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Posts: 284
Registered: ‎06-21-2017

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
Regular Contributor
Posts: 239
Registered: ‎01-05-2012

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
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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.

 


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Posts: 239
Registered: ‎01-05-2012
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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.

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