90-95% of the banks/lending institutions use Fico Scores. That leaves 5-10% for all the other scoring systems combined so I personally do not put any weight into them. Also vantage 3.0 is what the consumer gets and any institution using vantage uses the 4.0 model so all in all 3.0 is just an educational tool at best
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@DSTforlife wrote:Regardless of how much more widely FICO scores are used, I think it's dangerous for people to just dismiss Vantage scores altogether. Many people tout Alliant Credit Union, and they use Vantage 4. You can get your Vantage 4 from Syncrony, I think. The same as with FICO, you can gauge Vantage 4 movement by looking at Vantage 3.
To each his/her own, I just believe it's not wise to tell folks who come here looking for advice to completely dismiss Vantage scores. That person may happen to apply with a lender who uses Vantage and be caught completely off guard.
The Vantage scores are useless to getting any credit that really matters. Consumers are caught off guard constantly when they apply for mortgages when they view their VS, which is the biggest single purchase anyone will make. Even a CU these days that says they use Vantage 4 will use your FICO score for a home loan. Getting caught off guard applying for a store card is nothing in comparison.
To me, Vantage is confusing and misleading to consumers. The worst part is all the sites tied to providing you free Vantage scores will bombard you with applying for more credit cards, which is exactly what most people should not do if they are planning a major credit event in the near future.
@Jane1972 wrote:Thanks for all of the replies!
Yes, I was looking at Vantage. Why don't they matter, are they not used anymore? If not, what are they for?
They have never been widely used.
I was just appalled that my score went down when the only thing on my report that changed was that my utilization went down, and it happened exactly when Capital One reported. This happened before...the pattern seems to be opposite for me than other people...when I max out my cards, my score goes up and when I pay them down, my score dips. That's why I was hesitant to pay them off. Crazy!
Yes well don't pay attention to that stuff any more.
On the other subject, 3 of my 4 collections are LVNV and it's right on their website that when they are paid, they will delete, which is great. The other is CKS, and they told me it's up to the original creditor (First Premier), so I don't really expect good luck with that one.
Anyway, even though my score drops every time I pay down my cards,
Your FICO scores go up, not down, when you pay down your balances.
I think I'm going to go ahead and pay them down anyway since the Vantage scores don't count. I'm not applying for anything soon, and hopefully the scores will rebound later.
It doesn't matter what the Vantage scores do. It only matters what your FICO scores do.
Thanks again!!!
@Jane1972 wrote:One more interesting thing! My husband and I are co-account holders on all but one card (Nordstrom, which is just mine, never late). Whenever I do pay down our cards and our utilization goes down, my husband's scores shoot up, and mine nosedive. At the same time. The only other difference is that he bought our house before we got married, so he has a real estate loan on his report and I don't (my name isn't on the house). Isn't that interesting?
It doesn't matter, because you don't know what your FICO scores are.