So I just applied for the Apple Card since it was a SP and apparently my TU FICO score is 562. I didn't realize there was such a discrepancy between FICO and Vantage (CK says my TU score is 652)
My question is, will fixing things on my report raise my score by the same amount with both reports? Do certain things hold more weight? How are the scores calculated? I knew the scores were different but it's almost by 100 points and I was not expecting that much of a gap.
Starting Score: 587
@renamariee wrote:So I just applied for the Apple Card since it was a SP and apparently my TU FICO score is 562. I didn't realize there was such a discrepancy between FICO and Vantage (CK says my TU score is 652)
My question is, will fixing things on my report raise my score by the same amount with both reports? Do certain things hold more weight? How are the scores calculated? I knew the scores were different but it's almost by 100 points and I was not expecting that much of a gap.
Credit Karma scores are essentially useless as almost no lenders use them. And yes, it's not unusual for those scores to vary by large amounts from your FICO scores.
No, fixing things on your credit report won't raise your scores equally. But, it doesn't really matter since your focus should be on raising your FICO scores.
I don't know if anyone outside of the makers truly knows how the scores are formulated (although there are several good threads on here about bucketing and scoring factors that are probably the closest you can get).
The short answer is that showing a history of using your credit responsibly will raise your scores. Things that indicate you don't pay bills responsibly will hurt your scores (collections, charge offs, late payments, etc). How to improve your specific profile really depends on your credit profile, but we can't help with specifics without knowing what accounts you have (good and bad).
FICO and VantageScore are independent score models created by two different organizations. The only things they really have in common are 1) they score the same profile data, provided by the bureaus, and 2) Vantage was originally created as an attempt to emulate FICO but without knowledge of FICO's proprietary algorithms. Otherwise they are unrelated and how a change in profile data affects a version of one model doesn't really imply anything about how it would affect a version of the other model, as you see in the difference between your scores. A positive change to your profile therefore won't have the same effect on each score, and items on your report will be scored and weighted differently by the two models. The scores are calculated by complex algorithms that neither FICO nor Vantage shares, but both have given broad, general information about what helps and hurts on their models. If you want to read about what we think we have been able to discover about how FICO scoring works, you can read @Anonymous's excellent scoring primer.
Right now I have 6 collections, 1 charge off, 3 accts with late payments 2 closed auto loans (paid off), a current auto loan, and two credit cards. All baddies are from 2018 or prior.
@renamariee wrote:Right now I have 6 collections, 1 charge off, 3 accts with late payments 2 closed auto loans (paid off), a current auto loan, and two credit cards. All baddies are from 2018 or prior.
That's quite a few baddies. And they seem fairly recent. If you can pay/remove the collections and COs, yes you should see some score gains, though undoubtedly they'll be very different between Vantagescore and FICO.
It's an $808 CO from a Barclays card that's been reporting since 2017
It's an $808 CO from a Barclays card that's been reporting since 2017
@renamariee wrote:Right now I have 6 collections, 1 charge off, 3 accts with late payments 2 closed auto loans (paid off), a current auto loan, and two credit cards. All baddies are from 2018 or prior.
Who are the collections with? Some collection agencies will delete the collection from your report in exchange for payment (commonly referred to around here as a PFD).
Is the charge off reporting each month?
Your best bet is to take care of these accounts by either paying or settling, while trying to negotiate deletion of the collections.
It hasn't reported since 2020. Collections are with Procollect, Receivable Mgmt Group (PFD unknown), Portfolio Recovery and IC Systems (Will PFD), and Convergent and Enhanced Recovery (OC may recall)