The process of blanking takes place in a short band with high accumulated strain undergoing various stress triaxialities. Enhanced implementations for shear and compressive loads of Gurson’s and Lemaitre’s model are directly compared for the same blanking setup. For a dual phase steel DP600 the Lemaitre parameters are identified completely by an inverse strategy, while the parameters of the Gurson’s porous plasticity model are predominantly gained from analysis with a scanning electron microscopy (SEM). The models are validated by comparison of force-displacement curves, time point and location of crack initiation. Advantages and disadvantages of both approaches are discussed with respect to prediction accuracy and costs of parameter identification. Both of the models deliver an exact prediction for the location of the crack and a good prediction of the punch displacement at the onset of cracking.