ccubedzx3 wrote:
llecs wrote:
It's stories like yours that propel many of us to keep saying, "Ignore the FAKOs!".
FAKOs are totally useless. As you experienced there can be a large gap between FAKOs and FICOs. Also, your FICO can go up and FAKO down for the exact same event. They are unreliable and lenders won't use them. Plus the advice that comes with some of these services, if taken, can sometimes harm your FICO score.
Why a FAKO? I think a couple are legit. They are legit in their own mind and they are trying to break out as a competitor to FICO. Vantage, for example, is used by at least a couple lenders off the top of my head. They aren't reliable enough to be picked up by a large number of lenders, but I think they're trying. Most FAKOs though are "for educational purposes only" as pointed out already. Nobody uses them. You've got to understand that we are rare. Not many people even bother to take time to figure out scoring. Probably 90%+ don't even care. So when a service like freecreditscore or creditkarma offers scores, they pay $$$, look at it and move on without wanting to know how it works or why their score is the way it it. If they looked further and studied it like everyone on here does, they'd find that lenders aren't using scores like those.
That is what angers me the most. I was falsely led to believe that my "credit score" mattered. I paid for a service that really is pointless. It's like paying one landscaping company to tell me when my lawn needed to be cut, while I pay another landscaping company to actually cut it.
I'm thinking class action type of anger. I mean, I wasted $15/month for 2 years for a service that is meaningless. I might as well pay the weatherman since he forecasts the weather, even though he might be wrong....heck, i'll still pay him because he forecasted something.....pointless....
As much as i'd like to dole out the cash to keep informed here, I have a bad taste in my mouth and don't want to pay it....but in the back of my mind, I probably should because I want to app for a mortgage within the next year. It is frustrating to no end....
Couple of points:
Usually, a loan officer will explain to you that they will be checking all three FICO scores ahead of time. Hindsight is clearly 20/20, but if you would have taken some time to talk to a loan officer ahead of time instead of diving headlong in, you might have avoided this kind of pain. Maybe someone will learn from this post and take heed.
I, as well, was taken in by the whole credit score fiasco in 2010. I went to buy a car, so I joined True Credit about 2 months prior. Printed out my reports, scores and everything and thought 'I am the best consumer EVER!' -- I thought I might get laughed out of the dealership when my FICO's around the board were a crisp any clean 150 points lower; live and learn is the best way that I can describe it. However, I kept my True Credit because that is what I used as I was cleaning up my credit reports.
Understanding FICO will help you decide when and if to pull reports. I rarely pull an actual FICO. I know right around where my score is just based on knowing what factors impact your score. But I would recommend at least getting your EQ from here, as that will be the exact EQ FICO the lender will pull, when you are ready of couse.
Don't forget. A credit score is only part of the puzzle. i just went through the home buying process myself, the FICO was a realtively small factor compared to other aspects like collection accounts needed to be paid, judgments, a tax lien, income, debt ratio ect ect.. All my score needed to was hit a certain point, everything was dependant on me. Don't get discouraged, and don't think your FICO is the end all be all.
Class action is highly unlikely. While the companies teeter on the edge of unethical, nothing they are selling is illegal. All fine print, disclaimers, and membership agreements state exactly what you are buying and what you are providing money for.
I really do feel for you, I went through the same thing. Actually, almost all of us have. But the sooner you drop the anger over the situation the faster you can move on with the understanding you now have.
-scott
Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander ReposessionStill Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Starting Score:5/22/10 590
Starting Score: 675
