How on earth is my Vantage Score 775 and my FICO 647??

[musakluv]

I have spent the entire day going through my credit reports and have 775 Experian, 764 Transunion and 689 Equifax (
there was an error for a medical bill that was paid by insurance). However when I pull my FICO scores they are both below 660.

Can someone please let me know how a loan that I took in 2002 at the age of 22 is impacting me negatively now. Might I mention that it was paid in good standing and never late so I just do not understand how it negatively impaceted my FICO but helps my credit score.

[haulingthescoreup]

Hi, welcome to the forums!

The Vantage score is what we call a FAKO score --derived from a non-FICO formula --and it has a different scale, so their scores are often higher. Since very few lenders use them, that's not terribly helpful, though. FAKO's are a great way for their creators to make money off of consumers, though.

I missed the bit about how the loan hurts you. I doubt seriously that it hurts your FICO's and helps your FAKO's, although anything is possible with FAKO's, I guess.

What are the negative factors, in order, on screen two of your FICO scores? Those are the factors that are keeping your scores down, with the most significant listed first.

If you will post them here, we might be able to help you untangle them and give you some pointers on how to get your FICO's up.

[llecs]

+1 to Hauling, and to add, Vantage scores run on a scale from 501-990 whereas FICO goes from 300-850. Statistically speaking, your Vantage could easily be much higher than your FICO because of the scale.

[laz98]

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@llecs wrote:

+1 to Hauling, and to add, Vantage scores run on a scale from 501-990 whereas FICO goes from 300-850. Statistically speaking, your Vantage could easily be much higher than your FICO because of the scale.

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that's for sure!  my vantage scores are something like 730-750!  ha, don't i wish! 

[JayRizzo]

Now, I'm not promoting FICO or FAKO (don't trust either money-grubbing companies with their hidden/unknown algorithms), but I have to pick on hauling for a sec about, "...FAKO's are a great way for their creators to make money off of consumers, though."  Uumhumm... the same applies to FI"we have raised our rates"CO.

[llecs]

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@JayRizzo wrote:

... the same applies to FI"we have raised our rates"CO.

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I don't know how FICO comes with their rates, but I do know the CRAs increased the fees that FICO has to pay to access your CR. I'm sure they had to increase to avoid operating at a loss.

[haulingthescoreup]

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@JayRizzo wrote:

Now, I'm not promoting FICO or FAKO (don't trust either money-grubbing companies with their hidden/unknown algorithms), but I have to pick on hauling for a sec about, "...FAKO's are a great way for their creators to make money off of consumers, though."  Uumhumm... the same applies to FI"we have raised our rates"CO.

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I hear ya on that!

I guess what I was trying to say is that the sole purpose of FAKO's seems to be the generation of income for their sellers. Only a few lenders use them, but there sure are a lot of confused consumers that pay for them, not knowing that they're not particularly useful. (I'm all for being able to monitor our reports --that's a whole different issue.)

The main purpose of FICO's is to help lenders determine the risk of default by consumers. They actually didn't sell scores to consumers until a relatively few years ago.

But I'm not happy about the price increase, even if FICO has to split what they make with the credit bureaus for each score pull. It seems like every business these days is out shaking the money tree, and I don't think that there's a whole lot of money left up in those trees.