What Types of Loans Are Vantage Credit Scores Used For?

The Vantage score is a lesser-known, relatively new (originated in 2006) kind of credit score. It was created by the three main credit bureaus, Experian, Equifax and Transunion, as a way to offer creditors another way to view consumers aside from the more traditional and well-known FICO score. The Vantage score is calculated differently and the scores range from 501-990, which is also a different range than the more common FICO scores.

Uses

Vantage credit scores are not widely known and rarely used. Vantage credit scores have been created as an alternative to FICO scores and so can be used for any type of loan, including credit cards, mortgages, auto loans, store credit cards. However, most creditors do not utilize the option of pulling your Vantage score and prefer to evaluate your application for credit based upon your well-known and wider accepted FICO scores.

Scale

The higher the score and grade, the better credit you have under the Vantage credit scale and the less risk you pose to a creditor.
901 - 990: A
801 - 900: B
701 - 800: C
601 - 700: D
501 - 600: F

Auto Loans

The majority of loans that you can get that use the Vantage credit score fall into the auto loan category because a lot of dealerships like the option of being able to get more people into cars. This is possible because the Vantage Credit score uses a different formula that weighs different categories differently from a FICO score and so someone who may not be approved for an auto loan under their FICO score, may get approved with their Vantage score. Even though the highest percentage of companies that use the Vantage score falls in this category, it does not mean that a lot of auto dealers are using the Vantage score; just that of those who do, they fall into this category more than any other.

Mortgages

Vantage Score claims that three major mortgage lenders use the Vantage score to prove credit worthiness for loans, however the names of these lenders are not available.

Credit Cards

There are no known credit card companies that use Vantage scores to determine your credit worthiness for getting approved. They use one of your FICO scores or a risk score that they have created for you

Store Credit

The only known store card that uses the Vantage score is the department store Kohls, which uses it for all its retail card applications.