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fuzzthebear

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Why report Vanatge scores when Banks use fico? I have 636 Vantage but 585 FICO?

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Good Question

Thats not necessarily true. Most banks use FICO scores for mortgage/auto  loans. Always ask the credit union/bank which bureau they pull from as well as their minimum score requirement. I hope this helps!

Top Contributor
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The truth is that there are

over 20 Credit Bureaus, and over 1000 lenders in this country.  All use some form of credit scoring system.  Each have a differant algoritium to create credit scores.  FICO is one of the main scoring companies, But even FICO will give a lender a differant score for an Auto loan when compared to a credit card or personal loan.  Thats because they are interested in varing aspects of your credit history when looking at the differant types of loans.  Most major banks have their own scoring models and don't buy scores from any of the credit rating sources.

The vantage 3.0 model that CK uses is much stricter than it used to be. Scores tend to be lower.  Mine is in the 680's across both reports, But my FICO is much higher when I check it elsewhere and hasn't dropped like my score did on CK back around the first of the year.

You need to be less concerned with what your actual score is, and more concerned where your score lands on the scale. Lenders break them down into brackets, so should you.  Using the FICO format, you want your scores above 700, Scores between 680 and 720 fall into one bracket, Scores of 721 to 760 fall into the next and scores above 760 fall into the last.  The higher the score the better the interest rates and benifits you will get. 

Use the score on here to monitor your credit and watch for movement up and down. And believe me when I say that they move slowly.

Hope this helps.

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