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FICO vs. FAKO – Share your FAKO stories

Contributor

Re: FICO vs. FAKO – Share your FAKO stories


DaveInAZ wrote:

    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. 

 

 


Thank you!  I'm glad someone finally said this.



Equifax - 644
TransUnion - 641
Experian - 639
Message 91 of 106
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories

My scores are so much higher on CK than my actual FICO scores. Actually, I love the Vantage scoring model personally since they actually give you points for paying off collections, which I feel is a pretty good indicator of credit worthiness. My scores are so much higher on CK than on here, by like 60 points. I mean, yeah letting an account go into collections is a bad thing and should be penalized score wise. However, taking initiative and doing the right thing by paying them off should be reflected score wise and should show future lenders that, even though life circumstances may have caused someone to default, they still honored their obligations and paid the debts when their financial situation improved. I honestly wish more lenders used Vantage, I'd be in the 700 club then lol Smiley Happy
Message 92 of 106
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories

I applied for 2 cards last month. When the first card showed up my FICO score dropped 4 points. VantageScore dropped 10. When the second card showed up my FICO score did not change, but VS dropped another 10 points. A few days later FICO score went up 5 points to the highest it's ever been.

 

A similar thing happend when I opened a share secured loan and it showd up with <10% balance. FICO scores went up 20 (dirty reports) to 30 (clean report) but VS went down ~5 points.

 


Message 93 of 106
Highlighted
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories

It does seem, in my experience, that Vantage penalizes inqs and new accounts more so than FICO. Just guessing this based on my own CK reports/scores and things I've read on the forums.
Message 94 of 106
JDS
New Member

Re: FICO vs. FAKO – Share your FAKO stories

So I have worked very hard over the years to get my credit score up.   I used MyFICO reports until I reached the excellent range, then used the FAKO scores provided by the credit cards  to track/maintain my score.

 

Well in the past 7 years: 

 - I got married

 - My husband and I bought and paid off 2 new cars (both put down about 50% on 3 year loans and paid off in half the time).

 - Paid Credit Cards off in full every month

 - Last month paid off the house (early).

 

So, when tracking scores this month, My AMEX FAKO went down 38 points from 2 months ago (down 3 points the first month, and 35 this month).   I pulled the credit report (but not score) from the analog agency and saw no glaring issues to cause the dramatic drop, just the paid in full on the mortgage.

 

Also my Visa FAKO went down 4 points from previous.

 

Just discouraged....Here I am using credit responsibly and want to have good rates available when I need it, but have dropped dramatically for being responsible.

(PS I want to buy a new car in the next year, so this matters).

 

AMEX FAKO was 820, now 782 - ouch

Visa FAKO was 823, now 819


Starting Score: 000
Current Score: 778, 778, 808 (Auto)
Goal Score: 800


Take the FICO Fitness Challenge
Message 95 of 106
Valued Member

Re: FICO vs. FAKO – Share your FAKO stories

So after a couple of months of monitoring my credit with CK, I decided to sign up for the monthly MyFico service.  Let's just say OUCH!  The Fico 8 scores were about 40 points lower than the CK scores.  Gonna be a long slow grind back up the emotional ladder.  This is my last month on my Chp 13 so here's to freedom and 700+ in 24 months.     

 

Fako Range 614 - 672

FICO Range 575 - 633

Oct 2017 Scores MyFICO FICO 8

Equifax 633
TU 582 (Suck it TU)
Experian 615


Dec 2017 Scores MYFICO 8
Equifax 666
TU 631
Experian 651

Message 96 of 106
Member

Re: FICO vs. FAKO – Share your FAKO stories

Hey folks, just wanted to add my particular case to show what the differences could be. I'm going to specifically only speak about TU because that's the one that I have seen the biggest differences in between FICO and FAKO, as well as the one that I have monthly access to see both scores for. 

 

So my FAKO I receive from Credit Karma each month. My FICO for TU I can see with my account with Discover. My Discover sent my invoice with my score on it updated on Sept. 4 2017 with a TU FICO of 635. I just openned up my CK app wich updated today (Sept. 21) and shows a TU score of 727.

 

That's darn near 100 pt difference.

 

I've always known that it could be different, so I use the CK app more as a path outline to keep track of general info, and I don't pay too much attention to the scores they provide. However, on the flip side, I have also seen the scores fall within a few points of each other. Recently I apped with Discover, and they stated my EQ score was 683 and CK showed it at 686.

