@EW800 wrote:I could be mistken, however I beleive that was the case with Vantager 2.0. It socred 501 to 990, or something like that. They supposedly made Vantage 3,0 300 to 850. I assume to be more in line with FICO.
I will have to check but alliant won't let me check my vantage scores at the moment :-( I know vantage on ck is up to like 950 or something , but not sure what version they use.
@EW800 wrote:
I am obtaining my Vantage 3.0 score from credit.com, just in case that helps at all. They only update once a month, however interesting to watch.
ahhh i just took an look its about 10 points off my ex08 fico and 38 points of credit.com score lol
@creditguy-378 wrote:Hi all so I was reading an article that fico will not put little weight on accounts that have been settled or paid in full this includes collections also and it will not count medical collections at all in the fico scores so I anticipate scores going up soon
This is the sol called FICO 09 due out later this year. It will be many years before it is adopted. Look how long FICO 08 has taken and mortgage pullers still use FICO 04.
Also, it is paid or settled collections that will not count at all. Medical collections that are unpaid will weigh less than currently. FICO 09 will use the new detailed info about amounts paid, previously not used, as a significant factor as FICO banking analytics has already shown that this info is highly risk predictive. In the future People that pay minimums are at much higher risk than people that pay 2x or more of the minimums.
@jello77 wrote:Regarding Vantage scores:
Vantage 2.0 is 501 to 990 and available free on Credit Karma.
Vantage 3.0 is 300 to 850 and available free on Credit.com and Quizzle.
On the following page, Vantage explains how to compare scores from version 2.0 and 3.0:
http://your.vantagescore.com/interpret_scores
thats intesting , thanks for the link. I pulled both credit.com and quizzle and they differ by about 26 points. I am going to try and log into my alliant account and compare the vantage 2.0 and 3.0 scores.
@-NewGuy- wrote:
@pizzadude wrote:
@gamegrrl wrote:Is this a change that will impact the scores we see here?
I haven't heard of any plans for MyFICO to migrate to FICO9, especially since the conversion to FICO08 was just recently implemented.
So the changes in the article are FICO 9?
Also, paid collections are now going to be completely ignored??? That seems substantial to me. I mean, it's not like lenders are going to adopt FICO 9 immediately, and it's not like lenders internal risk models are going to ignore collections, but purely from a scoring perspective, that seems big to me.
Lenders are still using FICO 04 this does not help anyone lol
I was just reading about this in the WSJ. I'm a bit confused though. If they will no longer count collections that you have paid or settled in your score would that also apply to late payments on accounts that have been brought current as well? For example, Person A and Person B receieve a bill that is 90 days overdue. A after the 90 days makes all the payments with interest to bring the account current. B on the other hand after 90 days lets the account go into collections and then subsequently settles the account for less money in full satisfaction. Clearly it appears that A is more reliable from a credit standpoint, but if that late payment gets held against A it will be devastating and it seems like the new rules would have B not having their score impacted after the account was settled. Is this the way it would work or am I just confused (quite possible).
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