The Dreaded 'VANTAGE SCORE"

[AssistanceRequired]

My FICO scores are 683/684/702 which translates into a VANTAGE SCORE score of "D" on a scale of A-F. I am told that I am penalized because I don't have an "installment loan", "mortgage" and a bankruptcy in my history.

How am I supposed to obtain a car loan or mortgage when I am scoring a "D"?  Is Vantage Score the official system for determining credit worthiness?  I reduced my debt by $2000, this month in hopes of getting to 700/701/720 only too find out that it really doesn't matter anymore.

HELP! 

[fused]

Very few lenders use the Vantage score, it's a FAKO score. Lenders, banks and CCCs use FICO scores and they can be purchased at this site. 

[llecs]

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AssistanceRequired wrote:

My FICO scores are 683/684/702 which translates into a VANTAGE SCORE score of "D" on a scale of A-F. I am told that I am penalized because I don't have an "installment loan", "mortgage" and a bankruptcy in my history.

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It is also all relative. FICO has a range of 300-850 and Vantage from 501-990. You cannot take your FICO score and apply it to their scale to come up with a A-F ranking. You'd be comparing apples with oranges. Your Vantage score may be higher.

But like fused mentioned, lenders don't use Vantage scores; they use FICO.

[haulingthescoreup]

The Vantage score was created by the three credit bureaus. It is based on info from all three reports, and so there is only one score. It was their attempt to create a counter to FICO scores, but they can't get any lenders to use it, as far as we know. Or I should probably say that doubtless there are individual lenders out there using it, but we've not heard about them or who they are.


eta: Whoops! fused caught this one --I was wrong about there being only one score. From what I understand from their website, there is only one formula, which is then applied to each credit report. So you will probably still wind up with three different scores, unless you are one of the rare souls with identical reports. But there isn't the "EQ hates lates," "TU hates multiple accounts with balances," etc theories that we bounce around here. It will be just Vantage hates whatever, lol.

http://www.vantagescore.com/faqs

Thanks, fused!

Message Edited by haulingthescoreup on 02-05-2009 11:42 AM

[AssistanceRequired]

Thank you all for your comments.  I ran my FICO and then the Advantage and there was a significant difference and I felt defeated.  I will just continue to do what I have been doing based on the information I have been getting from you all and I am sure everything will turn out alright.

Thanks again,

Assistance.

[rom828]

Don't be too discouraged.....your FICO scores are solidly in the "good" range

 There's a lot to be learned from this forum....the help I've received is immeasurable!!  

Keep  a steady course of doing the wise thing fiscally (and FICO-ly....which sometimes takes a little more  thought and planning!) and you'll see your scores moving upward!

Message Edited by rom828 on 02-05-2009 07:39 AM