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Established Contributor
Posts: 510
Registered: ‎04-20-2007
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FAKO vs. FICO whats the difference?

kinda new to the site, so i have a question about the difference between the two?  where do I go to get my actual FICO score?   do I have to pay each time? what service (if one is available) that best serves this purpose?  thanks guys and ladies.....
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
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Re: FAKO vs. FICO whats the difference?

FAKO and FICO both go by the same overall concept: a mathematical formula taking into account your payment history, types of credit, length of credit history, any past defaults, and the wind speed corrected for El Niño and the rotation of the Earth. Okay, maybe not that last part.

The difference is that FICO is the industry standard, and the formulae differ in subtle yet mathematically significant ways. For my, FICO comes out an average of 50 to 60 points higher, whereas my FAKO is is desperate need of Prozac...it won't rise no matter what I do.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007
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Re: FAKO vs. FICO whats the difference?



mymy wrote:
kinda new to the site, so i have a question about the difference between the two?  where do I go to get my actual FICO score?   do I have to pay each time? what service (if one is available) that best serves this purpose?  thanks guys and ladies.....


You're in the right place for buying FICO scores.  Go to "shop" at the top of your screen.  You have 3 different scores, one from each of the credit bureaus.  Unfortunately, you do have to pay each time you want one.  But there are score monitoring products which, for a monthly fee, let you pull your score as often as you want.
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Frequent Contributor
Posts: 351
Registered: ‎04-02-2007
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Re: FAKO vs. FICO whats the difference?


kinda new to the site, so i have a question about the difference between the two?  where do I go to get my actual FICO score?   do I have to pay each time? what service (if one is available) that best serves this purpose?  thanks guys and ladies.....

Looks like the other contributors have answered your FICO/FAKO questions.  You do have to pay but if you do a Google search for "myfico discount codes" or "myfico coupon codes", you will find some codes that will reduce the price you pay for your reports up to 20%.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: FAKO vs. FICO whats the difference?

Good read from the recent MyFICO newsletter:
 
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Dear myFICO,
Why does TransUnion say my Equifax score is 733 when myFICO says my Equifax score is 689? I pulled both scores on the same day. Both credit reports contain the same information. Which score is right, and which one are lenders going to use?
 

 
This is a great question and one that's been a very hot topic on our FICO Forums. The reason you're seeing a discrepancy is because you purchased scores from two different scoring systems. The score you bought from TransUnion is their consumer version of your credit score, but it's not your FICO® score. Many different websites sell credit scores to consumers, but only myFICO.com and Equifax.com sell actual FICO scores to consumers. In fact, you may be surprised to know just how many different credit scores are sold to consumers – most of which are never used by lenders.
This is not to say that getting your credit scores from online vendors is a bad idea. Checking your credit scores from a trusted seller can often serve as a guide for pointing you in the right direction. If you pull your credit score from a reputable source and find that you have a very high score, then more often than not, you'll have a good FICO score as well. Just be sure to check your actual FICO score before applying for a loan – this is the best way for you to know what the lenders will base their terms on.
 
 
What does the difference in the two scores you pulled mean to you? Well, don't demand a lender's best rates based on your TransUnion credit score of 733! Your FICO score of 689 is the score you should be basing your expectations on. Generally, a FICO score above 720 will qualify you for good rates on most loans. To see how better scores translate to savings on home and auto loans, click here.
 
 
Before getting a loan for a major purchase, such as a home, you should check all three of your FICO scores. Most lenders will look at all three FICO scores – one from each major credit bureau – when evaluating your loan application. At that point, don't try to save a few dollars by buying the cheapest credit score you can find. Knowing your FICO scores can help you estimate what your monthly mortgage payments will look like and help you determine if you can truly afford a home.
We know credit scores can be confusing enough without having to figure out if you're buying a real FICO score. Many credit scores even try to mimic the FICO score range so they look very similar to FICO scores. Remember that FICO scores always say "FICO" when describing the score. We hope this helps you make sense of your credit scoring options.

 
 
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