Can someone explain this please?

[Anonymous]

I saw in another thread someone said TransRisk scoring is useless. I have no issues with that, but in the same sentence they also said Vantage scores were helpful? How? Vantage scores are always a ridiculous amount lower than Fico scores. My Vantage score on CK and CapitalOne tracker is 70 points lower than the ones shown here on myFICO. As far as I'm concerned vantage 3.0 is useless also. 

[Anonymous]

I dont really have an answer but I will chime in just for comparison. My scores on MyFico are alway considerably lower than the ones shown on CK and my CC trackers like Cap One and the like. I always seem to go by the MyFico scores to keep myself from apping for stuff I will never get. Everyone seems to have different results when it comes to scores from different sourses. I guess we will never really understand the differences...at least I don't.

[Anonymous]

From what I've gathered, Credit Card lenders tend to use Fico 8 scores, and Auto and Mortgage lenders use the 3B scores. I have yet to read on here where major lenders use a Vantage score from CK or the likes. So I stick to what I see on this site, as opposed to using the other site's scores. Another issue with other sites is they don't update as frequently, which could also explain the huge discrepencies. When I use the simulators to try and match what I've done, they are still usually about 30 points off of the Fico 8 scores here.

[Anonymous]

What they actually said was that Vantage was "slightly more useful than TransRisk".

[Mattopotamus]

Oddly enough my creditkarma scores are usually within 5 points of my Fico 8 scores.  I would be curious to see how everyone else compares.  As of today, my TU are idential and my equifax are 3 off.

[Anonymous]

Thanks for the clarification Captool. I'd still classify them both as useless. 

[NRB525]

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@Anonymous wrote:

Thanks for the clarification Captool. I'd still classify them both as useless. 

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"slightly more useful" translates to "less useless", no?

And not all CCC use FICO 8. Capital One and PenFed use a different type of score, but it doesn't matter much because they adjust their thinking to what that score shows them. The information in your credit file is what it is, and the score is just an interpretation of that, relative to how that score system looks at all files.

[iv]

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@Anonymous wrote:

I saw in another thread someone said TransRisk scoring is useless. I have no issues with that, but in the same sentence they also said Vantage scores were helpful? How? Vantage scores are always a ridiculous amount lower than Fico scores. My Vantage score on CK and CapitalOne tracker is 70 points lower than the ones shown here on myFICO. As far as I'm concerned vantage 3.0 is useless also. 

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If it's me you're (mis)quoting here - I don't think I ever said Vantage was "helpful".

I certainly wouldn't say it's helpful in determining your FICO (FICO 8, mortgage, or otherwise) - it's a completely different model, and has no direct correlation to your FICO scores.  I've seen VS3 scores both higher and lower than FICO scores on the same day.

You simply can't make generalizations about a model being "always a ridiculous amount lower" (or higher) than another model - they are different.  

Just like any model - it only matters to you, if you have a lender that is using that version of that model to evaluate your credit.

Even FICO 8 scores aren't helpful in determining FICO mortgage scores - always look at the specific model that will be used by the lender.

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@Anonymous wrote:

What they actually said was that Vantage was "slightly more useful than TransRisk".

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Ah yes.  Thank you. And I'll stand by that actual quote.

The primary difference between TransRisk (or other "educational scores") and VantageScore is that the "educational scores" are developed and marketed directly for consumers, with no intent of the score model being used for actual credit decisions.

VantageScore, while it may not have established much visible traction in the market, is actually intended for lender use, and there are (limited) reported cases of VS being used by lenders.  As such, it's probably at least as useful right now as some of the more obsure FICO versions currently available on the 3B report here.

And given that VS3 is the presumptive major challenger to FICO in the market - the odds are if a lender chooses to use a model other than FICO (or internal scoring), they will end up with a VS version.  As such, keeping an eye on where you stand with VS is probably a good idea.   (Whereas keeping an eye on the "educational scores" will just either depress you or give you false hopes.)

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@Mattopotamus wrote:

Oddly enough my creditkarma scores are usually within 5 points of my Fico 8 scores.  I would be curious to see how everyone else compares.  As of today, my TU are idential and my equifax are 3 off.

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Pure chance - the models are different.  Report changes that move one model up could very well move another down.  For FICO 8 vs VS3, I've personally seen 50+ point differences at times, and as close at 9 points at times.  In either direction.

There is no "conversion factor".  There is no "model X is always higher/lower".  There is no "model X always tracks model Y closely".

Different models score reports differently.

[Thomas_Thumb]

Good discussion.

Yes, VantageScore 3.0 is a real deal credit score endorsed by the 3 CRAs and it has backers in the credit industry. I expect VS to continue to gain traction particularly with credit card issuers.