@RobynJ wrote:Vantage scores for a person with higher Fico scores seem to always have a lower VS 3.0. It's funny I have an 808 EQ 779 TU and credit karma says my scores are 655 679 and it's funny the cards and loans they offer are all from let's say secondary lenders. Why do I say this? Because these sites with these VS 3.0 get paid to refer you to these lenders and the more subprime the lender the more money being made from both the referral fee and total profit for the CCC. So I say is it possible/plausible to say they are trying to trick the unsuspecting consumers that truly have a high Fico score and unknowingly qualify for much better terms but instead accept these more predatory offers thinking that's all they qualify for. Food for thought!
Thanks for saying it better. VS 3.0 does seem predatory to me and I think that's why I have issues with it.
@DSTforlife wrote:
My disclosures stated they pull Vantage 4…and it was the same number as shown on my synchrony account. Alliant tells you upfront that they use TU Vantage 4 score…call them if you don’t believe me. HELOCs are not bound by the govt rules because they are not backed by Fannie, Freddie, etc. Look, I’m not here to debate Vantage scores. I don’t know the difference between Vantage 3 and 4 (and really don’t care). I’m just stating that Vantage scores are used with some lenders. And I will not advise people to totally dismiss them. But you do you…it’s all good.
It's all good and debate is healthy. I'm a big fan of PenFed and they use FICO 9, but based on reading they pull FICO 5 for even a HELOC. I suspect it's much easier to sell debt on the secondary markets with the "official" old school score, so most lenders will use it.
I never looked at Alliant, but did after reading your posts. They have an interesting history and are similar to PenFed in offerings.
Thanks for the Synch tip as I do have an account and see my VS 4.0 score. Makes me wonder if the predatory credit sites will move to it.
@DSTforlife wrote:Debate is healthy, but I am not trying to debate this. I'm just putting data points out there even though it may be counter to the vast majority in hopes that it helps someone with the same experience. I am happy I did research and learn which scores they used because I was completely focused on my FICO scores and would have been blindsided had I not known. My FICO mortgage scores hover between 700 and 760 with a mid of 725. Alliant's cutoff score was 700...and when I found my Vantage 4, it was 704. I just eeked in. I am thankful I didn't stop with the customary "Vantage scores mean nothing" comments is see here and dug deeper.
HELOCs aren't sold. I didn't go with Alliant because of the interest rate was higher. The credit union I did go with use EQ Beacon 5. However, they use an outside company for auto loan approvals and Experian Vantage scores is used.
Of course if you're about to apply to that rare lender which uses Vantage scores, and you have some idea of what kind of a score they are looking for, you should check what your Vantage scores are and if they're not at the right level, wait until they are, or apply to a different creditor.
But I think managing one's credit portfolio in order to maximize one's Vantage scores would be (a) a waste of energy, in view of the rarity of their use, and (b) a futility, in view of their volatility and unpredictability.
Whereas managing one's credit portfolio in order to maximize one's FICO scores can be very productive.
