@gregbowers wrote:Hi everyone,
I am trying to get know; how different credit scoring models, like FICO and VantageScore, affect my credit report and overall creditworthiness. I have noticed that different lenders provide varying scores, and I’m curious about the key differences between these models in terms of how they calculate scores. Additionally, I would like to understand how these differences impact the information presented on my credit report—specifically, whether they weigh certain factors differently.
Next do lenders tend to prefer one model over the other, and how can this influence my ability to secure loans or credit? I’m also interested in the typical score ranges for both models and how this affects my interpretation of my credit health. Checked https://ficoforums.myfico.com/t5/General-rpa-Credit-Topics/bd-p/generalcredit
I’d appreciate any insights or experiences you have regarding these scoring models and their impact on my credit journey.
Thank you!
FICO scores are used by almost all lenders, with a few exceptions.
Vantage scores are so volatile and unpredictable that I do not try to analyze them.
Vantage 3.0 seems to bemore voltaile with month to month raw total balance reported changes and not give as many points back for hard pulls after a year than FICO 8. I opened my most recent account in April and while my total reported balances have increased in the 3 months since, the combination of a lower overal utilization % and the HP for my VX reaching a year have led to my FICO 8 scores mostly rebounding if not exceeding pre new account scores (EQ8 -3, TU8 +7 EX8 +4). Meanwhile my TU and EQ VS 3.0 scores are both -7 over that time frame.
