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Regular Contributor
Posts: 231
Registered: ‎03-09-2013
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What the heck are FAKOs based on?

I've been monitoring with the EQ site. 575 EQ FAKO. Today I decided to see my FICO from the EQ site... 613 EQ FICO.

 

What gives?



Starting Score: FAKOs EQ 537 TU 497 EX 517
Current Score 7/11/13: FICOs EQ 650 TU 659 EX 655
Goal Score: 675 Who am I kidding? Goal Score: 750+ :smileyhappy:


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Moderator
Posts: 22,406
Registered: ‎01-17-2008
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Re: What the heck are FAKOs based on?

Moderator
Posts: 12,952
Registered: ‎04-15-2011
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Re: What the heck are FAKOs based on?

The EQ site seems to score lower than FICO.  Mine is about 50 points lower.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Posts: 842
Registered: ‎03-04-2013
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Re: What the heck are FAKOs based on?

It depends on who's FAKO. They all have their own scoring system.  I took this from my USAA reports, which uses Experian's PLUS system (just match it up in order, this site wouldnt paste correctly):

 

5 major factors that influence the Plus Credit Score® 31% 30% 15% 14% 10% 100%
Payment History and Bankruptcy
Credit Card Debt
Length of Credit History
Type and Number of Credit Cards
Credit Applications and Inquiries

PLUS Credit Score


FICO: EQ 722 | TU 723 | EX 718
SFFCU Visa $11.3k + LOC $5k, USAA Amex $6k, USAA MC $7k, Amex BCE $13.5k, Cap1 $4k, Freedom $5k, Slate $3.2k, Barclays SM $5k.

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Frequent Contributor
Posts: 345
Registered: ‎02-14-2013
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Re: What the heck are FAKOs based on?

I think on the Plus Score they count all of your INQ for the full 2 years.

EX: 619 (FICO) 3/14/14
EQ: 587 (FICO) 3/14/14
TU: 579 (FICO) 3/2/14

Goal: 700 Across the board In Garden until 4/1/16
Merrick Bank (0/500) Cap 1 Secured (0/201) Cap 1 Plat (0/300)
Frequent Contributor
Posts: 482
Registered: ‎02-28-2013
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Re: What the heck are FAKOs based on?

I have been using Equifax website too to check my credit scores daily. But cancelled it when found out those scores on their website are FAKO and actually about 20-30 points less than FICO score which actually matters for the lenders. I am now using SCORE WATCH on myFico and i would say this is much better. Whenever your score changes it alerts you and shows your new score. Also sends all other alerts (new account/change in accounts/ ID theft and etc.)

 

Also purchased FICO quarterly monitoring from myFICO to monitor TU scores and alerts too. Not a worth to pay high fees on Equifax and TU websites. TU website score is Vantage scores which is still not considered among major number of lenders.

 

Do anyone know if there is a way to know Experian FICO score. I have been using freecreditreport.com. But their scores are PLUS scores which are supposed to be 30-40 points higher than FICO.


Starting Score: EQ: 499
Current Score: EX: 659, EQ: 622, TU: 659
CHASE Freedom: 1K, CHASE Sapphire: 5K, Barclay Arrival+: 5K, CapOne: 3K,CapOne: $3K, AMEX BCE: 3.9K, AMEX BCE: 1K, AMEX Platinum, Discover: 8.7K, DISCOVER IT: 2K, CITI Diamond:2.8K, Southwest Premier: 2K, Express:1.3K, Paypal: 3.6K, Amazon: 2.5K, Macys: 7.6K, Walmart: 1.5K, BestBuy: 1.5K, Lowes: 6K, HomeDepot: 3K
Established Contributor
Posts: 883
Registered: ‎09-10-2010
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Re: What the heck are FAKOs based on?

emotion


TU711, EQ 731 , EX 706 (As of 12/13/14) - Personal Goal = 760

“Beware of little expenses. A small leak will sink a great ship” – Benjamin Franklin

Gardening since 11-21-14































New Visitor
Posts: 14
Registered: ‎04-27-2013
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Re: What the heck are FAKOs based on?

Does it really matter what your "score" is???  Or does it matter that you get what you need when you need it?  I guess I don't get the whole score thing.

Moderator
Posts: 12,952
Registered: ‎04-15-2011
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Re: What the heck are FAKOs based on?


nocreditmaster wrote:

Does it really matter what your "score" is???  Or does it matter that you get what you need when you need it?  I guess I don't get the whole score thing.


Scores come into play at certain times, but I agree somewhat with this.  I just want to get my report as clean and healthy as I can, the scores will follow.  


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Posts: 667
Registered: ‎03-21-2013
0

Re: What the heck are FAKOs based on?

Well I use the FAKOs not to know my actual score but to see the trend.  FAKO's although not right will go up or down like the real FICO will.

 

I currently use privacy guard.  all 3 reports pulled every 30 days.  I am going to continue this until I get the tax lien removed and my last baddie falls off in january.  Once I see all that clean I will drop it and start pulling 1 report from here ever other month  (even at 20 a pop it ends up being cheaper then the ongoing charge)  and the months my free yearly report is available I won't buy one at all.


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) Lowes (2.8K) VS Angel Card (1300)

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