fako/fico

[Anonymous]

Do some lenders use Truecredits FAKO scores? I dont quite get their scoring system - my highest fico score is my lowest FAKO score. Fico has me at 648 then FAKO has me at 575. That's a big difference!

[Anonymous]

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@Anonymous wrote:

Do some lenders use Truecredits FAKO scores? I dont quite get their scoring system - my highest fico score is my lowest FAKO score. Fico has me at 648 then FAKO has me at 575. That's a big difference!

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From my experience every single lender I have dealt with has scored my report using the FICO scoring models. FICO scoring algorithms are obviously secretly guarded therefore TU and the other CBAs developed their own scoring system using their own data and calculations. This is where and why you see a huge difference compared to reports scored against the FICO scoring models.

[Anonymous]

They never use FAKO scores

[cobra19]

No................absolutely not.

Don't event try to understand TC scores. In fact, they shoud be totally and completely ignored. They are not even useful, I would argue, for trend analysis. 

[haulingthescoreup]

Use TC for the report pulls. The score pages, if printed out, could be shredded up for the hamster cage, maybe.

And yes, you'll read plenty of posts by those who look for score changes on TC as a sign to go purchase the real things. But my TC scores have missed some big changes on my FICO's, and they've also changed when the FICO's didn't budge.

Better to use the knowledge you gain here combined with TC's access to your reports to know when it's worth coughing up the $$$ for new FICO's.

Or you might have a heckuva lot more self-restraint than I, and just follow the reports, knowing that your scores are improving without your having to pull them. I'm not anywhere near that point yet.

[App_Addict]

FAKO scores as others have said our useless.  My FAKO is higher than my FICO scores, so sometimes I like to make myself feel better and just look at the FAKO scores.  TC is great to update credit info. but the scores are not of any help.

[RobertEG]

Pollster one asks you to judge your perception of a candidate on a 10 pt scale, and you give them a five.  Not very resounding.  Pollster two, who is using only a five pt scale, then picks up your rating, and loudly proclaims... he gave us a 5!

Regardless of the long-brewing argument of FICO vs non-FICO ("FAKO") scores, they are not even on the same richter scale.  Apples and oranges.

Lendors use FICO.  So should you.