Why are my Credit Scores Different? FICO vs Vantage A Credit score by a different name


Hi everybody Dave Sullivan here for the Credit
Guy TV, this week I want to talk about Credit Scores and what I believe is the deliberate
confusion about credit scores form the repositories what you need to know about credit scores
is that in the 80’s FICO started to become more widely accepted as a predictor of default
on loan as more people started to use them the repositories saw that FICO was making
a lot on money on their data so what they all did individually was create similar credit
scores in range and Score value to FICO but the problem with that was they could not get
the acceptance in the lending community that FICO was getting so what they decided to do
was come together and form on company and that company is called vantage they are already
on the vantage 2.0 score but the range on FICO is 300 to 850 and the range on Vantage
is 501 to 990 so even if you go to annual credit report dot com you are going to wind
up if you buy a score form there with a vantage score the problem with a vantage score is
you could have a 700 vantage score and wind up with a 500 FICO score and the FICO score
is the one the mortgage lenders are going to use. so there is really no reason to go
out and order your credit score from the annual credit report dot com site I would tell you
to go ahead and get your free credit report and then go to the FICO score estimator and
plug in the information and then you can get an approximation of the FICO score that you
have . I believe that the reason the scoring ranges overlap is to create some confusion
and then take away some of the industry knowledge or desire for FICO by confusing the issue.
so be very careful I get a lot of calls from from clients who have borrowers that said
that they pulled their own credit score and it is in the 800’s and I pulled it and it
is in the 600’s the reason for that is they were getting a vantage score and the mortgage
broker is getting the FICO score so always remember that look at the fine print if your
are a consumer and you go out to try and credit report or if you are a loan officer and some
one calls you and tells you they have a 800 FICO score it is probably not a FICO score
it is more than likely a Vantage score and even so if they tell you that they have all
3 of their scores a consumer it is not a FICO score because there is no way for them to
get it right now even if they went to MYFICO and ordered their FICO scores from there they
can not get all 3 from MYFICO but if the consumer wanted to go out and pay for them that is
where I would tell them to go go to MYFICO dot com and order one of the two that are
available and then you will get a real FICO score all right and that is the only way to
get it. so be very careful Vantage vs FICO there are some differences and this is what
a lot of the confusion is caused by this so I hope that helps so you with a little bit
of me we are going to change the credit industry thank you

8 comments on “Why are my Credit Scores Different? FICO vs Vantage A Credit score by a different name”

  1. Dave Sullivan says:

    thank you Mark

  2. Casey Whittington says:

    What do Credit Card companies use?

  3. Dave Sullivan says:

    They use a version of the FICO score Vantage is used for insurance at this point but they had a giant spreed at the Mortgage Bankers Association Conference…

  4. joshjhutton says:

    Vantage goes from 300-850 now. Closer to what FICO is. But Vantage is free to get while FICO wants you to pay to get your score.

  5. Jimmy Fortenberry says:

    myfico.com i paid for my fico

    There's fico 08 or fico 05. which one are the using

  6. Jimmy Fortenberry says:

    Why do you say fico.com only offers 1 score. i bought all 3 scores from fico

  7. Jimmy Fortenberry says:

    Does anyone use Fico 08 for a comstruction loan.My bank told me the used Trimerged report with Eqifax and middle score

  8. victoria stein says:

    My gratitude goes to Shawn gray for getting my credit score up to 840 after clearing all my credit card debts contact him on WhatsApp +1 (619) 387-7180 his SERVICES ARE FREE NO UPFRONT REQUIRED TO BEGIN he also clears negative bank account statements and loads money into bank accounts don’t miss this opportunity he changed my life in a positive way

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