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VantageScore claims usefulness

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HiLine
Blogger

VantageScore claims usefulness

From https://blog.creditkarma.com/credit-karma/credit-karma-is-transitioning-to-the-vantagescore-3-0-scor...

 

"VantageScore Solutions reports that the majority of financial institutions, including eight of the top ten credit card issuers, six of the top ten auto lenders and all of five of the top mortgage lenders, use VantageScore to evaluate borrower creditworthiness."

 

Obviously these lenders use FICO scores as well. How do they use VantageScore scores and FICO scores differently? Cat Frustrated

Message 1 of 23
22 REPLIES 22
Anonymous
Not applicable

Re: VantageScore claims usefulness

This is good news for me! My V3 scores are much higher than FICO.
Message 2 of 23
Anonymous
Not applicable

Re: VantageScore claims usefulness


@Anonymous wrote:
This is good news for me! My V3 scores are much higher than FICO.

It would be good news if it were believable.

Message 3 of 23
tonyjones
Valued Contributor

Re: VantageScore claims usefulness


@Anonymous wrote:

@Anonymous wrote:
This is good news for me! My V3 scores are much higher than FICO.

It would be good news if it were believable.


 

 

x2, nobody uses VantageScore except consumers LOL

Current Fico Scores: (December 2023)
Message 4 of 23
joshall
Contributor

Re: VantageScore claims usefulness

Only customers are using Vantage Score.

 

My VantageScore3 is 70 points lower than my FICO.

Message 5 of 23
tonyjones
Valued Contributor

Re: VantageScore claims usefulness


@joshall wrote:

Only customers are using Vantage Score.

 

My VantageScore3 is 70 points lower than my FICO.


Mine is around 80, lol

Current Fico Scores: (December 2023)
Message 6 of 23
joshall
Contributor

Re: VantageScore claims usefulness

That is a relief to many people (who don't subscribe to MyFico here).

 

 

Message 7 of 23
Anonymous
Not applicable

Re: VantageScore claims usefulness

I have yet to read one of these articles that actually names the lenders that are using Vantagescore.

Message 8 of 23
EW800
Valued Contributor

Re: VantageScore claims usefulness

I wish lenders would use ONLY Vantage 3.0!  My Vantage 3.0 scores are 798-803 - waaaaay higher than my FICO scores!  Smiley Happy

 

It seems that the Vantage scoring model is rewarding me much more favorably for all the work over the past couple of years, or is more forgiving of the past issues - or likely a combination of both.  

 

 

 

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
April 2023: EX8: 840; EQ8: 832; TU8: 842 -- Middle Mortgage Score: 822
In My Wallet: Discover $73.7K; Cap1 Venture $48.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $22.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $21K; US Bank $4K; Dell $5K; Care Credit $6.5K. Total Revolving CL: $296K
My UTIL: Less than 1% - Only allow about $10 a month to report, on one account. .
Message 9 of 23
gdale6
Moderator Emeritus

Re: VantageScore claims usefulness

Message 10 of 23
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