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FICO vs. FAKO – Share your FAKO stories

Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


PrinceCorwin wrote:

I was under the assumption that your FICO was generally lower than your CK FAKO. My FICO scores are actually higher across the board. Anyone else have this experience


My Fico 8 scores are always higher than my VantageScore 3.0 across the board. However, my Fico 04 scores are almost always lower than my VantageScore 3.0. 

 

The score offsets among models are hugely dependent on composition of accounts within individual profiles and account status. 

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 81 of 106
New Member

Re: FICO vs. FAKO – Share your FAKO stories

still dont understand the difference between Equifax.com, myfico, and equifax fico,  Myfico is 691, equifax.com 568 and eqifax fico 621....what am I missing here

Message 82 of 106
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

So is paying for myFICO.com my real fico scores?

Message 83 of 106
New Contributor

Re: FICO vs. FAKO – Share your FAKO stories

As of now my equafax ck is 726 and myfico equafax is 726...my CK TU is 651 and myfico equafax is 646. Either ck is getting better or myfico is slipping and so are the myfico alerts. My Experian myfico is 637 but it's actually 640 for almost 4 weeks and hasn't updated with myfico. I'm paying for monthly alerts that are getting slower and slower with myfico
Message 84 of 106
Highlighted
FCZ
New Member

Re: FICO vs. FAKO – Share your FAKO stories

Purchased FAKO scores directly from TU and Equifax, right before applying for a mortgage to take out my construction loan, and my scores looked great.  Had BOA mortgage lender run my credit THE SAME DAY, and not only were my scores significantly lower, the difference was so huge, I can't qualify for the mortgage.  I've always maintained pristine credit, and I don't understand why this is happening.  My scores are:

 

TU FAKO (VantageScore 3.0): 800   TU FICO 4:  700

EQ FAKO : 753;   EQ FICO Beacon 4:  695

 

That's a difference of 100 and 58, respectively.  More important, it puts me below the 740 I need to qualify for a mortgage.  I've contested every single negative item - there weren't many.  They were:

 

A $100 "paid" medical collection from five years ago (I've contested - never should have been there to begin with)

One 30-day late payment on a credit card over a year ago.  That's one late payment across 20+ accounts (open and closed) in my ENTIRE record. (I've disputed this because it's due to a billing error).

 

I do have a $19K balance on one credit card (home furnishing for the new house I built), which I'm taking advantage of zero interest for 24 months, but it's not like I'm over extended.  In total, my revolving Debt to Credit Ratios, is 11%.  I do use my credit cards, but all but two are paid off every month.

 

Why am I getting killed on these FICO scores?

Message 85 of 106
New Contributor

Re: FICO vs. FAKO – Share your FAKO stories

My LOL for the day....Credit karma updated Vantage 3.0 went up 100 points....784....lol. FICO is about 700 range with same credit items...soo....yeah lol.


Gardening Since 6/15/17: goal 2020

2016 FICO 642, March 2016 Vantage 602
Current: EX FICO 707, TU FICO 715, EF FICO 697, Vantage 801
Message 86 of 106
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


elish2 wrote:

My LOL for the day....Credit karma updated Vantage 3.0 went up 100 points....784....lol. FICO is about 700 range with same credit items...soo....yeah lol.


Yeah my VantageScore is always higher than my FICO score.

 

Though I have noticed that they tend to have different reports.  All the data is there but they are sometimes coded differently.



Equifax - 644
TransUnion - 641
Experian - 639
Message 87 of 106
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


FCZ wrote:

Purchased FAKO scores directly from TU and Equifax, right before applying for a mortgage to take out my construction loan, and my scores looked great.  Had BOA mortgage lender run my credit THE SAME DAY, and not only were my scores significantly lower, the difference was so huge, I can't qualify for the mortgage.  I've always maintained pristine credit, and I don't understand why this is happening.  My scores are:

 

TU FAKO (VantageScore 3.0): 800   TU FICO 4:  700

EQ FAKO : 753;   EQ FICO Beacon 4:  695

 

That's a difference of 100 and 58, respectively.  More important, it puts me below the 740 I need to qualify for a mortgage.  I've contested every single negative item - there weren't many.  They were:

 

A $100 "paid" medical collection from five years ago (I've contested - never should have been there to begin with)

One 30-day late payment on a credit card over a year ago.  That's one late payment across 20+ accounts (open and closed) in my ENTIRE record. (I've disputed this because it's due to a billing error).

 

I do have a $19K balance on one credit card (home furnishing for the new house I built), which I'm taking advantage of zero interest for 24 months, but it's not like I'm over extended.  In total, my revolving Debt to Credit Ratios, is 11%.  I do use my credit cards, but all but two are paid off every month.

