Vantage VS FICO
Did you know that there are different score models other than just FICO? Vantage Score is the first credit scoring model that was created by the credit bureaus which created a radical change in the score range. With a system so out of the norm, industries never accepted the model, and continued with FICO 08 or older. It is always important to use a credit-monitoring site consistent with what lenders may pull.
How Vantage Scores Their Consumers
To be honest, Vantage Score is a mess, and changes the entire credit scoring range completely. In fact, if you have a 700 credit score with Vantage Score you are now classified as having a poor credit score, This particular scoring system ranges from 501-990, and is often avoided by most lenders and used only by the bureau’s and other bureau owned monitoring sites such as True Credit. Vantage Scores credit range is so far different from FICO’s scoring model, and changes the entire credit scoring range completely.
Why FICO Works
In 2009 the FICO released their updated score model FICO 08 which lenders took especially keen too. As most score models hail from Fair Isaac, when the FICO 08 was released in 2009 the bureaus felt the need to claim their piece of the pie and created Vantage Scores. With FICO still as the top dog, you’ll most likely see Fair Isaac’s scoring model on a monitoring service like Credit Keeper, and your scores will appear as the normal and familiar ranges from 350-850, and once again your 700 credit score will place you back to good credit.
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