@DSTforlife wrote:I don't think anyone has taken the time to really understand the Vantage score algorithms, so you will not find much help here on myFICO. Maybe there's a forum on the interwebs similar to this one just for Vantage scores.
And, I know I'm in the minority, but I stick by my comment to not totally dismiss Vantage scores as irrelevant. I applied for a HELOC with Alliant credit union, and they used Vantage 4 for qualification purposes.
FICO 5, 4, 2 is mandated by the GSEs and HUD. Any home lending has to use them for insurance purposes. That's not to say that niche lenders care about that, but for the everyday person they are going to have the old FICO scores pulled. Alliant would have to take on all the risk themselves to not use those scores, do they document the use of VS 4.0 anywhere?
BTW, I've yet to personally see any site offer VS 4.0 for free. It's all VS 3.0 and I think even you would agree that is a recreational score that carries no weight.
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!
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Same here, when I say back and thought about it that was the conclusion I came up with. It doesn't mean I am correct but darn if it doesn't seem like I might be. I laugh at credit karma because they say I have poor chances for a discover card that I already have and excellent chance for cap 1 Platnum that I also have. Make you wonder, some things that make you go hummmm lol
@GatorGuy wrote:
@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!
Your scores are alot more drastic than mine but my vantage are usually 30 to 50 points lower than my FICO scores which are 800+. Two things that affect my score the most is how sensitive Vantage scores are to utilization and I'll charge high balances.
Vantage also doesn't count closed accounts. Usually individuals with higher scores will have thicker accounts that have more closed accounts. Vantage won't count these for account age where FICO does.
My utilization is at 1% over 7 revolving accounts and an installment loan at a balance of 8%
@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.
There is a huge difference between 3.0 and 4.0 with the way it scores you. Also I have never personally seen where you can see your VS 4.0. I ask you this, you keep talking about Alliant using VS and heck they might but I would probably bet you can't name 5 more major lenders that do. I can name 30 off the top of my head that use Fico and probably many many more. I get what you're trying to say but your secret sauce might not be my taste and vice versa. It's all opinion based right.
@DSTforlife wrote:I don't think anyone has taken the time to really understand the Vantage score algorithms, so you will not find much help here on myFICO. Maybe there's a forum on the interwebs similar to this one just for Vantage scores.
And, I know I'm in the minority, but I stick by my comment to not totally dismiss Vantage scores as irrelevant. I applied for a HELOC with Alliant credit union, and they used Vantage 4 for qualification purposes.
I see my Vantage scores every day. My impression is that there's no rhyme or reason to them. The other day I lost 54 points on one of them, then the points were restored a few days later. No reason in sight for either move. Even if I thought there were some value in understanding them, which I don't, I wouldn't be able to understand them if I wanted to.
Since joining MyFICO 7 years ago, I've made hundreds of credit applications, and have never once seen a Vantage score referenced in connection with any of them.
