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Credit Score: Do places really use VantageScore over FICO?

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Credit Score: Do places really use VantageScore over FICO?

Old 09-15-08, 12:56 PM
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Credit Score: Do places really use VantageScore over FICO?

Just got my free annual credit report from Experian (I kinda spread them out, one every four months) and, curious about my credit score, I bought the VantageScore from them for 5.95.

Of course, I didn't realize at the time that this is NOT my FICO score, but a new system that the three bureaus cooked up. The scale is also completely different, although the thinking is that because the VantageScore scale tops out at 990 and FICO at 850, multiplying by .86 gives you a rough equivalent.

With the housing market out here (SoCal) the way it is, I'm not getting a mortgage anytime soon anyway, but I was curious if any companies actually use Vantagescore over FICO, or if in the future I should just stick to getting FICO scores from myfico.com...
Old 09-15-08, 12:58 PM
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so is there any way to get one's real credit score for free these days? you'd think that would be a certain right of the people, but since the credit industry does whatever it wants....I'm not surprised.
Old 09-15-08, 01:15 PM
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I think the class action lawsuit described in this thread:

http://forum.dvdtalk.com/showthread....light=experian

allows this, though I haven't registered for it yet. Otherwise, you pretty much either have to have a credit card that does this for free as a service, or buy the score (15 bucks for each of the three, I think).
Old 09-15-08, 01:52 PM
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So what's considered a bad score, average score, excellent score. We just got ours done and we think it's decent but not sure.
Old 09-15-08, 03:11 PM
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Originally Posted by ElementZ View Post
So what's considered a bad score, average score, excellent score. We just got ours done and we think it's decent but not sure.
On the FICO scale, 700 is the average or the median. Under 600 is considered high risk. Most people's scores are in the 600s or 700s.
Old 09-15-08, 04:09 PM
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If I am not mistaken all 3 credit agencies will give you one free credit report a year. Anymore after that and you have to pay for them.
Old 09-15-08, 04:16 PM
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Originally Posted by Fatman View Post
If I am not mistaken all 3 credit agencies will give you one free credit report a year. Anymore after that and you have to pay for them.
report is one thing. score you have to pay for.
Old 09-15-08, 04:29 PM
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Originally Posted by ElementZ View Post
So what's considered a bad score, average score, excellent score. We just got ours done and we think it's decent but not sure.

Bad 600 and below, average 600-750, good 750+ ?
Old 09-15-08, 05:22 PM
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http://www.creditkarma.com gives you a free score once per month, supported by target advertising on the site (no spam that I've seen). It's not your FICO score, but supposedly uses many of the same variables.
Old 09-15-08, 10:37 PM
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I paid FreeCreditReport.Com $100-or-so over the past couple years. They had me believing that my credit score was 710. My real (Fico) credit score was 640. This left for some akwardness when I bickered with a car salesmen when I cosigned for my sister's car. I thought it was typical sketchy car salesmen stuff, and insisted that my score was around 700 and I deserved a better rate - and they were using some bullshit system that makes my score appear lower than it actually is.

If you want to know your score, just pay Fico. Otherwise, you're not getting your real score. If you're not using Fico, you might as well show your report to me, and I can be like, "well, that's about a dun 680 ... yea ... a 680". That'll be $5, please. That's pretty much what you pay for anywhere outside of Fico.
Old 09-15-08, 10:41 PM
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Originally Posted by superdeluxe View Post
Bad 600 and below, average 600-750, good 750+ ?
I was told (by Volkswagen) that right around 700 is what you get those "low APR" car deals and stuff like that.
Old 09-15-08, 11:09 PM
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Originally Posted by troystiffler View Post
I paid FreeCreditReport.Com $100-or-so over the past couple years. They had me believing that my credit score was 710. My real (Fico) credit score was 640. This left for some akwardness when I bickered with a car salesmen when I cosigned for my sister's car. I thought it was typical sketchy car salesmen stuff, and insisted that my score was around 700 and I deserved a better rate - and they were using some bullshit system that makes my score appear lower than it actually is.

If you want to know your score, just pay Fico. Otherwise, you're not getting your real score. If you're not using Fico, you might as well show your report to me, and I can be like, "well, that's about a dun 680 ... yea ... a 680". That'll be $5, please. That's pretty much what you pay for anywhere outside of Fico.
I've never used freecreditreport.com but it's quite possible that their 710 score was just as "real" a FICO score as the 640 one the car salesman mentioned. Scores can be different depending on what type of credit you're applying for and what bureau you go through.
Old 09-16-08, 10:13 AM
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Originally Posted by stevevt View Post
http://www.creditkarma.com gives you a free score once per month, supported by target advertising on the site (no spam that I've seen). It's not your FICO score, but supposedly uses many of the same variables.
I tried it but get an error when registering:

"
Alert!

Your personal information could not be validated. Please verify that it is correct."

For some reason, it doesn't like my address. I've entered it every way I can think of.
Old 09-16-08, 01:17 PM
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Originally Posted by WallyOPD View Post
I've never used freecreditreport.com but it's quite possible that their 710 score was just as "real" a FICO score as the 640 one the car salesman mentioned. Scores can be different depending on what type of credit you're applying for and what bureau you go through.
I believe the only place that gives out real FICO scores is myFico. Most if not all other places give out what people call "FAKO" scores which are based on the same things that FICO are calculated by. The VantagePoint ones that I mentioned in the OP are actually scores done by the credit reporting agencies directly, but it doesn't matter much if most loan agencies still use FICO instead, which is why I asked the original question.

The "FAKO" scores are still useful. You only really need your real FICO score if you're going to get a loan for something... otherwise, a change in your "FAKO" score should still be a good indicator if some kind of identity theft or something else is going wrong. I believe actually getting your credit scores directly from myFico regularly is pretty expensive...
Old 09-16-08, 03:35 PM
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why would you want to check your credit score regularly? i can understand you want to protect yourself from identity thieves, but that's an expensive and ineffective way to do it.

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