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Thomas_Thumb wrote:
Your TU score difference is indicitive of a profile with a derogatory on a TU file that is ignored in the VS3 model but not in Fico 8. One example might be a paid collection over $100.
You are right on the money. I wish I had as thorough of an understanding of what makes up the different scores (complete sinceriety). I had a medical bill pop up out of no where which has been paid since those numbers were reported to me. It effected my FICO, by not my VS, as you mentioned.
As a side note, I saw someone above also state that just because it's a different scoring model, doesn't mean it's a "fake score", and I never thought of it that way. That makes a lot of sense. I wonder if maybe people take the stance of considering it fake because most credit compnaies use the FICO instead of VS. For all of you who known the ins-and-outs more than I, have you ever heard of an instance where VS was used. Or would there even be a way to tell?
@Anonymous wrote:@Thomas_Thumb wrote:
Your TU score difference is indicitive of a profile with a derogatory on a TU file that is ignored in the VS3 model but not in Fico 8. One example might be a paid collection over $100.
You are right on the money. I wish I had as thorough of an understanding of what makes up the different scores (complete sinceriety). I had a medical bill pop up out of no where which has been paid since those numbers were reported to me. It effected my FICO, by not my VS, as you mentioned.
As a side note, I saw someone above also state that just because it's a different scoring model, doesn't mean it's a "fake score", and I never thought of it that way. That makes a lot of sense. I wonder if maybe people take the stance of considering it fake because most credit compnaies use the FICO instead of VS. For all of you who known the ins-and-outs more than I, have you ever heard of an instance where VS was used. Or would there even be a way to tell?
I have seen some instances on this forum where the VantageScore was used instead of FICO. I think it was used for renting purposes.
Yes VantageScore 3.0 is used in the rental market by various landlords to screen potential tenants. That is a primary target market for VS3 and VantageScore has been successful in that market segment.
Links to this have been provided previously.
i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?
@Anonymous wrote:i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?
Credit Karma is not helpful when it comes to legit scores. I know I felt the same way about my scores until I found this board. I would order your scores, you can get them through here or for $1 through creditscore.com. Credit Karma uses vantage scores I believe, so completely different.
@Anonymous wrote:
Fako scores should be illegal/scam. No one uses them. My real scores are much higher.
Vantage Scores are being used increasingly more each year by lenders. It's relatively new, however financial institutions are using it more each year, and there is a sort of rivalry going on between the Vantage Scoring model and FICO. Hence it makes a lot of sense to monitor all your scores and each model (Even within FICO modeling, there are many different scoring models you want to monitor).
@Anonymous wrote:
Name ONE lender who uses Vantage for credit worthiness.
VantageScore is used by any lender that works with the Fitch Ratings credit rating agency. In addition to this, Standard & Poor’s also accept their clients’ VantageScore-based portfolios.