October 6, 2011

Credit Score Face-off: FICO vs. Vantage

Posted in Uncategorized tagged , , , , , , at 9:59 pm by Vivix Credit Solutions

You probably already have a basic idea of how your credit score is calculated. What you might not know is that there are now two assessment strategies, FICO and Vantage, which lenders use to evaluate your credit. Regardless of whether you opt for professional assistance in managing your credit, Vivix Credit Solutions wants you to be informed.


As easy way to differentiate between the two is to remember that FICO came first. Moreover, FICO utilizes five factors to evaluate your credit:

1.    The history of payments
2.    The length of time you have had credit
3.    The amount you owe
4.    The ways in which the credit is used
5.    Recently opened credit

FICO scores range from 300 to 850.


Think of Vantage as basically the same tool, except that it uses a different vantage point to determine the score through its calculations (discussed below). Vantage scrutinizes the same five elements of FICO, but with a sixth factor added, your available credit. Vantage credit scores range from 501 to 990.

Advantage to Vantage?

The main difference between the two credit scoring methods is in the calculation and the percentage that each category is allotted to arrive at your final score. For example, while the two score your payment history roughly the same, there are drastic differences in other categories, such as the balance or amount owed. This can result in very different credit scores for the same individual. Vivix urges consumers to remember that overall, the numbers are relative and financers are aware of the discrepancy.

Regardless of the score, the consultants at Vivix Credit Solutions can help you attain better credit. However, those five factors aren’t going to disappear, so take them into consideration in your future financial endeavors. Paying bills on time will work in your favor, as will paying the credit off over a longer period of time. The latter seems odd—wouldn’t you be more responsible if you paid it off sooner?—but supposedly it shows that you are reliable enough to continue making regular payments despite any stress or adversity. Also, it helps to vary your lenders, rather than carrying a balance on one card. That being said, whether you have one card or a hundred, the more money you owe, the lower your score will be.

So whether you need help just figuring out your credit score or you require professional assistance to manage your debt, Vivix Credit Solutions urges you to call (702) 434-4414 for a free consultation.

May 20, 2011

Vivix Credit Solutions

Posted in Uncategorized tagged , , , , at 9:58 pm by Vivix Credit Solutions

Based in Las Vegas, Nevada, Vivix Credit Solutions provides expert assistance in repairing and rebuilding credit reports. Fully licensed and bonded, Vivix Credit Solutions holds membership in the Better Business Bureau of Southern Nevada, Inc., the Las Vegas Chamber of Commerce, and the Ethical Credit Repair Alliance. Since its establishment in 2006, Vivix Credit Solutions has served more than 5,000 customers. For all services, the experienced professionals at Vivix Credit Solutions guarantee 100% customer satisfaction.

Additional information regarding the services provided by Vivix Credit Solutions can be found online at http://www.VivixCreditSolutions.com.