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msburton-welch
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Subject: Vantage Score?
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Thu May 15, 2008 12:10 am
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| What is the difference between a Vantage score and a FICO score. My Vantage score is 680 is that bad? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3733
3 Magic Points
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Thu May 15, 2008 1:28 am
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I am not sure what a vantage score is, have never heard of it before.
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Goodnatured,
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carol
Joined: 27 Jun 2006
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Posts: 1308
28489 Magic Points
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Thu May 15, 2008 6:56 am
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Hi msburton-welch
Vantage Score is new credit score model prepared by the three major CRAs (Equifax, Experian and TransUnion ) to provide a consistent and predictive score for more people. This score will for the first time provide a consistent algorithm across the three CRAs and will be based on a 24-month review of a consumer's credit file. This Score uses the numerical range of 501 to 990 to represent the credit score of the borrowers, - higher score representing lower likelihood of risk and hence more creditworthiness.
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Justin
Joined: 17 Jul 2006
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Posts: 1093
25288 Magic Points
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Thu May 15, 2008 7:14 am
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Hi msburton-welch
The major respect in which vantage score differs from FICO score is that Vantage Score is based on six variables (payment history, utilization, balances, depth of credit, recent credit and available credit) while FICO score is based on five variables (payment history, length of credit history, amounts owed, types of credit uses, and new credit). Moreover Vantage score offers a highly predictive and consistent interpretation of consumer's credit files across the three CRA's. According to Vantage Score, a score of 901 to 990 is an "A" grade score, 801 to 900 is a "B" grade score, 701 to 800 is a "C" grade score, 601 to 700 is a "D" grade score and finally a score of 501 to 600 is an "F” grade score.
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All the Best 
Justin |
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1343
162 Magic Points
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Subject: scores
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Thu May 15, 2008 10:40 am
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| Ya know...that doesn't seem 'fair' ( and I know ALOT of credit scoring isn't). You can have the most WONDERFUL people, seperated, divorced, windowed, etc. and falling behind in bills...trying to deal with them, like everyone else. A piece of paper ( or a 'Score' in this matter, is SUPPOSELY telling somone what kind of person you are? |
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Morningstar
Joined: 17 Apr 2007
Morningstar's page
Posts: 601
11 Magic Points
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Fri May 16, 2008 2:00 pm
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If credit reports/scoring are not fair, perhaps you can come up with a way to lend money to people that doesn't take into account a person's race, gender, age (because these are prohibited by law). Test it by loaning out all of your money...if it works, you should end up quite wealthy in a few years. If it doesn't, well, at least you were fair, right?
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I don't dream since I quit sleeping |
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CMBV22
Joined: 08 May 2008
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Posts: 382
4309 Magic Points
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Sat May 17, 2008 10:43 am
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You have to understand that companys can't afford to take chances on peoples credit anymore than you can take a chance on the really friendly looking hitchhicker carrying an ax..... As flawed as the credit system is we NEED it. Look at what all of those Sub prime loans did to out economy. Not that the banks gave the loans to these ppl to be fair but, they did give big loans to ppl who had poor credit and well, the rest is history.
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Pesonalized credit repair advice in the forum:
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1343
162 Magic Points
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Subject: credit
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Sat May 17, 2008 11:30 pm
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| Yea............this is understandable. Banks and Credit Unions take chances. If the person can't pay it back OR just fails to sends anymore payments, well.........i guess 'you' can do so much. THAT just means you wouldn't want to take a chance on 'these' people anymore ( speaking with 'personal experience', too) If I loaned someone money, and they din't pay me back and I din't hear from them in a long time, i would be 'cautious', too. And, no,.....I DON'T think i would loan money to a " hitchhiker with an ax." LOL.......even if he DID have PERFECT credit. LOL |
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fireyone
Joined: 26 Feb 2008
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Posts: 4121
1011 Magic Points
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Sun May 18, 2008 11:45 pm
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| All good points but I think that credit reports save us all in the long run. If they just lent to anyone and people didn't pay..we would all pay for it in the end with higher prices and interest rates. I know life puts good people in bad situations but eventually the good people work it all out and get back on track. Whoever said life was easy? |
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Justin
Joined: 17 Jul 2006
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Posts: 1093
25288 Magic Points
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Mon May 19, 2008 5:35 am
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I do agree with fireyone. Credit reports give us a view of the borrowers credit history which shows how much the person is eligible for the loan and his capability of repaying the loan. If lenders lend money to anybody even to people who are not capable of repaying, the economy would end up with high inflation rates. So I think that lending should always be made after taking into account the person's credit report.
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All the Best
Justin |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Mon May 19, 2008 6:02 am
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LOL, I was refering to giving the hitchhiker with an ax a ride.....I'm pretty sure if I gave him money I'd consider it a robbery! ANyway, one thing I do dislike about the credit system is the way my car insurance company whom I have had for 8 years and never had a ticket or accident can raise my rates b/c I had a bump in my credit as a teenager! What does that have to do with my driving!
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Free sample letters,
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Pesonalized credit repair advice in the forum:
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http://homecreditrepair.hqforums.net/ |
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sdchargers_63
Joined: 13 Aug 2007
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Posts: 1343
162 Magic Points
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Subject: cr
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Thu May 22, 2008 2:43 am
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| WHAT!! REALLY?? Your car insurance went up because of your credit? WOW!! Do car insurance companies check your credit? I thought they just checked your driving record. That's news to me. Actually......my car insurance actually went down, again. I have Nationwide. |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Thu May 22, 2008 8:19 am
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Yeah, thats why they cant give you a proper quote without your SS#
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Thu May 22, 2008 10:17 am
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It is really sad if the insurance companies pull up the credit report to determine car insurance rates. I too don't find any reason of linking insurance rates with credit report. These two are totally different issues altogether.
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Carol |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4309 Magic Points
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Thu May 22, 2008 9:15 pm
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When I got married and went to start my own Allstate policy after being on one with my father for 6 years with no accidents or late payments. They told me that my rates would triple and I would have to give a downpayment. When I asked why I was told that my husband and I were considered a high risk b/c of our combined credit score. I called every large company and was told they do the same thing.
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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