The Credit Bureaus are adopting a new scoring system
All three bureaus will be switching to a new credit scoring system. They are calling it "VantageScore". The new scores will be available to consumers later on this year, after the lender rollout.
All the bureaus will be using the same scoring system now, so having different scores will be because of the different info reporting to each bureau, not because of their methodology in calculating the scores.
VantageScore ratings will range from 501 to 990. The top end is slightly higher than scores currently in use.
A — 901-990
B — 801-900
C — 701-800
D — 601-700
F — 501-600
VantageScore is being independently marketed and sold separately through each of the three national credit reporting companies through licensing agreements with VantageScore Solutions LLC.
So basically, if I understand correctly, VantageScore is a competitor of FICO, and it is another "product" that you can purchase along with your credir report. Anybody have any thoughts on this? Are you comfortable with switching to a new scoring system?
~Mary
No kidding!! I said to myself, "Finally, an easy way to RAISE m
No kidding!! I said to myself, "Finally, an easy way to RAISE my credit score!!"
(Yes folks...my credit score is honestly under 500!)
~Mary
Hey but once doofus finds out his mess-up, it should improve a l
Hey but once doofus finds out his mess-up, it should improve a little, right? :)
fico is also marketing a new generation model as well. I would n
fico is also marketing a new generation model as well. I would not worry or stress much about this new model, there are actually several credit scoring models out there, FICO just happens to b ethe most common and it will likely stay that way.
There was a good article on MSN personal finace page last week on the new model and how it works, i will see if i can find it post it.
HA!! same here...just got husbands score over the 600 mark and t
HA!! same here...just got husbands score over the 600 mark and thought that was doing something from what it was, according to this, its a low D!! oh well, like jj said, we probably shouldn't worry about it too much. besides, what good would it do anyways. Aren't we all doing the very best we can right now? I know I am. :D it might not be good enough, but its doing the best that I can at the time. shirley
Well with the new scoring system, I think your hubby's score wou
Well with the new scoring system, I think your hubby's score wouldn't still be 600+. The new scoring model would change the actual number....at least that's what I think. :D
~Mary