Fico score drop 42 points

[Gggmen]

I really appreciate your information. Thank you very much

[Thomas_Thumb]

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@Anonymous wrote:

As OM stated above, VS 3.0 scores aren't meaningful and can be ignored.  Nothing to worry about there with 40-50 point drops.  If you're seeing 40-50 point FICO score drops, it would matter and should be looked into as those are meaningful scores that a lender would use.

Veteran Members and Mods, is there anything we can do in this section of the forum such as a basic sticky thread that points to VS 3.0 scores being unmeaningful?  No disrespect to the OP here at all, but it's essentially a daily occurance here that people are posting thinking that the scores they're getting from a VS 3.0 source such as Credit Karma, Credit Sesame, Credit Wise, etc. are FICO scores and it's causing them unnecessary stress/worry when those scores should be ignored 99% of the time.  This after all is the Understanding FICO Scoring section and those scores being referenced [often not to the knowledge of the poster] aren't FICO scores.

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I like seeing data on VantageScore in addition to Fico. I also enjoy discussions on CBIS scores and ChexSystems. I would advise against sanctioning. No scores are useless IMO, just different. Frankly, I found Fico 8 scores to be far less representative of Fico mortgage scores than my CreditXpert scores.

If someone wants a sticky, make it educational. List the primary scoring attributes for each model and the key differences between models. Include Classic Fico compared to Industry enhanced versions, Fico 8 compared to mortgage Ficos 04/98  and Fico 9 compared to Fico 8. I little cross reference education on nomenclature wouldn't hurt either such as EQ Fico score 5 is Fico 04 model as is TU Fico score 4 and EX Fico score 3. 

Other credit sites have put together summaries along these lines.

[Anonymous]

TT, I'm not stating that there shouldn't ever be any VS 3.0 or other discussions and like you I enjoy discussing these things as well.  To me, this issue comes down to the majority benefitting here.  For every person like you and I, or thread that actually knowingly discusses non-FICO scoring, there are easily 10+ threads/people that are wrongly believing that their non-FICO scores are FICO scores.  To me, that's a problem.  I don't think this has anything to do with sanctioning, just up-front disclosure of one of the biggest topics/issues that comes up on a daily basis.

No one is saying not to discuss non-FICO scores, but people should at least be aware that they're discussing non-FICO scores.  The majority aren't even aware.

[RonM21]

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@Thomas_Thumb wrote:

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@Anonymous wrote:

As OM stated above, VS 3.0 scores aren't meaningful and can be ignored.  Nothing to worry about there with 40-50 point drops.  If you're seeing 40-50 point FICO score drops, it would matter and should be looked into as those are meaningful scores that a lender would use.

Veteran Members and Mods, is there anything we can do in this section of the forum such as a basic sticky thread that points to VS 3.0 scores being unmeaningful?  No disrespect to the OP here at all, but it's essentially a daily occurance here that people are posting thinking that the scores they're getting from a VS 3.0 source such as Credit Karma, Credit Sesame, Credit Wise, etc. are FICO scores and it's causing them unnecessary stress/worry when those scores should be ignored 99% of the time.  This after all is the Understanding FICO Scoring section and those scores being referenced [often not to the knowledge of the poster] aren't FICO scores.

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I like seeing data on VantageScore in addition to Fico. I also enjoy discussions on CBIS scores and ChexSystems. I would advise against sanctioning. No scores are useless IMO, just different. Frankly, I found Fico 8 scores to be far less representative of Fico mortgage scores than my CreditXpert scores.

If someone wants a sticky, make it educational. List the primary scoring attributes for each model and the key differences between models. Include Classic Fico compared to Industry enhanced versions, Fico 8 compared to mortgage Ficos 04/98  and Fico 9 compared to Fico 8. I little cross reference education on nomenclature wouldn't hurt either such as EQ Fico score 5 is Fico 04 model as is TU Fico score 4 and EX Fico score 3. 

Other credit sites have put together summaries along these lines.

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Good ideas by BBS or Thomas.  I think maybe it isn't a bad idea for both to be done. 

For me, I understand each score has a different use.  But, I do think that the Vantage score is a concern because there really are not lenders who use it for decisions.  Most times, people coming into these forums are questioning their scores based on where they may stand on potential approval or applications.  For those unaware, they are thrown off by using these Vantage scores to describe where they currently stand.  Generally, I tend to think that the Vantage is used the least, if at all.  Which makes me question....if anyone is using these Vantage scores for their own personal reasons, knowing they are not what lenders use, then what are they comparing them to, or what is the use?  Or are they using it for fun? Maybe it's just me.  

[Anonymous]

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@RonM21 wrote:

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But, I do think that the Vantage score is a concern because there really are not lenders who use it for decisions.  Most times, people coming into these forums are questioning their scores based on where they may stand on potential approval or applications.  For those unaware, they are thrown off by using these Vantage scores to describe where they currently stand.  

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And that's exactly my point.  It's about basic disclosure here.  Scores from CK, CS, CW etc. are not FICO scores and rarely if ever will be considered in a lending decision.  As long as someone is aware of that, if they'd like to continue discussing them, comparing them for fun like TT does, etc. that's just fine. 

[Anonymous]

" opened a new boa card up last month"

See if they did a hard Inquiry? I wouldn't worry. it will bounce back even higher. carry zero balance and pay them on time.