@Anonymous wrote:I'll try to be as forthcoming as possible, because I'm genuinely curious and this is a blow to my credit that has been so depressing. I've had a fairly low transunion score for a while (some bad debt/collections accounts) that usually hovered around the high 500's. Equifax was better, but I could never break into the vantagescore 'fair' category.
I recently consolidated some debt with an upgrade loan, (something that still isn't reflecting on my credit as a new account, but its been less than a month.) Most of the debt I consolidated was cc debt, from open and closed cards alike. I'm now using around 21% of my available credit.
After the first 2-3 things reflected as paid in full, I had a HUGE jump in my Equifax score, all the way up to 643 from the about 615 or so. Transunion didn't really move much, a few points here and there.
Well...today my score dipped again, back down 23 points taking me back down to the 'needs work' tier. The changes that caused this? A 2 dollar DECREASE in my balanced owed on my kikoff balance and one of the payments I made to a CLOSED capital one card (I've already gotten the hit from having closed this card months earlier) finally posted.
I am so confused. One of those credit cards isn't even taken into consideration in my available credit metrics, and regardless its been closed for months and is now simply reflected as a zero balance. The kikoff loan being paid down has never really resulted in big jumps score-wise for me, but to contribute to such a huge downgrade? I've not been late on anything, these are literally the only things that have changed. Any insight?
This could be much worry about nothing, or it could be an issue. Why? Because you're looking at Vantage 3.0 scores (aka. FAKO scores), the thing is, no major lender I'm aware of uses those scores, or said another way, they are irrelevant. Instead you should be looking at your FICO scores; they're the ones over 90% of the lenders use (and the remainder use Vantage 4.0 which are not what you're looking at).
@Anonymous wrote:I'm looking to potentially trade out of a vehicle with a co-signer in 3-6 months. I know those scores are more all over the place but it still bugs me to see what should be positive events causing negative change you know?
Once again, ignore them, they are utterly and completely irrelevant.
Experian.com will show you your FICO 8 score once you sign up for a free account. This should give you a general idea of where you stand with FICO.
Also, many banks provide FICO scores in their online apps. Do you have a credit card with a bank? You may obtain a fico score from that bank.
Mine tends to do the same thing for no good reason. But it tends to flip back up a bit after going down fairly quickly. Not sure why folks keep saying no lenders use Vantage 3. Over 2,000 do according to the Vantage folks. I have run across other lists online as well laying them out. I loo at all of them just for kicks.
@chijo wrote:Mine tends to do the same thing for no good reason. But it tends to flip back up a bit after going down fairly quickly. Not sure why folks keep saying no lenders use Vantage 3. Over 2,000 do according to the Vantage folks. I have run across other lists online as well laying them out. I loo at all of them just for kicks.
Marketing bilge, many lenders will look at Vantage 3 and let you see that number as part of your account, but they use FICO for their underwriting decisions. The fact is, at this point in time, I have yet to see any compelling evidence to suggest even one major lender uses Vantage 3 to determine whether to approve an application for credit.
Vantage (4 in this case) is a little odd. First thing is obvious, as I've opened 11 revolvers in a year. Lack of mortgage is an odd thing to see as "negative" though.
