09-23-2012 07:55 AM
I recently pulled my CR from Credit Karma and was a little surprised to see it was lower than I expected. That said, I have a few questions
1) Is this score an accurate FICO
2) My major drawback is utilization, which I understand. I plan to fix that my adjusting when I pay so that balances are reported as 0. Of course, using their simulator to see my score change if I paid off all CC only yielded an increse of 42 points...isn't that pretty low, esp considering i have 5 CC
3) My biggest question...I have two old Collectoins, both slated to fall off in early 2013 (at least according to the Transunion dates listed on the report). The credit simulator on CK doesn't allow you to see what your score would look like if a derogatory mark drops off, but it does list the scoring impact as HIGH. So, when these negatives drop off in early 2013, what kind of credit impact can I expect to see?
09-23-2012 07:57 AM
CK is a FAKO, not a FICO.
09-23-2012 08:02 AM
Thanks that's kind of what I thought...so what is the actual difference between a FAKO and FICO...is FAKO generally lower?
09-23-2012 09:36 AM
You can't generalize, a FAKO might be higher or lower than FICO, they are simply "different"
09-23-2012 09:42 AM
CK is calculated totally differently to FICO, and I have never seen it even remotely close.
09-23-2012 06:16 PM
General rule of FAKO score in relation to your FICO score is +/- 200 points. But there is good new, yes, with the 2 CAs falling off you should see an improvement to your score.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.