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FICO vs. FAKO – Share your FAKO stories

Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories


bdhu2001 wrote:

TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Message 41 of 121
Super Contributor

Re: FICO vs. FAKO – Share your FAKO stories


TwistedCircuits wrote:

bdhu2001 wrote:

TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Curious 

What lenders have you used that didn't pull Fico in some capacity be it an older model or new?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 42 of 121
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


TwistedCircuits wrote:

bdhu2001 wrote:

TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


No lender I used, didn't pull FICO score.  Were you denied by these lenders or were they personal lenders?  If you weren't denied, they don't advise you of your score or what they used.  Did you look on report to see if they made an inquiry with CBAs?

 

How do you know that they don't or didn't use FICO?  I'm also curious as to who the lenders were.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 43 of 121
Established Member

Re: FICO vs. FAKO – Share your FAKO stories

Mint - 798

Credit Karma:
  TU - 791
  EQ - 800

Message 44 of 121
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


TwistedCircuits wrote:

bdhu2001 wrote:

TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Well I know that no lender I have used in the last 5 years has used Vantage.  I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 45 of 121
Community Leader
Super Contributor

Re: FICO vs. FAKO – Share your FAKO stories


TiggerDat wrote:

TwistedCircuits wrote:

bdhu2001 wrote:

TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Well I know that no lender I have used in the last 5 years has used Vantage.  I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.


More lenders using them -more marketing.  Everyone I deal in uses various versions of FICO.

Starting score EQ SW 563 April 2014, Fico 8 EQ 801, EX 794, TU 805 (April 2016)
Message 46 of 121
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

if citi is stating an equifax fico bankcard 8 score of 747, is that a fico 8 of 705?  (747/900*850)

Message 47 of 121
New Contributor

Re: FICO vs. FAKO – Share your FAKO stories


East2West wrote:

if citi is stating an equifax fico bankcard 8 score of 747, is that a fico 8 of 705?  (747/900*850)


No, this is not how it works. Each FICO version has its own secret formula, that no one really knows and there is no way to convert one score to another with a simple process like the one you suggested.

 

Message 48 of 121
New Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Mint: 657
Credit Karma: TU - 756, EQ - 757
FICO (Amex) EX: 699
FICO EQ: 732

Message 49 of 121
Member

Re: FICO vs. FAKO – Share your FAKO stories

Recently applied and was approved for Chase SP and Amex BCE. I was relying on CK's vantage scores but before I pulled the trigger on the apps I wanted to get my real FICO scores. CK had me at 721 TU and 735 EQ but when I checked MyFico I came in at EQ 774, TU 778, and EX 785. I'd rather my FAKO be lower anyway but the actual jump was quite surprising. Using CK for free monitoring is fine but if I was in different scoring ranges or I was about to app for a mortgage or car loan I would absolutely have to know the real thing.
Message 50 of 121