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Vantagescore Vs. FICO Credit Scores

Friday, April 15, 2011 - 3:08 PM
This Kiplinger article has a good overview of VantageScore and how it compares to the well-known FICO credit score:
The most popular, the FICO score, has a range of 300 to 850. The VantageScore -- a newer rating created by the three credit bureaus that some lenders (such as some auto dealers) may use instead of the FICO score -- has a range of 501 to 990 and a letter grade.
1
Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,029
1. Friday, April 15, 2011 - 7:13 PM
Have enough cash so you don't have to be like all these idiots worrying about your credit score.

I have never understood the value of this creit score bull****.   I could care less what my credit is. If I can not pay CASH for something -- I don't need it. 

 

 

I started out with nothing and can remember getting getting paid $1 hr --- I thought I was really something when I got to 40 hrs.   SAVE YOUR MONEY !!!!!!!!!!!   

 

The less you have to deal with banks  - the MUCH better off you will be.

 

Save those pennies -  they really do add up.
4
diamondxdiamondx72 posts since
Jan 19, 2011
Rep Points: 168
2. Friday, April 15, 2011 - 11:05 PM
I agree in principal but don't discount the extent credit scores permeate cash and carry lives.  For instance, do you self-insure auto (boat or homeowner's insurance)?  Probably not.  Starting in 2008 Progressive increased my annual (prepaid) boat premium 15% for three consecutive years.  I had a hard time digesting a rate increase on something that depreciates 5-8% annually without making a single claim.  At the time the agent would only state "something had changed in research."   That explanation stuck in my mind.  It may have been credit code speak but without details and no known credit flaws in 32 years I didn't snap.

After applying for a reward credit card last month I finally discovered the reason when Capital One mailed a credit report as part of their acceptance disclosure.  An erroneous Comcast charge for $185 was never properly credited when disconnecting service in 2007 and remained unchallenged with a 2015 expiration.  It took 30 days to dispute and delete thru Experian but three years of increased insurance rates are unrecoverable - five times the amount of the original ****-up.  Don't underestimate the impact these rating systems can have, even on a "credit-free" lifestyle.
7
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 335
3. Saturday, April 16, 2011 - 12:02 PM
Good info Craig and shocking at the same time. When I arrived in the US about 17 years ago, I almost immediately started to work on my credit history as I didn't have any, which I found out the hard way back then when applying for credit, etc.

Today, I'm ready to take the plunge to apply for a mortgage with a FICO score of over 800 - the fruit of hard labor; not really, just being dilligent about paying bills on time and things like that;-)
4
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 632
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