We always hated the Vantage Score. Not anymore.
Early Failure
The original Vantage score, introduced in 2006, ranged from 501 to 990, way out of line with FICO’s 300 to 850. Consumers often celebrated these inflated scores, only to be crushed when they discovered that their FICO Scores, used by most lenders, were much lower.
Years passed, and in 2013 Vantage 3.0 was introduced. But no one cared, at least at first; FICO is entrenched, and acceptance was an uphill battle. But times change, and the new improved Vantage Score is looking like a winner.
Vantage 3.0
The updated score ranges from 300 to 850, the same as the FICO Score. This re-calibration eliminated the disappointment factor caused by the previously inflated Vantage model. It also made Vantage a viable alternative means of tracking ones score.
Further, the lower cost of Vantage has made it possible for monitoring services to include Vantage with their offers, adding a great value at a low cost.
But There’s More!
Vantage 3.0 calculates scores for consumers with as little as a single month of credit history, whereas FICO requires six months. This is helpful for consumers in the early stages of building credit, as well as those returning to the “grid” after a prolonged bad spell, as so many experienced during the mid-2000s.
And in a wonderful and practical application, lenders are starting to embrace Vantage 3.0 as they look for ways to pre-qualify and offer financing to more people for whom FICO does not generate scores. We approve!