Vantage vs regular FICO. Chase Credit Card.

[Anonymous]

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@Brian_Earl_Spilner wrote:

They do use them. As a former employee at Chase, I can tell you we pulled them. 2 ficos, 1 vantage. Wish everyone would stop with saying nobody uses them. Even the decline letters will occasionally show the VS pulled.

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I'd be curious to hear your reply to CGID's questions posed above.

Even if that is the case, you're still talking an extremely small percentage of instances where a lender uses them.  I read a ton on this forum and have rarely (if ever) have heard of Chase using Vantage scores for anything other than their Credit Journey feature.  I have not heard of Vantage scores being mentioned in decline letters, but even if that is true there are probably 100x+ examples of FICO scores being used relative to the occasional VS reference.  Anyway, the spare the dead horse from being further beaten, I'll patiently wait for your reply to CGID's post, as I'm sure I'll find it interesting.

[Meanmchine]

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@Anonymous wrote:

No need to worry about Vantage scores, as lenders don't use them.  FICO scores are where it's at.  Pay your Vantage scores no mind.  They can fall to 400 and you shouldn't sweat it.  Continue to monitor your FICO scores and ensure they are on the upswing.

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I agree and disagree with BBS. While it is true that Van 3 scores are not used in credit granters decisions, it would be nice to understand WHY your score drops as this could be an area of concern.

[Anonymous]

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@Meanmchine wrote:

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I agree and disagree with BBS. While it is true that Van 3 scores are not used in credit granters decisions, it would be nice to understand WHY your score drops as this could be an area of concern.

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If you're monitoring your FICO scores, not really IMO.  There are plenty of people on this forum that have reported profile-changing events that have caused FICO score increases while also referencing a dramatic (say, 50-100 point) VS 3.0 drop.  Worrying about that VS drop relative to improved FICO scores at the same time seems like a waste of effort.  If you're talking purely for educational/entertainment purposes, I get it.  I've started threads and chatted it up with members like TT regarding the nuances of ultra low utilization when it comes to VS 3.0, but those chats were just for fun and wouldn't translate to "concern" at all outside of simply trying to understand that lesser used algorithm a bit more.

[Anonymous]

I might be a tad cynical but i have come to believe that sites like Credit Karma offer Vantage type scores in the hopes of getting their site members to get high interest loans and CCs.

Credit Karma was still pushing on me ridiculous cards like Indigo/Gettington etc  when i already had a Chase Slate, Citi Double cash and American Express Cash.

Many fall for this scam.

So i think Vantage is not serious in helping people understand credit.

[Anonymous]

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@Anonymous wrote:

I might be a tad cynical but i have come to believe that sites like Credit Karma offer Vantage type scores in the hopes of getting their site members to get high interest loans and CCs.

Credit Karma was still pushing on me ridiculous cards like Indigo/Gettington etc  when i already had a Chase Slate, Citi Double cash and American Express Cash.

Many fall for this scam.

So i think Vantage is not serious in helping people understand credit.

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Except for the fact that Credit Karma had nothing to do with creating the Vantage Score. Experian, Equifax and TransUnion got together and created the Vantage Score.

Yes, Credit Karma is business that makes money by pushing credit products. But that’s a totally and completely different subject.

[Thomas_Thumb]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

They do use them. As a former employee at Chase, I can tell you we pulled them. 2 ficos, 1 vantage. Wish everyone would stop with saying nobody uses them. Even the decline letters will occasionally show the VS pulled.

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I'd be curious to hear your reply to CGID's questions posed above.

Even if that is the case, you're still talking an extremely small percentage of instances where a lender uses them.  I read a ton on this forum and have rarely (if ever) have heard of Chase using Vantage scores for anything other than their Credit Journey feature.  I have not heard of Vantage scores being mentioned in decline letters, but even if that is true there are probably 100x+ examples of FICO scores being used relative to the occasional VS reference.  

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VantageScores are widely used in marketing campaigns to target prospective customers for credit card solicitations. VS is a useful low cost tool that can be applied to segment demographics. If I managed rental properties I'd use VS for tenant screening as opposed to Fico.

BTW - VS does have a presence in the rental industry.

I advise everyone to check their VantageScores and learn how changes to your pofile affect ALL your credit scores. Frankly,. there is no reason not to check as the scores are free.

Side note: I vaguely recall a post mentioning VS in a decline letter perhaps 2 to 3 months ago in a MyFico thread.

[Anonymous]

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@Thomas_Thumb wrote:

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VantageScores are widely used in marketing campaigns to target prospective customers for credit card solicitations.

Side note: I vaguely recall a post mentioning VS in a decline letter perhaps 2 to 3 months ago in a MyFico thread.

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Marketing campaigns to target prospective customers for soliciations is different than lending decisions, so I think it's worth mentioning the distinction here.

It's completely possible that someone received a VS reference in a decline (or approval) letter, but again over that span of 2-3 months how many hundred FICO score mentions have been made relative to that lone VS reference? 

[Anonymous]

At the very top and bottom of every page on this forum is the slogan ~FICO used in 90% of lending/top lending etc.

So even FICO admits that other scores are used, even if it is only a 1/10 chance.

Someone already said their credit union uses them (Baxter) and I know Carvana uses them. Which btw was the OP’s original question (auto, mortgage etc.). So the statement that no one uses them is incorrect. Is FICO used more frequently and exponential more important.Yes. Can someone ask a Vantage question without the obligatory “I don’t pay attention to them so you should not either”.

I just realized another solution to the OP’s question. Just look at the negative factors listed on your credit report, See if they are accurate. I still think you need to look at your actual report to see what’s driving the score not the other way around. I think you will find your TU & EQ report is different from your EX report and that’s the difference, not necessarily a FICO vs Vantage. There’s something there that you need to get to bottom of imho and not get wrapped up a FICO vs Vantage debate.

[FlaDude]

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@Anonymous wrote:

I might be a tad cynical but i have come to believe that sites like Credit Karma offer Vantage type scores in the hopes of getting their site members to get high interest loans and CCs.

Credit Karma was still pushing on me ridiculous cards like Indigo/Gettington etc  when i already had a Chase Slate, Citi Double cash and American Express Cash.

Many fall for this scam.

So i think Vantage is not serious in helping people understand credit.

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CK will push whatever they make money on, which doesn't mean all of the offers are bad for customers. I've gotten a couple of consolidation loans at around 6% through them.

[Anonymous]

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@Anonymous wrote:

At the very top and bottom of every page on this forum is the slogan ~FICO used in 90% of lending/top lending etc.

So even FICO admits that other scores are used, even if it is only a 1/10 chance.

Someone already said their credit union uses them (Baxter) and I know Carvana uses them. Which btw was the OP’s original question (auto, mortgage etc.). So the statement that no one uses them is incorrect.

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I think that 90% number is extremely conservative.  In fact, I'd say that even 99% is conservative.  Are there lenders that use VS?  Sure, but again, it is extremely rare relative to FICO.  I think a best practice would be to generally not worry about Vantage Scores, unless you know that a potential lender actually uses them.