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Scores used by financial institutions
I'm not sure what Credit Karma is doing with this Vantage Score model. They claim that most banks use it, but I know of none. Maybe Wells Fargo and the larger ones, but not most. I work at a credit union and deal with loan underwriting and administration and I can tell you that we use FICO Classic for in-house lending and FICO Automotive for our indirect lending. We also use Experian and Equifax but the scores are usually pretty similar. The Vantage Score model has been talked about for years but despite what Credit Karma claims (gets paid to endorse?) we have absolutely no interest in it for the very reasons many are stating - that it is not a reliable method to determine someone's ability to repay debt. You simply don't go from a score in the 700's (good) to a score in the low 600's (bad) with no contributing factors. That was my experience and reading these boards it appears many of you as well.

We also had used Credit Karma as part of out credit union financial literacy program but stopped due to the number of referrals to other banks and credit sources...if you really want top know what is driving the insistence on Credit Karma using the Vantage Score model that is it.

Visit your local credit union for help with your credit and scores, many of them have a program to help you obtain your bureaus and scores. Our motto is "people helping people" not "banks interested in telling you have a bad score so we can jack up your rate".

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