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anonymous..
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Post subject: Vantage score difference.... |
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| i am a credit counselor and am always paying attention to my credit. it isn't perfect, but my experian score has never dropped below 725. i just checked my vantage score, and it was 686...putting me in the "D" range. this somehow does not seem equivalent. i was told that there MAY be "one or more inquiries affecting [my] score". their analysis of the score did not seem to be very helpful. thus far, i can safely say i am skeptical of the new system! |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.81 Dollars($)
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Yeah that's worrying many of us. The new letter value assigned to our credit reports may lead for a lesser chance in getting acceptable rates on the loans.
This new letter system ranges in 100 points differences between each letter. ("A" = 901 - 990, 'F' = 501 - 600 etc.)
This difference is huge in judging an application for credit. Based on the previous system, if you had a score of 720 and above you would be eligible for great rate and even you could qualify for good rate with a score 718. Now there is little room for interpretation when you are approved or denied on a letter grade.
I don't know how the lenders will judge the system but the approval system should be changed with this new scoring system. Otherwise it may create problems for us. Let's see how it works as it is too early to comment more.
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Lets help each other. Try my blog |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1597
Location: MASSACHUSETTS
148.36 Dollars($)
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Post subject: introduced to consumers |
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The three credit bureaus started offering the new Vantage scoring system to the lenders in March. According to them many lenders are experimenting but none has used it exclusively so far to make credit decisions.
This week Experian was the first to sell the Vantage Score to the consumers. Consumers can check this new score online by paying $5.95 but unless the lenders start using this score to make credit decisions it won't have much value.
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Know how to compare lenders with mortgage booklet |
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Glenn
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Post subject: The Vantage score system is inept. Stay with the Fico |
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| My fico scores range about 640. My vantage scores range about 595. If a lender used my vantage score i would be an "f" If lenders used my Fico I am considered good credit. The vantage score system is tramatic for the consumer. This system does not work. Pray the creditors do not adapt this inept system so the three cra' can profit for nothing. |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
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Welcome Glenn
I don't think so. The best thing about vantage score is that it's uniform, whether you approach equifax or experian, there's just one score.
Otherwise you simply get consued when all CRAs give you different score and some lenders say "you can get the loan" and another says "you don't get it". That's terrible and then you can't decide.
Well, i can't really do so much of thinking when i have to choose a loan; better get one score which is approved by all and just go for the credit or loan.
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Procrastination is the enemy of your financial sucess |
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anonymous1
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Post subject: "Fair"? Isaac? |
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I had a similar bad experience, when transunion switched to Vantage, my credit score went from 789 to 760, an almost 30 point drop, that moves me into the C range, basically moving me from a very good score FICO to an average vantage score.
Vantage looks more like a "Fair" Isaac marketing ploy to get lenders to buy into it by lowering scores all across the board and allowing lenders to justify charging higher interest at the expense of the borrowers. |
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jbarto65
Joined: 04 Nov 2007
Posts: 625
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| Thank you for another great post, puts it in perspective, big reality check for me. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 281
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| I agree there jbarto. I love these kinds of posts. Really useful info. |
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jbarto65
Joined: 04 Nov 2007
Posts: 625
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| I like it when the more experienced posters put something out there that we can really use, this is a great example of that. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 281
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| You are right on that. When I came her I didn't know Jack from Jill. Been slowly learning. |
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jbarto65
Joined: 04 Nov 2007
Posts: 625
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| I just pulled this article the other day for a young person that needed some advice. I find so many things on this site so useful. thank you again for such a good article. |
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fireyone_02
Joined: 20 Mar 2008
Posts: 281
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| What kind of work do you do? Sounds like you work with people alot. |
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WTF
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Post subject: vantage scores |
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| I just received my vantage score of 690 three weeks ago and then applied to chase bank to refi. they used my fico score which I then found out I have three, 616, 602 and 602. the bank didn't even know what a vantage score was or didn't care and only use the lowest score. I then qualified for an FHA loan which the loan officer informed me had a lower interest rate than a conventional loan. Just one question, does anything really mean anything anymore? |
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Although Vantage score has been developed by the three credit bureaus, it is still not in use and so the financial institutions refer to your FICO score. Chase has not considered your lowest score, in fact they have considered your middle score and your middle score is 602 which is also your lowest score.
| Quote: | | Just one question, does anything really mean anything anymore |
- can u tell me what do you mean by this? |
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