyfed is anywhere between 6%-16%. Could someone explain how a loan from a CU or bank differs from a lender ok your credit report?
Alliant doesn't use Vantage for actual lending decisions. They use FICO 9 IIRC.
The difference in reporting is, as RSX says, just in the FICO reason codes. It's infuriating because when you start optimizing scores, that's when it shows up. It's a little ding, somewhere around the value of 2 HPs worth of points, but it's a ding that sticks around until the account falls off your report. Take a 3 year loan, you're going to have that reason code at least 13 years.
According to an alliant loan officer I spoke with today, they do, started using it during the summer. There may be other threads on them pulling the 4.0 vantage.
I do see other people saying they were told that they use Vantage but nobody has so far posted an approval or denial with a Vantage Score on it that I have seen.
In my experience my VS4 tracks closely to my VS3 as long as my credit card utilization is low. It's very sensitive to balances as it uses trending data so if you have a higher balance than your average the score drops.
My TU VS4 is at 787 right now while my TU VS3 is at 811.
@Anonymous wrote:
@steelholder wrote:
@Anonymous wrote:
@steelholder wrote:Alliant CU seems to have good rates but they use vantage 4.0 and I've heard those scores could be much lower than the fico 8, kind of worried about thay, Navyfed is anywhere between 6%-16%. Could someone explain how a loan from a CU or bank differs from a lender ok your credit report?
Alliant doesn't use Vantage for actual lending decisions. They use FICO 9 IIRC.
The difference in reporting is, as RSX says, just in the FICO reason codes. It's infuriating because when you start optimizing scores, that's when it shows up. It's a little ding, somewhere around the value of 2 HPs worth of points, but it's a ding that sticks around until the account falls off your report. Take a 3 year loan, you're going to have that reason code at least 13 years.
According to an alliant loan officer I spoke with today, they do, started using it during the summer. There may be other threads on them pulling the 4.0 vantage.
I do see other people saying they were told that they use Vantage but nobody has so far posted an approval or denial with a Vantage Score on it that I have seen.
In my experience my VS4 tracks closely to my VS3 as long as my credit card utilization is low. It's very sensitive to balances as it uses trending data so if you have a higher balance than your average the score drops.
My TU VS4 is at 787 right now while my TU VS3 is at 811.
How can you check your own vantage 4.0?