Scores given by TrueCredit are they FAKO?

[Red1Blue]

What are scores given by TrueCredit? Are they FAKO? There is so much talk about FICO scores and trying to improve the FICO Scores.

Does all the banks really follow the FICO or do they still follow some other methods of scoring? I wonder what is the percentage of Financial Instituations use FICO for the Loan/CC Approval Process.

I really wonder how many of the Apps I submitted so far are decided after looking at my FICO vs Other Scoring models?

[Anonymous]

tc is as fako as they come. there are diff versions of fico (auto enhanced fico, pfico (for cc's), etc), but all that i know of are based on true fico scores, then have specific algirithim's applied to those.

as for what a lendor uses, well they can use straight up fico's, use fico's then dump that into an internal matrix, etc. just depends on the lendor.

bottom line, tc/fako's aren't even an indicator if your true fico's are even moving up or down.

[Red1Blue]

Are you saying 100% of the financial decisions are based on the FICO and no one uses FAKO or some other models in their credit approvals?

[Anonymous]

as far as i know (and dw is right that's not much), they use some version of your true fico. they may take that true fico, then put it into an internal scoring matrix and go from there.

that's why you see people w/high fico's being declined on the basis of too many inquiry's, too many new accounts, recent bk, etc.

[haulingthescoreup]

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@Red1Blue wrote:

Are you saying 100% of the financial decisions are based on the FICO and no one uses FAKO or some other models in their credit approvals?

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Some lenders are starting to look at your Vantage score. This is one dreamed up by all three CRA's, and it just looks at your last two years. It is being marketed to lenders dirt cheap, so I think they're pulling it out of curiosity and to see how well they predict borrowers' behavior.

But these lenders are still pulling FICO's as well, since they're a known quantity. And as ducky said, in most cases they're just a start, with the lenders having their own requirements as well --for instance, AmEx's famous allergy to BK's.

As for the FAKO's that are on TC and the other monitoring sites, and the scores that the CRA's graciously sell you for $5 when you pull their reports, no one uses them at all, except for confused consumers. One semi-exception: EQ sells FICO's, and I don't think that they have their own FAKO. As long as it has that FICO gold seal thingy, it's a FICO.