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FICO SCORE vs. Vantage Score | Why You Were Denied | FICO Score #Experian #CreditKarma - YouTube
Channel: Life With Jazzy Mac
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You've been using the wrong credit score聽
this entire time and let me tell you why!
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Welcome back to my channel! It's me, Jazzy Mac. Do聽
me a favor, if you are new to this channel please聽聽
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go ahead and hit the like and subscribe button聽
and make sure you turn on the notifications and聽聽
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let me know in the comments if you have any聽
questions about this. I definitely have the credit聽聽
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academy and i've got the templates in the description box for those聽
of you that are trying to improve your credit聽聽
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score. Just read my comments and my other videos.聽
It's plenty of testimonials, this stuff works. But聽聽
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let's talk about why you keep getting denied for聽
things because you're using the wrong credit score聽聽
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and you may say "Jazzy, what do you mean wrong聽
credit score like what do you mean talk to me!"聽
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There is a such thing as a FICO credit score聽
and a Vantage credit score and the differences聽聽
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are pretty pretty big for starters a FICO credit聽
score is what 90 percent of lenders use to聽聽
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rate your credit worthiness. So, anytime you're聽
applying for a home or a car and credit cards聽聽
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generally the credit score model that's going聽
to be used is going to be the FICO credit score聽聽
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now the vantage credit score is also a credit聽
scoring model, but it is at times very misleading聽聽
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and many of these third-party sites will聽
show you your credit score but they'll actually聽聽
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be showing you your vantage score and the reason聽
why that's a problem is because the vantage score聽聽
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is not the same it doesn't show the same score聽
as what lenders typically will use to evaluate聽聽
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your credit worthiness. So let's say you want聽
to purchase a home and the minimum credits the聽聽
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minimum FICO credit score that you have to have聽
is a 620 well the vantage scores typically show a聽聽
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much higher score than what the FICO score shows聽
and so you may go to one of these third-party聽聽
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sites um just say CreditKarma for instance, you聽
may see a score there that shows a 650 credit聽聽
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score for the vantage score but your lender聽
is looking at FICO, and your FICO shows a 600.聽聽
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Do you see how much of a difference that can聽
make and whether or not you get approved for聽聽
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like a credit card or a home? Or you know whether聽
or not you're approved for anything so you want聽聽
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to make sure that you're not using these companies聽
that um might be showing you kind of like you know聽聽
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misleading information and another thing is for聽
fico credit scores you traditionally have to have聽聽
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um credit lines that are at least six months聽
old in order for that to start reporting to聽聽
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your credit when you're first building credit聽
um for a vantage uh credit scoring model they聽聽
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don't really require that you have that initial聽
six months of history when you first first start聽聽
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to build your credit they'll give you a credit聽
score even if you don't have a full six months聽聽
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of history whereas fico is more like no we we got聽
to see six months of activity when you first you聽聽
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know when you turn 18 or whenever you first start聽
using credit we got to see that initial six months聽聽
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in order for you to be assigned um a credit score聽
so that's why so many people are like i don't know聽聽
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what it means to not have credit like what does聽
that mean well that means that you didn't have any聽聽
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sort of credit lines or anything reporting to your聽
credit when that person looked at your fico score聽聽
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so don't be misled i hope that this all makes聽
sense um vantage scores are prettier they seem聽聽
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nicer they seem less forgiving you always have聽
a higher one but don't be like disappointed聽聽
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because you're using a vantage score聽
over fico because you know it's just聽聽
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it's not what the industry uses so the industry聽
standard is to go by a fico scoring model so聽聽
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um the big three companies experian equifax聽
transunion they all use a fico scoring model聽聽
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privacy guard uses a fico scoring model聽
so those are companies that you want to聽聽
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um try to make sure that you're utilizing to聽
get the most accurate information so i hope聽聽
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that information was helpful um if you did find it聽
helpful please like share and subscribe and also聽聽
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share this video with someone and comment down聽
below in the comments and let me know if you聽聽
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have any questions i'm always here to help so聽
until then i will see you in the next video bye
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