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Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
The only common use for them is to track your score to see whether you're improving or not in general. But I've noticed that things like getting a new card can make VantageScores drop like a rock. I paid an account to zero one time and my score dropped 50 points. Meanwhile FICO moved in a predictable pattern. Also I've noticed that my VantageScore varies widely between bureaus as opposed to FICO scores, which are always different but not as widely different as VantageScores.
@mysterythemoon wrote:Why are people so down on these scores? These are the only scores I have to go on (it gave me a 487 TU and 503 EQ). I joined EX to get mine, and was told I didn't have enough information to generate a FICO. Just how inaccurate are these Credit Karma scores?
Thats the whole problem - Its impossible to know until you get your real FICO's. They could be close, they could be 50-100 points higher, or they could be 50-100 points lower.
Also they are mean. MyFico says my scores are fair, CK says they are poor. 😿
The only reason the scores are no good is because virtually no lenders use them.
If the majority of lenders used CK scores, we'd all be sharing and exchanging information at myVantage.
There isn't any real correlation between the two models, not reliable anyway, because they weigh things differently, and there are notable differences in the way Vantage treats items like closed accounts, paid collections, and probably many other things I'm not even aware of.
Just ignore the CK scores. Use the reports there, but don't do anything based on your Vantage scores.