Vantage 3.0 vs Fico Inquiry point differences

Anonymous · ‎06-18-2019

Its a good thing no one bases scores on Vantage but according to them I had a 12pt drop with 1 HP on TU only. Cap1 card with $4500 CL and 4.5 years open with perfect payment history and clean credit report. Yes I am a thin file but I know my Fico in TU was around 802, as I was getting denial letters from various Lending Tree partners who showed my TU score as 802. I have not pulled a true TU Fico score to see my actually drop in points, but its interesting how Vantage scored it for only 1 HP.

Anonymous · ‎06-18-2019

Per your title it depends on the complete profile. While you're seeing a 12 poiont drop for a HP my recent experiences are only 1 point for a HP. For adding accounts it's about the same +/ - 5 points.

Anonymous · ‎06-20-2019

Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

Anonymous · ‎06-20-2019

@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

Rather than focus on the short term, I might suggest looking at a longer time line before getting too upset and you'll see the silver lining. Consider that 12 months from now if you don't apply for any more credit that your scores will likely be in the 820-830 range as the inquiry and new account penalty will be gone, your $2700 SL could very well grow to $10k+ and you could request and likely have that APR lowered by 5%+ by that time. No bubbles, no troubles.

FireMedic1 · ‎06-21-2019

Also remember it wasn't just 1 inq that did the drop. New account, drop in AAoA, AoYA, and so on. Like the guys said. You'll rebound. Congrats on the approval 👍

KJinNC · ‎06-21-2019

Bear in mind that scores aren't the point. The point is qualifying for what you want to qualify for.

If, as your sig implies, you have great scores but in effect are treated like you are merely in the "good credit" range due to a thin file, the way to solve that isn't by preserving your scores, it's by rounding out your credit profile.

A short-term loss of score points is worth it if it ultimately results in qualifying for stuff you want more easily. From what I have read (not that I would know from personal experience), anything above 750 or even sometimes 720 has little effect on qualification, and is simply padding.

I think it'll work out fine. JMO, good luck!

FICO Resilience Index: 64. Cards: 5/24, 2/12, 2/6. Accounts including loans: 8/24, 4/12, 3/6. Card CLs total $213,900, or $240,400 including the AU card. Cards (oldest to newest)

Authorized user / Corporate / Auto loans / Personal loan

Anonymous · ‎06-21-2019

@FireMedic1 wrote:
Also remember it wasn't just 1 inq that did the drop. New account, drop in AAoA, AoYA, and so on. Like the guys said. You'll rebound. Congrats on the approval 👍

I dont think that's how it works with an inquiry, which would have been based for an approval or denial since the account is not even on my credit profile yet, I will take another hit when it shows up on my account for AAoA, AoYA. Us Banker stated that my credit profile wont show up on my report for 30 days. 17 pts is from the Inquiry itself since there is a 1 day difference when I applied and the Inquiry was generated on my report. I read somewhere that Discover might show up quicker on the report and I wont be applying for new credit until July, so I will be keeping an eye on the Experain score, when Discover does show up.

Anonymous · ‎06-21-2019

@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.

I wonder what the algorithm is using to decide who gets more points deducted for an inquiry.

I never had a credit card before this past December, and Citi pulled both Equifax and Experian to approve me for a Costco Anywhere Visa with $6500 cl. EQ 8 was at 750, EX 8 at 748 at that time due to letting the only account on my file - an SSL - age to 1year. (Also paid down to 8.47%, which helped a lot with the total FICO 8 +62pt gain on all 3B F8 scores.)

EQ inquiry cost 20 points. EX cost 19 points. I guess it makes sense for someone whose entire credit history was 1year old at the time.

Anonymous · ‎06-21-2019

@Anonymous wrote:
@Anonymous wrote:
Well I spoke too soon and have to say I had a 17 pt drop off from 1 credit inqury on my Experian report, which is worse than Vantage. I have say getting 25% APR and a $2700 SL from Discover for this 17 pt drop is pretty much BS, its laughable that I took such a hit, and Im guessing Ill take another hit when the account shows up on my credit report, gotta love Fico.
I wonder what the algorithm is using to decide who gets more points deducted for an inquiry.

I never had a credit card before this past December, and Citi pulled both Equifax and Experian to approve me for a Costco Anywhere Visa with $6500 cl. EQ 8 was at 750, EX 8 at 748 at that time due to letting the only account on my file - an SSL - age to 1year. (Also paid down to 8.47%, which helped a lot with the total FICO 8 +62pt gain on all 3B F8 scores.)

EQ inquiry cost 20 points. EX cost 19 points. I guess it makes sense for someone whose entire credit history was 1year old at the time.

So you had a year on 1 card only and you had that drop vs my credit history which is 4.5 yrs old based on a pretty much prefect report but only with 1 card also. I know others say dont worry, but my fico will be dopping again once my 2 accounts hit my credit profile, I still have 4 more cards to apply for too. That sounds bad but once Im done, each will only have 2 inquires per EX EQ TU and Ill be done and in the garden. Ill be keeping track of my fico movenment along the way

Anonymous · ‎06-21-2019

@Anonymous wrote:
So you had a year on 1 card only and you had that drop vs my credit history which is 4.5 yrs old based on a pretty much prefect report but only with 1 card also. I know others say dont worry, but my fico will be dopping again once my 2 accounts hit my credit profile, I still have 4 more cards to apply for too. That sounds bad but once Im done, each will only have 2 inquires per EX EQ TU and Ill be done and in the garden. Ill be keeping track of my fico movenment along the way

I had a year on a 'credit builder' / Share Secured Loan (SSL). There were no revolving accounts on my file at the time I apped with Citi.

I'm sure Citi probably SP'd TU too. Even though I was approved for my very first card ever from my credit union just a few days prior, to Citi it looked like theirs would be my first card.

Maybe the high inquiry penalty is all about the number of cards. 1 in your case, 0 in mine.