VantageScore question

[jakeg1086]

Which credit card companies use this scoring model? On CK it says that the scoring model is used by 5 of the top credit card issuers...anyone know which ones?

[taxi818]

---

@jakeg1086 wrote:

Which credit card companies use this scoring model? On CK it says that the scoring model is used by 5 of the top credit card issuers...anyone know which ones?

---

Don't believe the hype. No one uses it. Maybe in japan. 

[trumpet-205]

---

@taxi818 wrote:

Don't believe the hype. No one uses it. Maybe in japan. 

---

Chase use combination of Vantage, a version of FICO, and its internal score.

There are lenders who use VantageScore. They are cheaper than more expensive FICO.

[taxi818]

Yes. Which top 5 credit card issuers? As he stated. It's a mystery. I never a lender as far as credit card say I used your vantage  score. Maybe some other category.   Even chase told me fico score. 

[longtimelurker]

---

@trumpet-205 wrote:

---

@taxi818 wrote:

Don't believe the hype. No one uses it. Maybe in japan. 

---

Chase use combination of Vantage, a version of FICO, and its internal score.

There are lenders who use VantageScore.

---

Yes, and it also depends what "uses" means.  If you look at their site:

http://www.vantagescore.com/who-uses-our-model

you can see that many of the top lenders "use" it, which can mean anything from "We base 100% of our decisions on it" to "If we are unsure, this is the 50th score we look at"

[trumpet-205]

---

@longtimelurker wrote:

Yes, and it also depends what "uses" means.  If you look at their site:

http://www.vantagescore.com/who-uses-our-model

you can see that many of the top lenders "use" it, which can mean anything from "We base 100% of our decisions on it" to "If we are unsure, this is the 50th score we look at"

---

Couple things to take note,

* No lenders go by credit score alone. In fact credit score takes lesser part in credit decision than what people were told.

* Many lenders use multiple credit scoring models.

* Although CARD Act requires disclosure of a credit score when it is used as a reason why you are not getting the best term, it does NOT mandate that disclosed score be the actual one used in credit decision.

[taxi818]

Yes it is known no one uses score alone. But you can be sure vantage is not primary reason. As I have never seen same vantage score twice. Ie. quizzes says vantage 1 score. Credit.com says something else. All on same day. Really? So I guess each bureau that uses it also has different vantage scores? 

[longtimelurker]

---

@taxi818 wrote:

Yes it is known no one uses score alone. But you can be sure vantage is not primary reason. As I have never seen same vantage score twice. Ie. quizzes says vantage 1 score. Credit.com says something else. All on same day. Really? So I guess each bureau that uses it also has different vantage scores? 

---

Yes, just like FICO!   The score is just a calculation based on the data held by that CRA, so the scores will vary in the same way that FICO 08 from EQ isn't usually the same as FICO 08 from EX.

[Revelate]

---

@longtimelurker wrote:

---

@taxi818 wrote:

Yes it is known no one uses score alone. But you can be sure vantage is not primary reason. As I have never seen same vantage score twice. Ie. quizzes says vantage 1 score. Credit.com says something else. All on same day. Really? So I guess each bureau that uses it also has different vantage scores? 

---

Yes, just like FICO!   The score is just a calculation based on the data held by that CRA, so the scores will vary in the same way that FICO 08 from EQ isn't usually the same as FICO 08 from EX.

---

To my knowledge it is the same algorithm unlike the tweaks which have been done to FICO algorithms historically by the CRA's; however, credit.com pulls EX I believe, and Quizzle is Equifax and as such they won't likely match as there are almost always subtle differences in the dataset held by each bureau.

Also there are two different versions of VS, 2.0 and 3.0 which are both in use today.  

In any event it is used by Chase historically on many of their Freedom applications, my own was underwritten on VS 2.0 a year and a half ago.