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Tips For Improving Experian Vantage 3.0 Score Quickly For EIDL Approval

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Posted (edited)

I've been following the credit boards for a long time and I'm pretty knowledgeable about what goes into a score.  My business took a hit when the Covid mess started and so did my credit score since I needed to tap into my personal credit.  I've been back and forth with a SBA Rep about getting approval for my EIDL business loan, but the one hangup is my credit score is a 550 and they have a 570 minimum.  The EIDL loan would be a total game changer for me and I need to make this happen.  They confirmed they use the Experian Vantage 3.0 score.  The Experian Vantage 3.0 is running about 130 points lower than my Fico score on MyFico, which is a bit baffling and frustrating.

 

I'm hoping for some advice on how to get my Experian Vantage 3.0, specifically, up.  I do have 3 late payments that are 23 months old that I can't do anything about.  I have a wide mix of credit that goes back 15 years with no collections or other negatives.  I'm thinking my best course of action is to just hammer away at the balances to bring my utilization down.  I paid off 3 cards that have typically have statements and report on the 3rd, but they haven't updated yet.  I have 2 more cards that report on the 9th and 13th.  I'm hoping that when the 3 cards for the 3rd report, it will jump my score and if that doesn't put it over 570, paying off the other ones will.  I have another one (Discover) that reports on the 20th.  I've read that you can call and they'll update your score with the bureau mid-month if you're lucky.  Three of the cards are sitting "over limit" by about $100 each.  I'm not sure if the "over limit" hurts or if it's just part of the overall UTIL.

 

Being paying down the UTIL, is there anything you guys would recommend?  Thanks for any tips or advice - would really appreciate it!

Edited by SlackerCSB

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3 hours ago, SlackerCSB said:

I've been following the credit boards for a long time and I'm pretty knowledgeable about what goes into a score.  My business took a hit when the Covid mess started and so did my credit score since I needed to tap into my personal credit.  I've been back and forth with a SBA Rep about getting approval for my EIDL business loan, but the one hangup is my credit score is a 550 and they have a 570 minimum.  The EIDL loan would be a total game changer for me and I need to make this happen.  They confirmed they use the Experian Vantage 3.0 score.  The Experian Vantage 3.0 is running about 130 points lower than my Fico score on MyFico, which is a bit baffling and frustrating.

 

I'm hoping for some advice on how to get my Experian Vantage 3.0, specifically, up.  I do have 3 late payments that are 23 months old that I can't do anything about.  I have a wide mix of credit that goes back 15 years with no collections or other negatives.  I'm thinking my best course of action is to just hammer away at the balances to bring my utilization down.  I paid off 3 cards that have typically have statements and report on the 3rd, but they haven't updated yet.  I have 2 more cards that report on the 9th and 13th.  I'm hoping that when the 3 cards for the 3rd report, it will jump my score and if that doesn't put it over 570, paying off the other ones will.  I have another one (Discover) that reports on the 20th.  I've read that you can call and they'll update your score with the bureau mid-month if you're lucky.  Three of the cards are sitting "over limit" by about $100 each.  I'm not sure if the "over limit" hurts or if it's just part of the overall UTIL.

 

Being paying down the UTIL, is there anything you guys would recommend?  Thanks for any tips or advice - would really appreciate it!

Yeah. Over limit means over your credit limit. It hurts. A Lot. Take care of those.

 

As for VantageScore 3.0, it differs from FICO scores in various ways but not much is known about the specific differences. One I recall is that it counts higher CLs as a positive. FICO does not. Might be that if you have a lot of low CL cards that could negatively impact VS scores while it won't impact FICO scores.

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Gotta get all balances down below 89.5% util. Maxed out will kill you. Sounds like Vantage takes that even more to the extreme. 

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If this was true, then it seems that EIDL may be the government's case study for their stated desire to move towards something other than Fair Isaac for the government-backed mortgages...a move that will backfire on them given how badly Vantage sKores are at actually scoring real risk elements.

