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FICO vs. FAKO – Share your FAKO stories

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Anonymous
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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?

Message 231 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories


@Anonymous 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.

Message 232 of 338
Thomas_Thumb
Senior Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Yes VantageScore 3.0 is used in the rental market by various landlords to screen potential tenants. That is a primary target market for VS3 and VantageScore has been successful in that market segment.

 

Links to this have been provided previously.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 233 of 338
Anonymous
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Re: FICO vs. FAKO – Share your FAKO stories

i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?

Message 234 of 338
Anonymous
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Re: FICO vs. FAKO – Share your FAKO stories

Credit Karma is a useless score that means nothing. TransUnion was sued and fined millions of dollars this year for telling people Vantage Scores are useful.

Use FICO Scores if you want your useful score. CreditScoreCard.com offers a free monthly fico score.
Message 235 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories


@Anonymous wrote:

i'm devestated im in the middle of building credit ,just opened two credit cards $800 limit used 10 percent and a installment loan , credit karma says good job and my score increased on Transunion to a 605 , 5 days later it decreased to 470 no other changes im pissed and completely cluesless why the drastic change when im doing what im suppose to do to rebuild credit.HELP in advice are answers why?


Credit Karma is not helpful when it comes to legit scores. I know I felt the same way about my scores until I found this board. I would order your scores, you can get them through here or for $1 through creditscore.com. Credit Karma uses vantage scores I believe, so completely different. 

Message 236 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories

Fako scores should be illegal/scam. No one uses them. My real scores are much higher.
Message 237 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories


@Anonymous wrote:
Fako scores should be illegal/scam. No one uses them. My real scores are much higher.

Vantage Scores are being used increasingly more each year by lenders.  It's relatively new, however financial institutions are using it more each year, and there is a sort of rivalry going on between the Vantage Scoring model and FICO.  Hence it makes a lot of sense to monitor all your scores and each model (Even within FICO modeling, there are many different scoring models you want to monitor).

Message 238 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories

Name ONE lender who uses Vantage for credit worthiness.

Better yet, link to ONE denial letter image that states Vantage.

You can't because it doesn't exist because no lender uses Vantage for creditworthiness.
Message 239 of 338
Anonymous
Not applicable

Re: FICO vs. FAKO – Share your FAKO stories


@Anonymous wrote:
Name ONE lender who uses Vantage for credit worthiness.


VantageScore is used by any lender that works with the Fitch Ratings credit rating agency. In addition to this, Standard & Poor’s also accept their clients’ VantageScore-based portfolios.

Message 240 of 338
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