MyFico score is higher than my FAKO

[Hcontreras]

I looked at my Fico score for Equifax (here on myfico.com) and it's higher than my FAKO score from Equifax direct. Is this possible? I thought FAKO's were supposed to be higher than it REALLY is! I guess I expected that my real FICO would be lower.

[Shogun]

Mine is about 40 points higher too.  So, there's no rhyme no reason to the score differences.

[ezdriver]

I would not use scores pulled from myfico.com for anything other than personal tracking. No commercial lender pulls scores from myfico.com so I would not drive myself crazy trying to understand why scores from different sources are actually different. To me, what matters is which source is my creditor using to underwrite my credit request.

Take this for what its worth.

[SashaDixon]

In my experience (which I have had two hard pulls from mortgage lenders in last two years) both times ALL scores were higher than the FAKO scores you buy.. Almost always by 30-40 points. Just my experience though.

[gdale6]

I have seen +- 30 point diff between my FAKOs and real FICOs. FAKO can never be trusted.

[Shogun]

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@ezdriver wrote:

I would not use scores pulled from myfico.com for anything other than personal tracking. No commercial lender pulls scores from myfico.com so I would not drive myself crazy trying to understand why scores from different sources are actually different. To me, what matters is which source is my creditor using to underwrite my credit request.

Take this for what its worth.

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I would take it for what it's worth.  

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

Now the legal excerpt from Equifax's Website.

• The credit scores provided under the offers described herein make use of the Equifax Credit Score™, which is a proprietary credit model developed by Equifax. The 3-bureau scores are each based on the Equifax Credit Score model but calculated using the information in your Equifax, Experian and TransUnion credit files.  The Equifax Credit Score is intended for your own educational use.  It is also commercially available to lenders along with numerous other credit scores and models in the marketplace.  Please keep in mind lenders are likely to use a different score when evaluating your creditworthiness.  Moreover, lenders may take into consideration items other than your credit score or information found in your credit file, such as your income.

[Hcontreras]

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@Shogun wrote:

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@ezdriver wrote:

I would not use scores pulled from myfico.com for anything other than personal tracking. No commercial lender pulls scores from myfico.com so I would not drive myself crazy trying to understand why scores from different sources are actually different. To me, what matters is which source is my creditor using to underwrite my credit request.

Take this for what its worth.

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I would take it for what it's worth.  

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

Now the legal excerpt from Equifax's Website.

• The credit scores provided under the offers described herein make use of the Equifax Credit Score™, which is a proprietary credit model developed by Equifax. The 3-bureau scores are each based on the Equifax Credit Score model but calculated using the information in your Equifax, Experian and TransUnion credit files.  The Equifax Credit Score is intended for your own educational use.  It is also commercially available to lenders along with numerous other credit scores and models in the marketplace.  Please keep in mind lenders are likely to use a different score when evaluating your creditworthiness.  Moreover, lenders may take into consideration items other than your credit score or information found in your credit file, such as your income.

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IMO, this credit FICO/FAKO is all a huge scam and big business for all of these companies (including myFIco.com). If not one of them are the same model that lenders use, then what's the point in us sinking our money monthly to any of these companies?? I understand every lender uses thier own scoring model, but what are we supposed to do?? We are mislead into thinking our score is something that it really isn't AND we pay money for this information that is not necessarily correct. Our scores in the eyes of the lenders could be much higher or lower than the information we are given from the companies that continue to take our money monthly.

This is BS, all of this should be standardized with the lenders and credit agencies to go by the same model/score. I understand that lenders often do their own "manual" processing, which makes it sometimes a "human decision", but this is ridiculous! The companies like myFico.com have a disclaimer saying basically "This is for educational purposes only and that lenders have their own scoring models" = "this is not your REAL score but we'll keep taking your money every month". This is a way for them to take our money every month and not be responsible for giving us what we are paying for (our correct score). As far im concerned, every company out there like myfico.com are all FAKO, every single one of them!!!! If they are not using the same scoring models as the actual lender they are FAKO!! This is BS!!

[Hcontreras]

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@Hcontreras wrote:

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@Shogun wrote:

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@ezdriver wrote:

I would not use scores pulled from myfico.com for anything other than personal tracking. No commercial lender pulls scores from myfico.com so I would not drive myself crazy trying to understand why scores from different sources are actually different. To me, what matters is which source is my creditor using to underwrite my credit request.

Take this for what its worth.

---

I would take it for what it's worth.  

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

Now the legal excerpt from Equifax's Website.

• The credit scores provided under the offers described herein make use of the Equifax Credit Score™, which is a proprietary credit model developed by Equifax. The 3-bureau scores are each based on the Equifax Credit Score model but calculated using the information in your Equifax, Experian and TransUnion credit files.  The Equifax Credit Score is intended for your own educational use.  It is also commercially available to lenders along with numerous other credit scores and models in the marketplace.  Please keep in mind lenders are likely to use a different score when evaluating your creditworthiness.  Moreover, lenders may take into consideration items other than your credit score or information found in your credit file, such as your income.

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IMO, this credit FICO/FAKO is all a huge scam and big business for all of these companies (including myFIco.com). If not one of them are the same model that lenders use, then what's the point in us sinking our money monthly to any of these companies?? I understand every lender uses thier own scoring model, but what are we supposed to do?? We are mislead into thinking our score is something that it really isn't AND we pay money for this information that is not necessarily correct. Our scores in the eyes of the lenders could be much higher or lower than the information we are given from the companies that continue to take our money monthly.

This is BS, all of this should be standardized with the lenders and credit agencies to go by the same model/score. I understand that lenders often do their own "manual" processing, which makes it sometimes a "human decision", but this is ridiculous! The companies like myFico.com have a disclaimer saying basically "This is for educational purposes only and that lenders have their own scoring models" = "this is not your REAL score but we'll keep taking your money every month". This is a way for them to take our money every month and not be responsible for giving us what we are paying for (our correct score). As far im concerned, every company out there like myfico.com are all FAKO, every single one of them!!!! If they are not using the same scoring models as the actual lender they are FAKO!! This is BS!!

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Not to mention that this erroneous information could cost is HUGE money in interest if we decide to make a large purchase thinking we have a score that we really don't.....

[Shogun]

Hcontreras you are preaching to the choir.  I totally agree with you.  Knowledge is power, and the less knowledge we know, the less power we have.  It's like a shell game.  What's under the cup??  Oh no, not your "actual" score.  

It's difficult to make heads or tales of the whole scenario.  My advice personally?  Just keep as clean and healthy of a CR as you can, hopefully the scores will follow.  I do like to occassionally know what my score is, so sometimes I bite the bullet and buy it, just to give me a ballpark figure.

[Hcontreras]

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@Shogun wrote:

@Hcontreras you are preaching to the choir.  I totally agree with you.  Knowledge is power, and the less knowledge we know, the less power we have.  It's like a shell game.  What's under the cup??  Oh no, not your "actual" score.  

It's difficult to make heads or tales of the whole scenario.  My advice personally?  Just keep as clean and healthy of a CR as you can, hopefully the scores will follow.  I do like to occassionally know what my score is, so sometimes I bite the bullet and buy it, just to give me a ballpark figure.

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I agree. I really think it's an excuse for lenders to charge us "more" in interest (We apply under the premise of a "ballpark" score), then lenders have the upper hand when we actually go to apply for a big purchase (I.e. Auto, mortgage). I really think they all tie together.....Just look at the myfico.com website, they are trying to sell us Credit Cards all over their site!