Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 935
Registered: ‎10-15-2012
0

Re: FICO vs. FAKO – Share your FAKO stories

Credit Karma has me at 654 TU/651 EQ. My FICOs are 729 TU/712 EQ.

 

It used to be pretty close until they switched to Vantage. 


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Valued Contributor
Posts: 1,522
Registered: ‎06-05-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

That is a huge difference. Fair lender vs good lender!


CO-Venture-23k, CO Venture One -46k, BC Ring 7.5k, BC Cash Fwd 9.5k, JC Penny 2k, AKUSA FCU -10k , DC-7k, Kohls-3k, CHASE Amazon Prime VS 500, BofA AK Air Siggy 6k, Synchrony Cathay Pacific Visa 6k, PFCU Plat Rewards Siggy 15k PFCU AX Travel Rewards 17.5. NFCU Go Rewards 17.5 k , NFCU Cash Rewards 24.5k, CLOC 15k, CITI Costco 9.5k, GAP VISA 1k, Target 1k, Macy's 3k, VS, 750, BLIS PAY 5k, Pay Pal 1k, Virgin America 6k, 203k total available credit. Utiliz-5% Current FICO EQ-692, EX 697 TU 705 Chapt 7 BK D/C 11-2012. Starting scores 520-550
Senior Contributor
Posts: 3,745
Registered: ‎05-24-2015
0

Re: FICO vs. FAKO – Share your FAKO stories


jfriend33 wrote:

1. Credit Karma/Credit Sesame

2. TransUnion and Equifax

3. Prior to joining membership here, I got my TU from capital one and Experian from Commerce Bank

4. I don't know which one they use, I assume 08, experian???

5. My first impresion was great. It still is great. Don't get me wrong, one is far superior to the other, but they both have uses. I feel like everyone should be able to have these everyday for free though. You shouldn't have to pay, to play the game.  I figured out it was different when I read up about it here.  My fako score was always close enough for me. I obtained half of my current cards with a fako.  Now that I am going for higher score, I am taking things more seriously, and obviously wanted a daily score of experian too.  Can't take chances, and having a score of 690, vs 705, can be the deciding factor for some lenders. I have actually found that my real fico scores are higher than my fakos.


my scores arent so similar now after adding all these accounts. even with up to date info coming from both, my current CK scores are:  TU: 654 and EQ; 678.  That is a huge difference.  Now I kind of understand how they are not so accurate!!!

EQ 741, TU 744, EX 739. INQs EQ-2, TU-14, EX-12 AAOA 3yrs Util 5% Inspiration: Themanwhocan's Cash Back Charts
Regular Contributor
Posts: 232
Registered: ‎02-18-2008

Re: FICO vs. FAKO – Share your FAKO stories


longtimelurker wrote:

Kelsey_H wrote:

Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score?  We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?
  3. Where did you get your genuine FICO® Score?
  4. Which FICO® Score did you receive and from which bureau?
  5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
  6. Share your FAKO story (What was your first impression when you received your FAKO score? How did you figure out that it was not a FICO® Score or that it was different than a FICO® Score? How did the FAKO score impact your loan/credit experience? )

How about stories where the lender used a different FICO version than those that were available here?


DCU supposedly reports a true FICO but it is a go 20-30 points lower than the FICO that I get on this website.  I had called DCU once because I was interested in applying for their credit card and they told me that I had to have a 620 EQ to qualify.  At that point, myFICO was showing I was in the low 620s... applied and got declined with DCU showing an EQ of sub 600.

 

Up until the beginning of this year, I subscribed to EQ's credit monitoring.  I was SOOOOO dejected because it showed my credit score as low 500s.  I signed up for myFico and was stunned to learn that my scores were much closer to 600 (still not great but still -- when you are that low, it really makes a difference).



In the garden for 2016!
Former myFICO Employee
Posts: 361
Registered: ‎01-16-2014
0

Re: FICO vs. FAKO – Share your FAKO stories

Thanks for sharing everyone! We're compiling everyone's stories for an exciting new website that is coming out soon. Our hope is to help educate people about the difference, and these stories are truly a big part of that! Would anyone else like to share? 

