FICO Equifax question

[Horseshoez]

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@Barkius wrote:

I still don't understand why people are deeming vantage scores as irrelevant. Synchrony uses vantage 4 and pretty much every single consumer credit portal gives vantage scores. So if you tell people to disregard vantage scores, number one they're not going to do well with synchrony and, number two, most people will simply leave to find someone who will actually address their questions.

The old concept of vantage being a fako score is a bit antiquated in my opinion. Vantage is relevant because it's what people see, It's cheap to update therefore it's frequently updated and hence if you dismiss all of them for caring about it then you're going to be disregarding a lot of questions and concerns from a major segment of consumers.

It's fine to educate people on the differences but to say "well I'm not going to answer your question because you're referencing a vantage score rather than a FICO score and most lenders don't use Vantage scores" It's just going to make people go somewhere else. It's simply not helpful.

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Vantage scores from the most commonly used web sites which provide "Free" scores are Vantage 3.0.  Given that scoring model is basically not used  by any underwriter it is irrelevant, hence, it should be ignored.  Regarding Synchrony, they use Vantage 4.0, a score which, with few exceptions, is not available to the general public.

I maintain Vantage = FAKO.

[FlaDude]

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@Barkius wrote:

I still don't understand why people are deeming vantage scores as irrelevant. Synchrony uses vantage 4 and pretty much every single consumer credit portal gives vantage scores.

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I agree that Vantage 4 scores are starting to gain some traction, and with the expected changes with Fannie Mae and Freddy Mac using Vantage 4 scores for mortgages, they will become more important. The fact still stands that even though the various portals show Vantage 3 scores, those scores have little to no bearing on one's ability to get credit. My understanding is that the portals use Vantage because it is cheaper for them, but I think they do a disservice to the public which often doesn't realize that the scores presented are only a rough gauge of their FICO scores, which is what the lenders are looking at.

CK and other portals are great for monitoring credit files to see what changes are happening and watch for incorrect info, but the scores don't mean much. Hopefully the portals will start upgrading to Vantage 4 as that score gains relevance. 

[FicoMike0]

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@Barkius wrote:

I still don't understand why people are deeming vantage scores as irrelevant. Synchrony uses vantage 4 and pretty much every single consumer credit portal gives vantage scores. So if you tell people to disregard vantage scores, number one they're not going to do well with synchrony and, number two, most people will simply leave to find someone who will actually address their questions.

it's a self fulfilling prophecy. We don't care about vantage because we think it doesn't matter. Since we don't care, we don't put out The effort to know about it. We can't tell you what we don't know.

The old concept of vantage being a fako score is a bit antiquated in my opinion. Vantage is relevant because it's what people see, It's cheap to update therefore it's frequently updated and hence if you dismiss all of them for caring about it then you're going to be disregarding a lot of questions and concerns from a major segment of consumers.

the fact people see vantage on ck doesn't make it relevant. Seeing that your approval is based on it does. Right now, that's only sync. One of 100. We mostly worry about the 99.

It's fine to educate people on the differences but to say "well I'm not going to answer your question because you're referencing a vantage score rather than a FICO score and most lenders don't use Vantage scores" It's just going to make people go somewhere else. It's simply not helpful.

I have learned one thing about v3. They do not count closed accounts in age calculations, fico does.

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[AyaMai]

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@FicoMike0 wrote:

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@Barkius wrote:

I still don't understand why people are deeming vantage scores as irrelevant. Synchrony uses vantage 4 and pretty much every single consumer credit portal gives vantage scores. So if you tell people to disregard vantage scores, number one they're not going to do well with synchrony and, number two, most people will simply leave to find someone who will actually address their questions.

it's a self fulfilling prophecy. We don't care about vantage because we think it doesn't matter. Since we don't care, we don't put out The effort to know about it. We can't tell you what we don't know.

The old concept of vantage being a fako score is a bit antiquated in my opinion. Vantage is relevant because it's what people see, It's cheap to update therefore it's frequently updated and hence if you dismiss all of them for caring about it then you're going to be disregarding a lot of questions and concerns from a major segment of consumers.

the fact people see vantage on ck doesn't make it relevant. Seeing that your approval is based on it does. Right now, that's only sync. One of 100. We mostly worry about the 99.

It's fine to educate people on the differences but to say "well I'm not going to answer your question because you're referencing a vantage score rather than a FICO score and most lenders don't use Vantage scores" It's just going to make people go somewhere else. It's simply not helpful.

I have learned one thing about v3. They do not count closed accounts in age calculations, fico does.

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The members are here to help you, my advice for you is to listen to them, you are not obligated to agree with them, at the end of the day you will learn something even a fraction of the reponses to your post or others.  I appreciate the members who took the time to respond to my posts, very thankful, steered me to think differently when it comes using cards on a daily basis. Not every memebers has the same personality when it comes to their responses to a post, to me it would be boring.