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Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

FICOs, FAKOs, Feh.

Okay, I went ahead and signed up for TC (used the $9.95 month offer -- should have used that for DH's account, too!!! Darn!!) since I've got a shiny new Orchard card coming in the mail soon, and a nice new CJs, too.

Well, I only have ONE installment loan (4 30 days in the past two year, most recent April '08). Nothing else (since the two new TLs aren't reporting yet). But I got a whammy from another CA, two CAs that haven't taken their uglies off (though they said they WOULD) and two fraudulent CAs. All in all, about $500 in collections (including the two that are PAID and supposed to come off as per our agreement, two that are NOT MINE and I have to DV and a new one to the tune of $143 (is mine ... yuck!).

Here's the weird part: since last month AND the new CA whacking me, TC's FAKOs says that my mid is 574 (TU), EQ is 640 (yep, even I can't believe it) and EX is 511. I mean, last month, I was sitting at 600 with TU (the highest, trust me).

I am SO scared to see what my FICOs are. Sure, that one loan reported a brand spanking new payment and lowered my util ... but wouldn't that new ding cost me??

I don't know how many times I've heard that when FAKOs go up, FICOs go DOWN. Yeesh. Please, someone tell me this isn't the end of the world!!

I don't supposed the two new TLs and next months's car payment will offset this latest disaster, will they??

YUCK!!! :smileysad:

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: FICOs, FAKOs, Feh.



Wonderin wrote:

I don't supposed the two new TLs and next months's car payment will offset this latest disaster, will they??


Don't bet on it! Sorry! Some say FAKOs are a good indicator of where you FICOs might be. I DO NOT agree with this group of people. My FAKOs at CreditSecure, an EX product offered to Amex card holders, have hardly changed in 14 months...thats right, 14 months. So not only are FAKOs worthless, not all FAKOs are created equal.  CS FAKOs are the worst! At least TU FAKOs change when your reports update.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

Re: FICOs, FAKOs, Feh.

Well. Yuck and double-yuck. Well, I guess it's time to get my DV letters signed, sealed and sent. :/

Do medical collections whack your score THAT hard? I mean, when I check FICOs next week (if I do ... color me extremely discouraged), how much of a whammy do you think I'll be seeing???

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: FICOs, FAKOs, Feh.

[ Edited ]
Um...I will step in and make you feel better.
 
On July 2, my FICO was 685 with TransUnion, my True Credit Fako was listed as a 755. Today, I pulled my True Credit reports and noticed that the last collection on my account was gone...and my True Credit fako STILL said 755 - no change!  I thought to myself...."Hmmm, I highly doubt that my score is the SAME after now showing NO baddies at all...".  Pulled my TU FICO from here and saw that my score went up to 748...63 points and my faco never budged!
 
So....July 2:
FICO:  685
FAKO: 755
 
July 4:
FICO: 748
FAKO: 755
 
From my experience, the fako's have been WAY off all the time.
 
 


Message Edited by UpUpUp on 07-04-2008 11:30 PM
Super Contributor
marty56
Posts: 5,675
Registered: ‎10-06-2007
0

Re: FICOs, FAKOs, Feh.



fused wrote:
Don't bet on it! Sorry! Some say FAKOs are a good indicator of where you FICOs might be. I DO NOT agree with this group of people.
I also agree.  Worse yet FAKO's and FICO's dont even have the same parity when it comes to changes to your CR.  LOL I like the Vantage score since it says I am Super Prime.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Valued Member
busyone
Posts: 48
Registered: ‎09-05-2007
0

Re: FICOs, FAKOs, Feh.

It's been the general concensus on here as well as many people in the "loan"
industry that my ficos are the closest a consumer can pull that's the closest
to what ever loan officers pull. I posted on here a while back about a banker
buddy of mine that is trying to convince me that True Credit is more accurate
than My Fico:smileyvery-happy: Ha!!   I'm planning on a loan next month so
I've made a bet that at the same time I'll also pull my fico and true credit and
see which scores come closest to the actual scores pulled.
Senior Contributor
UpUpUp
Posts: 3,017
Registered: ‎06-03-2008
0

Re: FICOs, FAKOs, Feh.



busyone wrote:
It's been the general concensus on here as well as many people in the "loan"
industry that my ficos are the closest a consumer can pull that's the closest
to what ever loan officers pull. I posted on here a while back about a banker
buddy of mine that is trying to convince me that True Credit is more accurate
than My Fico:smileyvery-happy: Ha!!   I'm planning on a loan next month so
I've made a bet that at the same time I'll also pull my fico and true credit and
see which scores come closest to the actual scores pulled.


Please be sure to post the results of that!
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

Re: FICOs, FAKOs, Feh. [UPDATE]

UPDATE: TC had reported my FAKO as being 640 (Oh, I WISH!!). Today, I got a SW alert saying that my EQ FICO went up a whole 5 points! So now, according to FICO (not FAKO), I'm sitting at 540.

A new medical collection JUST popped up a few days ago on TU (which was my strongest score at 572 FICO) and EX (lowest at 528), so I don't even wanna know what it did to THEM. :smileysad:

I'm going to call our insurance company, find out all the OCs and get them paid and HIPPA'd. Hopefully, that will do the trick and I can start moving forward!!

Please wish me luck!! o_O

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Frequent Contributor
wahmom
Posts: 258
Registered: ‎06-10-2008
0

Re: FICOs, FAKOs, Feh. [UPDATE]

Medicals bills seems to be the worse for me. It seems as if they are never ending. They keep coming. It's hard to stay of top of them.

Our insurance co let's us download all our EOB's (Explanation of Benefits) online. If you have online access, maybe that is an option. That way you will see exactly what the insurance paid and what your portion is. You can also see if they denied the claim for some error on the OC part.

I hope you have that available to you because that will make it a whole lot easier on you.
Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008
0

Re: FICOs, FAKOs, Feh. [UPDATE]



wahmom wrote:
Medicals bills seems to be the worse for me. It seems as if they are never ending. They keep coming. It's hard to stay of top of them.

Our insurance co let's us download all our EOB's (Explanation of Benefits) online. If you have online access, maybe that is an option. That way you will see exactly what the insurance paid and what your portion is. You can also see if they denied the claim for some error on the OC part.

I hope you have that available to you because that will make it a whole lot easier on you.




Oooh!! GREAT idea, Wahmom!! We DO have online access and I TOTALLY forgot about it!!!

That really helps me out BIG time as some of the old medical collections are hubby's and the insurance company won't discuss them with me (privacy laws ... fun, fun, fun). Hubby's going out of town, so it'd be another month (yep, that long!) until he could speak to them.

But if I go online, as you suggested, I can get mine AND his!!

W00t!!W00t!! Thank you SO much, Wahmom!! Yay!! :smileyvery-happy:

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Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!


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