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Former myFICO Employee
Posts: 361
Registered: ‎01-16-2014
0 Kudos

FICO vs. FAKO – Share your FAKO stories

Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score?  We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?
  3. Where did you get your genuine FICO® Score?
  4. Which FICO® Score did you receive and from which bureau?
  5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
  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? )
Member
Posts: 7
Registered: ‎06-03-2015

Re: FICO vs. FAKO – Share your FAKO stories

I signed up before myfico.com so that I could monitor my scores and make sure that the changes, payments, adjustments that I make would increase my score. For example, if I paid my credit card balance in full, what type of change would occur? As I paid balances in full, myfico.com constantly alerted me that my score was dropping. What was I doing wrong? Should I only pay half to show a revolving balance, then PIF the next month? Fast Forward...My current scores on myFICO.com are: TU:635 EQ: 642 EX: 612. But why hasnt my EX updated? The other two updated after something from AMEX showed up. Today, I signed up for my score from Experian and it said my EX: 654. Better than I could have ever expected.

Meanwhile,CreditKarma shows my EX: 571, and Credit Sesame shows my EX: 587. With all my scores showing over 600 on myFICO, I knew Credit Sesame and Credit Karma couldnt be correct. I will never use them again.....FAKO's only help is to make you check your real, accurate score with the bureau

Current Scores: EQ 650 TU 649 EX 654
Frequent Contributor
Posts: 351
Registered: ‎07-27-2015

Re: FICO vs. FAKO – Share your FAKO stories


Kelsey_H wrote:

Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score?  We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?

I check my EX report from Credit.com, and TU and EQ reports from CreditKarma.com. They both provide FAKO score based on different bureau reports.

Amex also provides some EX PLUS score which I thought it was a FICO score but it's not.

 

  1. Where did you get your genuine FICO® Score?
  2. Which FICO® Score did you receive and from which bureau?

From barclay card service, I can receive the free FICO score from TU. Hopefully BoA will provide free FICO scores from other bureau by the end of this year. myFICO can give the FICO scores from all bureaus in one interface.  Once a while, banks sent me FICO scores as well when my credit requests were denied.

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

I have been applying revolving credit cards in the past few years with different banks. I have observed that my SL has been increasing while my FICO score is raising. No other kinds of loan and mortage on my account.

 

  1. 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? )

I use those FAKO scores before, and I was happy with those numbers while preparing for credit card applications. Then through googling around, I realized they are based on models (like Advantage Score) lenders do not use, and found out that my FICO score was actually higher than the FAKO scores when I received a credit score report from a bank when my CLI request was denied at that time. I pulled all my real FICO scores later on with paid service, and they are all higher than the FAKO scores I can get for free. In reality, I cannot comment on whether the FAKO scores hurt me or not when I made decisions to apply for a credit card before I knew FICO scores. I am happy to see my FICO scores, though. Later on, when all of my scores are above 730, I think the scores are no longer matter much to me because I can basically apply for any credit cards I need if the CU only care about the score. What matters most to me are the AAoA, INQs and util that I can monitor easily for free. The FAKO scores are one type of references that one can use to estimate the real FICO scores, but there always some risks for people who has a middle- or low-end score to take the FAKO score as the real score for the credit/loan applications.


Hope the above bold-fonted input helps.


BoA, Amex, Citi, Barclay, Chase cards user since 2013. 7 CCs, few INQs, PIFs with low util. Giving Kudos for good.

Starting Score (7/26/2015): TU: 737 | EX: 739 | EQ: 750. It was ~500 back in 2013-5.
Current Score (1/11/2016): TU: 754 | EX: 760 | EQ: 755.
Goal Score: 760+ ... Smiley Happy ...
Taking the myFICO Fitness Challenge. Gardening since 4/8/2016.
Former myFICO Employee
Posts: 361
Registered: ‎01-16-2014
0 Kudos

Re: FICO vs. FAKO – Share your FAKO stories


i2000s wrote:

Kelsey_H wrote:

Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score?  We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?

