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I know quite a few people like to post their FAKO scores because they don't have a FICO score.
Its usually accompanined with the line "I know its FAKO; but still...."
I'm guilty of it, we all are at one point in our lives. When you don't have the real deal its comforting to know just where abouts where you are.
I give this scenario. My actual scores are below - they are either from SW or from Lender Pulls through my recent APPs. If anything, they could be higher since some time has passed and I've been added as AU to a few account with some history. I just checked my CreditKarma report (to see what has/hasn't posted to my reports) and it gave me a WHOPPING 580 for a credit score.
580 is a long ways from the mid 661. That is an 81 point differece. Thats not in the same ball field at all...
What does an 81 point difference mean? Well in this case it would mean quite a bit.
Lets assume a lender was to pull ONLY my TU report - I say this because well I have both a FAKO and a real FICO score based off my TU report.
With my FAKO score - I wouldn't even be in line for a mortgage - anywhere.
With my FICO score - I could get an average mortgage rate of about 3.567% (from score watch) this is 2 steps up from the worst interest rate.
With my FAKO score - I would be paying 17.006% in interst on a new car loan - ouch!
With my FICO score - I would be paying 6.989% in interst on a new car loan - not great but SO much better.
I'm not looking to buy a car or a house, but obviously if I looked at only my CK score I'd be super depressed. Who knows I might be doing some stupid things (Like accept that First Premier credit card offer I got that had something like $300 fees a year when all added up instead of taking the chance an Apping for the WalMart cc which has 0 fees)
Just remember - yeah it MAY be close, but who knows if your on the UP side of your FAKO score or the DOWN. Plenty of people have elevated FAKO scores and then get dissapointed when they see their real scores.
Just remember take whatever that number is and throw it away - it shouldn't even exist.
Agreed. My CK has been ~30 points lower than my FICO scores from either here or Walmart.
My EX scores ranges from 660-685 on CS and Quizzle. They were around this score when I was at 599 on EQ and 629 on TU, so who knows what they will be now.
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Yep. My CK FAKO is at least 50 points lower then my FICO. Ridiculous.
Ehhh.....to be fair, some FAKO scores are actually higher than FICO scores, just depends on the case. What I've noticed with CK in particular is, it's missing 3 of my accounts, one of which is very old and another of which is reporting 6 months positive. CK does not have my overall credit picture so their FAKO scoring on me is way off. Sure, they want you to pay to add some stuff but I'm good on that. I'll wait to pull a good TU until I get my Walmart GE.
My FAKO's are lower.
Here is my comparison-
July 2012: Lender pull TU 498. Credit Karma 544.
July 2012: Lender pull EX 468. Credit Sesame 475.
July 2012: Lender pull EQ 416. MyFICO EQ 416.
Nov 2012: MyFICO TU98 590. Credit Karma 638. Lender TU04 619. Walmart TU08 638.
Nov 2012: Lender EX: 613. Credit Sesame 613.
Nov 2012: Lender EQ: 520. MyFICO EQ 520.
I watch and compare these scores often, some daily. And this is what I have gathered:
Seems to me that the newer TU are nicer if you have older lates/baddies, and higher util. The older version really knocks off points.
Credit Karma vantage score seems to be closest to the TU08 model, and the Transrisk score is closer to the 04 model.
It is my opinion that credit sesame is rather close for both me and my husbands scores.
And of course, MyFICO scores are an exact match to lender pulls for EQ. And EQ still hates us. Boo.
**keep in mind this is my opinion only and can be used for comparison, but do not expect the same results**