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Is this Vantage score for your business or your personal credit file? And maybe that is a dumb question, but I thought business credit was based on business scores. And I thought businesses also had credit reports. I may be wrong on both counts. 

 

Or are you personally liable for your business? 

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Posted (edited)
15 hours ago, shifter said:

SBA loans, including the EIDL, are PG. 

Under a certain amount no PG is required as per the cares act. 

Personal Vantage score needed is 570 and above. 

Indeed pay down your cards. 

The lates are not hurting your score as bad as the up to and above credit limits. 

It took me 2 months and 1 day to get my EIDL funded. That was the longest 2 months of my life. 

Edited by gdtobefree

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I think the people at the credit bureaus get bored so they like to play with people's lives.  I got a notification from Experian saying my score went down 9 points.  When I went to check why it showed my credit utilization had went from 7% to 15%. Then I seen a notice that said It's best to keep your credit utilization under 6%. I thought to myself WHAT! I went and checked my transunion and it actually went up 15 points because my credit utilization went from 7% to 15%. I have always been told and seen that it was best if just kept below 30%. Obviously Experian has decided that if you use any credit they are going to drop your score. Also I've  noticed that for some reason looks like some credit card companies are reporting more than once a month. Because I can't think of no other reason why they did that. I pay my full balance at the end of the month on my credit card's.  I've never been late or had anything bad on my credit report. 

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5 hours ago, CBSRCROOKS said:

I think the people at the credit bureaus get bored so they like to play with people's lives.  I got a notification from Experian saying my score went down 9 points.  When I went to check why it showed my credit utilization had went from 7% to 15%. Then I seen a notice that said It's best to keep your credit utilization under 6%. I thought to myself WHAT! I went and checked my transunion and it actually went up 15 points because my credit utilization went from 7% to 15%. I have always been told and seen that it was best if just kept below 30%. Obviously Experian has decided that if you use any credit they are going to drop your score. Also I've  noticed that for some reason looks like some credit card companies are reporting more than once a month. Because I can't think of no other reason why they did that. I pay my full balance at the end of the month on my credit card's.  I've never been late or had anything bad on my credit report. 

first, util going from 7% to 15% will indeed negatively impact your FICO. contrary to what you've been told, 30% isn't a magic number (that's way too high) and neither is 6%. <1% is what you are targeting, with just one card with a balance. anything more will reduce your score.

 

second, the credit bureaus have no control over your score. scores are handled by the scoring algorithms such as FICO, Vantage, etc.

 

third, the scores you're getting from EX are likely a FICO, while the score from TU is likely a Vantage. that would be why one went up when the other went down. ignore Vantage and only focus on FICO (unless you're apping an EIDL loan, evidently).

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5 hours ago, CBSRCROOKS said:

I think the people at the credit bureaus get bored so they like to play with people's lives.  I got a notification from Experian saying my score went down 9 points.  When I went to check why it showed my credit utilization had went from 7% to 15%. Then I seen a notice that said It's best to keep your credit utilization under 6%. I thought to myself WHAT! I went and checked my transunion and it actually went up 15 points because my credit utilization went from 7% to 15%. I have always been told and seen that it was best if just kept below 30%. Obviously Experian has decided that if you use any credit they are going to drop your score. Also I've  noticed that for some reason looks like some credit card companies are reporting more than once a month. Because I can't think of no other reason why they did that. I pay my full balance at the end of the month on my credit card's.  I've never been late or had anything bad on my credit report. 

You need to realize that a bureau is NOT the one 'giving' scores.  Scores are produced by insertion of the available data into whatever model has been requested by the entity seeking to have a file scored.  Those that subscribe to any manner of score service that does NOT carry the Fair Isaac labeling KNOW (or SHOULD know) going in that it is not a reliable score.  Anybody, generally speaking, that gets worked up over a FAKO still has a lot to learn about the process...I wish more sites would make this known.  Instead you have people going around up in arms over useless numbers...

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