 

So it goes to show, it can be right on, or way off. Who knows, maybe in a week when i get my Discover statement, it will show a completely different score all together, maybe somewhere in the middle. But this goes to show that it's definitely not a super reliable source of information if you're on the fence.

Cap One Secured - $200
Cap One QuickSilver - $500
Credit One - $700
Discover IT - $9500
Amex Everyday Blue Cash - $1400



Jan '15 Score : ~545
Current Score : EQ(683) EX(676) TU(686)
Message 97 of 106
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


kitt614 wrote:

Hey folks, just wanted to add my particular case to show what the differences could be. I'm going to specifically only speak about TU because that's the one that I have seen the biggest differences in between FICO and FAKO, as well as the one that I have monthly access to see both scores for. 

 

So my FAKO I receive from Credit Karma each month. My FICO for TU I can see with my account with Discover. My Discover sent my invoice with my score on it updated on Sept. 4 2017 with a TU FICO of 635. I just openned up my CK app wich updated today (Sept. 21) and shows a TU score of 727.

 

That's darn near 100 pt difference.

 

I've always known that it could be different, so I use the CK app more as a path outline to keep track of general info, and I don't pay too much attention to the scores they provide. However, on the flip side, I have also seen the scores fall within a few points of each other. Recently I apped with Discover, and they stated my EQ score was 683 and CK showed it at 686.

 

So it goes to show, it can be right on, or way off. Who knows, maybe in a week when i get my Discover statement, it will show a completely different score all together, maybe somewhere in the middle. But this goes to show that it's definitely not a super reliable source of information if you're on the fence.


Your TU score difference is indicitive of a profile with a derogatory on a TU file that is ignored in the VS3 model but not in Fico 8. One example might be a paid collection over $100. Also, VS3 always includes AU accounts but, Fico 8 excludes them depending on certain undisclosed criteria. So, if you are AU on a long established, high limit CC account having a low reported balance your VS3 score may benefit but not your Fico 8. The positive benefit of the AU account would be most pronounced if your individual accounts are young, low limit and highly utilized.

 

There are a number of other differences between VS3 and Fico 8 algorithms. The above are just a couple possibilities.

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 98 of 106
Member

Re: FICO vs. FAKO – Share your FAKO stories


Thomas_Thumb wrote:

 

Your TU score difference is indicitive of a profile with a derogatory on a TU file that is ignored in the VS3 model but not in Fico 8. One example might be a paid collection over $100.


 

You are right on the money. I wish I had as thorough of an understanding of what makes up the different scores (complete sinceriety). I had a medical bill pop up out of no where which has been paid since those numbers were reported to me. It effected my FICO, by not my VS, as you mentioned. 

 

As a side note, I saw someone above also state that just because it's a different scoring model, doesn't mean it's a "fake score", and I never thought of it that way. That makes a lot of sense. I wonder if maybe people take the stance of considering it fake because most credit compnaies use the FICO instead of VS. For all of you who known the ins-and-outs more than I, have you ever heard of an instance where VS was used. Or would there even be a way to tell?

Cap One Secured - $200
Cap One QuickSilver - $500
Credit One - $700
Discover IT - $9500
Amex Everyday Blue Cash - $1400



Jan '15 Score : ~545
Current Score : EQ(683) EX(676) TU(686)
Message 99 of 106
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


kitt614 wrote:

Thomas_Thumb wrote:

 

Your TU score difference is indicitive of a profile with a derogatory on a TU file that is ignored in the VS3 model but not in Fico 8. One example might be a paid collection over $100.


 

You are right on the money. I wish I had as thorough of an understanding of what makes up the different scores (complete sinceriety). I had a medical bill pop up out of no where which has been paid since those numbers were reported to me. It effected my FICO, by not my VS, as you mentioned. 

 

As a side note, I saw someone above also state that just because it's a different scoring model, doesn't mean it's a "fake score", and I never thought of it that way. That makes a lot of sense. I wonder if maybe people take the stance of considering it fake because most credit compnaies use the FICO instead of VS. For all of you who known the ins-and-outs more than I, have you ever heard of an instance where VS was used. Or would there even be a way to tell?


I have seen some instances on this forum where the VantageScore was used instead of FICO.  I think it was used for renting purposes.



Equifax - 644
TransUnion - 641
Experian - 639
Message 100 of 106