Archive for the ‘Vantage Score’ Category

Newer Entries »

What’s a good vantagescore?

November 13th, 2006 by Adam | No Comments | Filed in Credit Score, Vantage Score

Why Do You Want To Check Your Free Credit Scores?

Check the Situation That Best Applies to You And Then Click the Button Below to See Your 3 Credit Scores Absolutely Free

I want my 3 free credit scores from Experian, Equifax, Transunion that the government does not provide free

I want to apply for a credit card and get a low APR

I am preparing for a major purchase (home, auto, boat) and want to make sure I get the best loan rate I qualify for

Just curious where my credit stands against the average American credit scores

check 3 free credit scores

(Click the button above to see your 3 free credit scores)

Dear David: A few months ago, you wrote that the nation’s
three biggest credit bureaus had introduced a new type of credit score
called “VantageScore.” I just ordered a copy of my report from one of
the bureaus and learned that my VantageScore is 820. Is that pretty
good?

Dear Reader: The new scoring system ranges from a low of 501 to a high of 990.

Consumers
who score in the 901 to 990 range are considered “super prime” and
generally are entitled to the lowest rates on mortgages, credit cards
and the like. Your score of 820 falls between 801 and 900, which makes
you “prime plus”: You probably won’t get the very best loan rates, but
you should get a better deal than those who score in the 701 to 800
“prime” range.

Those who score in the 601 to 700 range are
considered “non-prime” and should expect to pay a higher rate or extra
fees. Finally, those in the 501 to 600 range are considered high-risk
and must usually pay the highest rates — if they can qualify for a
mortgage at all.

DAVID MYERS: Look at 3 factors when considering refinancing

Detroit Free Press,?United States?- Sep 10, 2006

… Dear David: A few months ago, you wrote that the nation’s three biggest credit bureaus had introduced a new type of credit score called “VantageScore.” I just …

technorati tags:,

FICO’s domination of credit scoring under siege by Vantage Scores

September 26th, 2006 by Adam | No Comments | Filed in Credit Score, FICO Score, Vantage Score

Hey all-

This article talks about how your FICO score is the Kleenex of credit scoring and how a new upandcomer is set out to take away some of their market share.

This new player is a joint venture between the three major credit reporting agencies. It’s called a VantageScore.Â

“Its
ambition is to produce a credit score that is more predictive and
consistent than that available from FICO, and over time to whittle away
at FICO’s very large and very profitable share of the market. The
company will not only produce a better product, according to Mr. Burns,
but it will be cheaper to lenders.”

Now here’s the key point of why it’s being introduced:

“The fees charged to lenders will be lower, but the real selling point is the greater predictability of the score. That means fewer delinquencies and higher profit margins for lenders.”

It’s to make more money. It sounds like the three agencies are tired of giving money to the Fair Isaac Co and now they want their bigger piece of the credit scoring pie.

There’s no need for the new VantageScore in my opinion. It’s still going to be composed of differently compiled information from each agency so the scores will still be different from each one. This is what they say they are going to combat by having this new scoring system.Â

-Adam

FICO’s Domination of Credit Scoring Under Siege

New York Sun, NY - 8 hours ago

… What does that mean exactly? Are you a sub-prime lender? How would you know? To find out, you might want to pay a credit rating agency for your credit score. …

technorati tags:, , , , ,

FICO and VantageScores

September 11th, 2006 by Adam | No Comments | Filed in FICO Score, Vantage Score

Hey all-

Here’s an article about the new VantageScores released from Experian. The concept is to use the same formula for each credit reporting agency to get a more consistent score that gives us a better idea of where we stand. This is opposite of the FICO score formula that is different for each agency.

But, the information at each agency is different so either way we’ll still get different scores.

“The new VantageScore uses a single formula for all three credit
reporting companies, generating more consistent scores among the
agencies. With the new formula, the scores will still vary because the
information gathered by the three agencies is still inconsistent.”

The only way this would work out better is if there was only one credit reporting agency but that isn’t going to happen.

So it’s an attempt to provide a clearing understanding of our credit rating but it still has its drawbacks.

-Adam

COULEE CONSUMER: Firms take new approach to credit scoring

Holmen Courier, WI - Sep 7, 2006

… Fair Isaac used three different formulas and three different sets of information taken at different times when they created the FICO score for Equifax …

technorati tags:, , , , , , , ,

Comparing Fico scores and Vantage Scores

September 8th, 2006 by Adam | No Comments | Filed in Credit Score, FICO Score, Vantage Score

What’s the score? - DetNews.com

You may or may not have heard that there’s a new credit score coming out to compete with the FICO score. In a few months or years, when you’re asked what your credit score is you’ll have to tell them both your FICO and your Vantage Score.

Vantage Scores seem easier to understand as they take us back to our school days where A’s are good and F’s are bad.Â

Here’s a graphic comparing the two scoring systems:



“By comparison, the new VantageScores system uses the same formula at each bureau. The bureaus say this will result in more-predictive results, though it won’t eliminate variations caused by differences in the data reported to each bureau.”



“Fico scores range from 300 to 850.
VantageScores range from 501 to 990 with letter grades. A score of 900
and up equals an A while 600 and lower is an F.”



So just be on the lookout for more news about the Vantage Scores.

-Adam

What’s the score?

DetNews.com,?MI?- Aug 6, 2006

Experian recently became the first of the three credit bureaus to sell their jointly developed credit score, called VantageScores, to consumers. …

Under new system, is your credit score safe? Boston Globe

Finding what is on your credit report Creditor Web

Applying for loan should not be negative factor on credit score Record-Searchlight (subscription)

all 4 related

technorati tags:, , , , , ,

Newer Entries »