nisiprius wrote:And are these scores actually good for anything, i.e. do they actually count when you need to get a loan? Or are they just an unofficial guesstimate of your FICO score?
I don't know, but he article says:
"But the boost only matters if a lender uses the new VantageScore. While FICO is still the most widely used scoring model, the VantageScore is gaining ground. It's currently used by seven of the top 10 financial institutions, six of the top 10 credit card issuers and four of the leading auto lenders and mortgage lenders, according to its website."
Sounds like they might be tooting their own horn a bit. Seems to me that being "used" by an institution might not mean which score the institution uses for most of its business and that FICO may still be the score to know.
grabiner wrote:This misses the main point; even if the range is the same, the distribution may not be.
Since this new VantageScore 3.0 is supposed to include millions of people excluded by FICO, I would assume the distribution might actually be different. What I hope is that a 750 at Fico might mean about the same thing as a 750 at VantageScore 3.0. Maybe I'm being naive.