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Valued Contributor
Posts: 2,523
Registered: ‎03-28-2017
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Re: FICO vs. FAKO – Share your FAKO stories

You didn't name a lender. If a denial letter doesn't mention Vantage Score, it wasn't used.

No one has seen a denial letter referencing VS.

Also you're a new account so I am not very trustful that new users defending VS aren't accounts run by VS.

No banks use Vantage for creditworthiness purposes. Zero.
FICO8 3/17 550EX, 570TU, 559EQ
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Posts: 103
Registered: ‎08-17-2017
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Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]
ABCD2199 @wrote:
You didn't name a lender. If a denial letter doesn't mention Vantage Score, it wasn't used.

You're a new account so I am not very trustful that new users defending VS aren't accounts run by VS.

No banks use Vantage for creditworthiness purposes. Zero.

@ABCD2199 

 

I might be a new registered member here but I started using myfico credit score services over a decade ago and would read the forum without contributing for many years.   I prefer to research and read before I enter the discussions. I've gone from ~400 FICO scores in 2007 to north of 800 on all scoring models.  Not that it matters and it's irrelevant to the discussion here, but you did accuse me of being a shill simply for pointing out the facts.  That's offensive.

 

I'll just leave this here, directly from Experian:

 

Who uses VantageScore today?

  • 7 of the top 10 Financial Institutions
  • 6 of the Top 10 Credit Card Issuers
  • 4 of the Top 10 Auto Lenders
  • 4 of the top 5 Mortgage Lenders
  • Experian has over 1,300 clients utilizing VantageScore
Moderator
Posts: 15,429
Registered: ‎10-07-2014

Re: FICO vs. FAKO – Share your FAKO stories


ABCD2199 wrote:
You didn't name a lender. If a denial letter doesn't mention Vantage Score, it wasn't used.

No one has seen a denial letter referencing VS.

Also you're a new account so I am not very trustful that new users defending VS aren't accounts run by VS.

No banks use Vantage for creditworthiness purposes. Zero.

Enough of this.  Completely uncalled for and out of line.  While there may be no credit card companies currently using VS 3.0, the score is used in by some creditors in apartment leases and there have been reports that at least one auto lender is using the score.  Regardless, do not accuse other posters of having a fake account.  Thank you for your understanding and cooperation.

Moderator
Posts: 15,429
Registered: ‎10-07-2014
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Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]

dustinst22 wrote:
ABCD2199 @wrote:
You didn't name a lender. If a denial letter doesn't mention Vantage Score, it wasn't used.

You're a new account so I am not very trustful that new users defending VS aren't accounts run by VS.

No banks use Vantage for creditworthiness purposes. Zero.

@ABCD2199 

 

I might be a new registered member here but I started using myfico credit score services over a decade ago and would read the forum without contributing for many years.   I prefer to research and read before I enter the discussions. I've gone from ~400 FICO scores in 2007 to north of 800 on all scoring models.  Not that it matters and it's irrelevant to the discussion here, but you did accuse me of being a shill simply for pointing out the facts.  That's offensive.

 

I'll just leave this here, directly from Experian:

 

Who uses VantageScore today?

  • 7 of the top 10 Financial Institutions
  • 6 of the Top 10 Credit Card Issuers
  • 4 of the Top 10 Auto Lenders
  • 4 of the top 5 Mortgage Lenders
  • Experian has over 1,300 clients utilizing VantageScore

While there may be some creditors actually using VS 3.0, I wouldn't put too much stock in those statistics from EX.  Remember, the score was created by EX, TU and EQ to compete with FICO so they have self interest in promoting the score.  Additionally the word 'use' has a lot of different meanings.  As of right now, I am not aware of any credit card company basing their credit decision on Vantage Score.

Frequent Contributor
Posts: 420
Registered: ‎06-27-2017

Re: FICO vs. FAKO – Share your FAKO stories

Those banks "use" the Vantage scores for cardholder education, not for making loan decsions.  For the latter, they use FICO.

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Member
Posts: 46
Registered: ‎09-23-2017
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Re: FICO vs. FAKO – Share your FAKO stories

There is a huge difference in scores from Fico and the score available on Amex's website.(free score for card holders) it's been over 100 point difference.
Contributor
Posts: 103
Registered: ‎08-17-2017
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Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]

It's not enough to know that FICO is more used than any other scoring company (the answer is obvious).  Your own FICO can vary by more than 100 pts depending on which credit bureau you're looking at as well as which scoring model.  The variance is just as high as when comparing FAKO to any of your FICO scores, and hence cannot be relied upon.  The best you can do is know which specific scoring model is mostly used and then use that as a guideline.  If you're concerned about getting a mortgage, this scoring model is much different than for credit cards, or an auto, etc.  The point is, everything is in context and a specific FAKO score has roughly equal informational value as any random FICO specific model score, as each one can be just as innacurate when it comes to what you're applying for.  If you really want to know your overall credit health, its not enough to pay attention to only one scoring model/methodology.

New Visitor
Posts: 2
Registered: ‎09-24-2017
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Re: FICO vs. FAKO – Share your FAKO stories

I completely agree. FICO is as FAKO as the rest. Sure, Fair Isaac assures us that 90% of lenders use FICO... but which FICO?

 

For example, I applied for insurance with GEICO two months ago, and they gave me a quote, which I did not accept as it was high. Later they sent me a nice fact sheet explaining the factors that resulted in my insurance rate being higher. I can only assume that some FICO-generated insurance score was used.

 

Today I checked my FICO score with Discover. I scored 812. This score is not too shabby, but not good enough to get a good insurance rate, I suppose!!

Valued Member
Posts: 44
Registered: ‎05-30-2017
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Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]

Credit Karma

611 TU <---- wat?

646 EQ

 

Sesame/Creditwise/any other vantage site that pulls TU

611 TU <--- again, wat?

 

FICO8s from here

 

651 EX (confirmed by discover scorecard)

657 TU (confirmed by synchrony on my walmart and amazon cards)

650 EQ (yet to be confirmed but is in line with the vantagescore from CK)

 

I consider the score "confirmed" if it is within 5-10 points of another source. (since a payment might not have yet posted affectng Util, on the monthly discover pull that i get 2 weeks before myFico's pull, etc)

 

 

I am baffled about that 611 (it dropped like a rock when a chargeoff got changed  from open to closed status... its legit miscalculating AAoA, it was counting the old collections as an open revolving account for some insane reason, thats the only explanation I have, and furthermore it has yet to come back up after a month and four new updates),  Either way the account has been in collections for over 2 years, and is due to drop off in about 24  months at any rate (original deliquency was back in 2012, wasnt reported until 2015).

 

Every other  score i have access to except for vantage scores TU in the 650 range like the rest of my scores.  The really weird part is after my meticulous spree of disputes and so on, all three reports are pretty homogenous.  Only one account is different from TU to EX (EQ doesnt list it at all, never has), but in FICO there is no difference (that one chargeoff), but in vantage its like LOLWTFBBQ.

 

I dont get it.

In the garden since 9/15/17 = Last FICO Update: 10/20/17 = CL 15,800 = EX 652 = TU 657 = EQ 650 = Make credit great again!

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