 

Why am I getting killed on these FICO scores?


Collections, regardless of the amount and type are ignored in Fico 9 - if paid. The same may be true for VantageScore 3.0. Fcio 8 does not differentiate paid from unpaid collections. In Fico 8 and older models you need to negotiate a pay for delete - so they don't show on your report.

 

Collections under $100 should not hurt Fico 8 score whether paid or unpaid and $100 or more medical collections (if coded properly) should impact score less on Fico 8 than other types of collections.

 

Certainly a late payment can impact score significantly. If it is in dispute, the disputed item is excluded in scoring calculations. Perhaps the late showed in dispute on the database VantageScore used to calculate scores whereas the database Fico pulled from did not show a dispute.

 

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Message 88 of 106
Member

Re: FICO vs. FAKO – Share your FAKO stories

I admit I am in my 50s and did not really worry about credit for a long time. I had to file BK back about 12 years ago and just gave up. Recently I was tired of it and started my goal to get my credit back inline and maybe start an upward travel for my scores. I went to CK and pulled scores to see where I was and basicly didn't have anything for credit. I was in the lower 500s on both TU and EQ. Just 2 months ago I got serious about this and signed up with MyFICO to get real reports after my father decied he was going to finilly retire at 78 and wanted me to buy him out of all his property,. I was like no way I have no credit for a $225K loan. I do have a car payment for the last 3 years aso I did have some credit. Watching the CK score showed me waht I needed but not the true scores I needed to know. So in the last month using pretty much every FICO and FAKO score from DISC Credit Total, PrivacyGuard, CK and MyFICO I have now have scores across the board the the mid 600s (664/653/624) and see hope on the baseline.  I have 10 revolving accounts and 4 instalment loans and credit scores are riasing every month. SLowly but surely I hope to get into the 750 club. Goal is Jan 1st



Starting Score: TU 508 EQ 547 EX 528 (4-2017)
Current Score: TU 696 EQ 696 EX 712
Utilization: 12% | INQ: Fault Error Overload
Message 89 of 106
Community Leader
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories

    1.Where did you get your FAKO score?

- First of all, I disagree with calling Vantage & other scoring models "FAKO". Yes, FICO is the scoring model used by the vast majority of lenders, but they are still relevent scoring models giving you an idea where you stand and measure you success or failure in improving your score.Frankly, I think it's snobbish & elitism to call scores other than FICO "FAKO". To answer the question, I get TU & EQ Vantage scores from Credit Karma, and TU Vantage from Cap One.

 

    2.Which FAKO score did you receive and from which bureau?

- My current TU Vantage score is 692 and EQ Vantage is 701. With a 2010 BK my Vantage scores have always been higher, but as my IIB accounts have fallen off my Fico scores are now 20-30 points higher than Vantage. 

 

    3.Where did you get your genuine FICO® Score?

- TU Fico from Discover card, Barclays & Synchrony, EX Fico from Amex & free account at Experian's CreditScore.com. I have no access to a EQ Fico, so every few months I do the CCT $1 7 day trial, which also gives me TU & EX Fico.

 

    4.Which FICO® Score did you receive and from which bureau?

- CCT $1 trial on 8/4 is my most recent: 721/720/719 EX/TU/EQ

 

    5.What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)

- 3 new CCs this year: Amex BCE - 17.94%, $15k SL; Penfed Power Cash Rewards - 17.94%, $500 SL; Synchrony PayPal 2% Cashback - 16.74$, $7k SL. I'm also (hopefully) in the final stages of a $25k HELOC loan from Penfed, 4% APR. But crimeny are they slow!!! App'ed in early May, pre-approval 6/20, appraisal 7/18, "Pending" since 7/31.

 

    6.Share your FAKO story (What was your first impression when you received your FAKO score? How did you figure out that it was not a FICO® Score or that it was different than a FICO® Score? How did the FAKO score impact your loan/credit experience? )

- Actually, I'll tell you when a Vantage score was used for my loan approval: Car loan opened in Feb. 2015 by a small local credit union. I was buying a 2 year old used rental from Hertz and got pre-approval from the CU. I went to their main branch to sign loan docs & get the check to send to Hertz. I asked the loan officer what my score was, and she said "704". I asked if that was Fico and she seemed confused and replied "No, it's Equifax". It matched my CK EQ Vantage score exactly while my EQ Fico was around 670, so I'm sure they used Vantage. This CU probably has only a couple thousand members, so using Vantage score is probably much less expensive for them.

 


Fico 08: 720/721/719 TU/EX/EQ
Message 90 of 106