Credit Score Hijinks

I began my annual task of checking my FICO score two weekends ago only to discover that the Vantage Score is the new kid on the block.

It appears this Vantage Score is the three credit card bureaus’ attempt to gang up and eliminate the FICO score. The algorithm is basically the same with payment history and available credit weighing most heavily.

Vantage:

Score range of 501 – 990 using an A – F grading scale.

FICO, from Understanding your FICO® score:

Score range of 500 – 850.

Experian and TransUnion are only selling the Vantage Score. Exquifax appears to be selling the FICO score, but I can’t verify until August. It appears the only other place to get a real FICO score is from MyFICO, which is annoying becasue MyFICO isn’t included in the Fair Credit Reporting Act (long pdf) and the FACT Act (another long pdf).

So why the big to do about Fico and Vantage? Well, I’m in the process of weighing the pros and cons of refinancing, so I need to know if I’ll need to provide potential lenders with a FICO or Vantage score. DF (Dear Father) is a loan officer and says his company still requires a FICO score, so I guess I’ll get heading over to MyFICO in the near future.

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