Community Leader
Super Contributor
Posts: 13,402
Registered: ‎04-16-2014

Re: FICO vs. FAKO – Share your FAKO stories

Really a score is just a general gauge of where your credit stands whether it is a FICO score or a FAKO score.. Granted lender sometimes will solely go off a FICO score for approval or lack of an approval. I think what alot of people tend to overlook is it isn't the score that is really important it is what is your your CREDIT REPORT for each CB.  People can be well into the 700's and have baddies or BK's or what not and be declined due to those reasons.  I think it is the overall report lenders look at rather than just the score and look at the complete picture.  Ya it is nice seeing a high score, but I look more at what is in my credit report or others reports as I find that more important than a Fico or Fako score. 

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | US Bank | Blispay
Regular Contributor
Posts: 168
Registered: ‎12-22-2014
0

Re: FICO vs. FAKO – Share your FAKO stories

Well i have more the same to lot of people i used 

my fico TU 641 EQ 638 EX 639

CK TU 659 EQ 667 

EX web site 639 same of my fico 

Credit Sesame TU 667 

i been rebuild my credit since 2014 i have some bog's and BK on 08 is be amazing journey and is not done yet this only is my begins, by i see the CS is base on what you have on you CR and the tape the score is used the lender by if you CR is good and you take care is nothing to worry 

Contributor
Posts: 77
Registered: ‎09-27-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

My fako from credit karma was 598 Transunion. My TU fico from Discover is 664. So it was way off.
Gardening until April 2016. Starting Scores - TU: 664 EQ: 625 Current - TU: 700





Valued Contributor
Posts: 1,539
Registered: ‎10-15-2011

Re: FICO vs. FAKO – Share your FAKO stories

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?
  3. Where did you get your genuine FICO® Score?
  4. Which FICO® Score did you receive and from which bureau?
  5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
  6. Share your FAKO story (What was your first impression when you received your FAKO score? How did you figure out that it was not a FICO® Score or that it was different than a FICO® Score? How did the FAKO score impact your loan/credit experience? )

I get my FAKO score from a few places, but most use CK since it updates once a week.  I remember when you could update it once a day!  I also get it from Credit Sesame, Quizzle, Credit.com, etc.  I get my FICO scores from my credit card companies when they update each month, so I don't know which bureau they get it from.  Most of them give me the FICO 8 bankcard score, but I think once gives me FICO 5.  I don't yet what my FICO was when I apped for my United card from Chase, but it must have been pretty good, they gave me a $19K limit.  (Whoo Hoo!)  The APR is a standard 15.99 for that card, it doesn't appear that it is different for anyone according to the card terms and conditions.

 

When I first started rebuilding the CK score was a great tool to use to track what happened and see how the score change on a daily basis according to what posted on my report.  It certainly made it very visable how usage and other things really did impact a score.  When some baddies fell off my report you could clearly see the nice jump it caused.  When I got my first limit over $2000 you could clearly see that jump too.  As I applied for cards you could also see the changes caused by the inquiries.  And certainly over time it also was good to see how the score increased with proper payment of the accounts.  Recently though there has been a drop to my CK score, a huge drop actually, by about 30 points, while at the same time my FICO score jumped 30 points.  Right now there is almost a 70 point difference in these two scores.  I find this to be amusing.  I did appreciate these services in the past, but am a bit more appreciative as of recent times.  Now I basically use them only for monitoring.  I still check CK every week out of habit, but really don't rely on the score as much since my credit card companies give me a real FICO.  It would take a little more effort, but since I have a number of cards (16 major cards and 5 store cards) I could do the same thing in regards to tracking. 

fici_fnbo.png

ck.png

See there is quite a big difference.  Where as before they were pretty much in line with each other, now not really!  Even if you were to compare the difference in fact that the FICO score starts at 250 and ends at 900, then it would mean that the score difference would be nearly 75 points.  Just looking at the color coding you can also see the difference in levels.  I am basically yellow at Ck and a nice green on the FICO scale.  For rebuilding I still think that CK is good as a tool to help people to understand what it going on with their scores.  You can certainly see different aspects of what you do and your factors and what happens over time.  However, for me, I think the FICO seems to be more reliable.  CK uses the Vantage score 3.0 model, which is not widely used by lenders.  If it were, I might not have gotten that United card and if I did, not at that limit!


I swear I am going right to the Garden...... Hopefully to stay there longer than a month this time......
Member
Posts: 8
Registered: ‎09-07-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

My fico scores are :

 

EQ: 665

TU: 664

EX:669

 

FAKO Credit Karma: 

 

TU: 640

EQ: 640

 

 

I have a perfect, but short credit history.

CK was so far off my discover Free fico score I decided to start ponying up the cash for the FICO scores 

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.