Credit Card Tips and Strategies, Issue #010 -- Vantagescore - New Credit Scoring System

Credit Card Tips and Strategies Newsletter 010
Date : 25th May 2006

Table of Contents

1. Vantagescore - New Credit Scoring System
2. Chase Marriott Rewards Visa
3. Other Marriott Rewards Credit Card?
4. Frequent guest and frequent flyer programs
5. Chase Overstock.com Rewards Visa



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VantageScore - New Credit Scoring System
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In March, the three major credit bureaus announced a joint venture in which they were to introduce a new credit scoring system called Vantagescore. Vantagescore differs from FICO scores in two significant ways.

Firstly, Vantagescore will range from a low of 501 to 990. Hence, whereas having a 750 FICO is considered very good, it is merely an average score under the Vantagescore system.

Secondly, unlike FICO scores, your Vantagescore from all three credit bureaus will be the same. That means if your score is 700 with Experian, it will be 700 for Equifax and TransUnion. You can have slightly different FICO scores with different credit bureaus because they are not calculated the same.

Most press articles I have read tend to focus on the fact that having two credit scoring measures will cause confusion in the market. Lots of interviews were conducted with people in the mortgage industry asking them if they would use the new scoring method etc.

The fact of the matter is we should not be concerned whether there is only one credit score or two. What is more important is to remember to practice good money habits. If you have a good FICO score, you will also have a good Vantagescore. It does not matter whether your banker looks at either one of them or both.

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Chase Marriott Rewards Visa
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We are now offering the Chase Marriott Rewards Visa on our site and have written our review on the card. This card will appeal to the Marriott Rewards frequent guest member as you can earn three points for every dollar you spend at Marriott Hotels. You also automatically qualify as an elite member and get 15,000 bonus points after your first purchase.

Read our review of the Chase Marriott Rewards Visa here.

Chase Marriott Rewards Visa Review

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Other Marriott Rewards Credit Card?
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While you can earn faster Marriot Rewards with the Chase Marriott credit card, most other reward credit cards also allow you to redeem points for either Marriott checks or for one-nights' stay at Marriott hotels.

I have written a short report highlighting other credit cards that also have Marriott as one of their hotel reward partners.

You can read our report here :

Which Marriott Rewards Credit Card?

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Hotel Frequent Guest and Frequent Flyer Programs
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I have decided to start writing reviews of both hotel frequent guest and airline frequent flyer programs. My thoughts are that if you were to choose an airline credit card, you will surely be interested in how good the reward program is.

To kick start this effort, I have written reviews for the Marriott Rewards program and the Hilton HHonors program.

You can read our review of the Marriott Rewards Program here :

Marriott Rewards Program Review

You can read our review of the Hilton HHonors program here :

Hilton HHonors Review

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Chase Overstock.com Rewards Visa
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We have just written a review of the Chase Overstock.com Rewards Visa. For those who do not know, overstock.com is the online store where you can get branded merchandise for as much as 40% off retail price. Savvy shoppers definitely buy from here. With a Chase Overstock.com Rewards Visa, you can save even more! You earn three points for every dollar you spend at overstock.com. Once you have 2,500 points, you get a $25 overstock.com certificate. The card has no annual fee.

Read our review of the Chase Overstock.com Rewards Card here :

Chase Overstock.com Rewards Visa Review

Nick Lian
http://www.askmrcreditcard.com"