I check my EX report from Credit.com, and TU and EQ reports from CreditKarma.com. They both provide FAKO score based on different bureau reports.

Amex also provides some EX PLUS score which I thought it was a FICO score but it's not.

 

  1. Where did you get your genuine FICO® Score?
  2. Which FICO® Score did you receive and from which bureau?

From barclay card service, I can receive the free FICO score from TU. Hopefully BoA will provide free FICO scores from other bureau by the end of this year. myFICO can give the FICO scores from all bureaus in one interface.  Once a while, banks sent me FICO scores as well when my credit requests were denied.

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

I have been applying revolving credit cards in the past few years with different banks. I have observed that my SL has been increasing while my FICO score is raising. No other kinds of loan and mortage on my account.

 

  1. 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? )

I use those FAKO scores before, and I was happy with those numbers while preparing for credit card applications. Then through googling around, I realized they are based on models (like Advantage Score) lenders do not use, and found out that my FICO score was actually higher than the FAKO scores when I received a credit score report from a bank when my CLI request was denied at that time. I pulled all my real FICO scores later on with paid service, and they are all higher than the FAKO scores I can get for free. In reality, I cannot comment on whether the FAKO scores hurt me or not when I made decisions to apply for a credit card before I knew FICO scores. I am happy to see my FICO scores, though. Later on, when all of my scores are above 730, I think the scores are no longer matter much to me because I can basically apply for any credit cards I need if the CU only care about the score. What matters most to me are the AAoA, INQs and util that I can monitor easily for free. The FAKO scores are one type of references that one can use to estimate the real FICO scores, but there always some risks for people who has a middle- or low-end score to take the FAKO score as the real score for the credit/loan applications.


Hope the above bold-fonted input helps.


Thanks! 

New Visitor
Posts: 1
Registered: ‎08-12-2015
0 Kudos

Re: FICO vs. FAKO – Share your FAKO stories

My issue was not a FAKO score so much as a misleading FICO score.  I waited until both my EX and TU FICO scores were over 680 at Experian's consumerinfo.com before applying for a mortgage.  Then I learned that consumerinfo.com reported my FICO 8 score but the mortgage lenders used FICO 2, FICO 4, or FICO 5 (if I recall correctly).  My middle score with the mortgage brokers was over 70 points lower than my FICO 8 score for the same credit bureau.  

 

One of the mortgage brokers actually recommended myFICO as the best option for tracking scores because you can see all of the typical scores used by different types of lenders.  The FICO 8 reported by myFICO and consumerinfo.com has tracked pretty closely, with only minor timing differences, since I started using myFICO.  So the only advantage of consumerinfo.com is that they update FICO 8 scores daily.

New Contributor
Posts: 59
Registered: ‎01-11-2015
0 Kudos

Re: FICO vs. FAKO – Share your FAKO stories

Yes I was fooled by CreditKarma for a short while. Several people I have talked to about CK thinks that they provide your "Credit score."  When I ask if they know the difference between Vantage and FICO, they have no idea. So I think they fool a lot of people with this. 


Starting Score 2/2015: TU 519 EX 524
Current Score: TU 644 EX 681 EQ 766
Goal Score: 740 across all three agencies

Take the myFICO Fitness Challenge




Starting Score: 592
Current Score: 592
Goal Score: 700


Take the myFICO Fitness Challenge
Contributor
Posts: 84
Registered: ‎02-27-2015
0 Kudos

Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]

For the past three months I have PIF on my credit cards. I decided this  month I was going to leave a 2% balance on one of my cards. My fico scores went up by an average of eight points and my vantage score went down by one point. 

As of 8/5/17 FICO8 scores EX 779 EQ 784 TU 783
AAoA 3.10 years
AMEX ED [10500] CSP [6000] Regions [4500]
Valued Contributor
Posts: 2,134
Registered: ‎04-01-2015

Re: FICO vs. FAKO – Share your FAKO stories


Atlantic51 wrote:

For the past three months I have PIF on my credit cards. I decided this  month I was going to leave a 2% balance on one of my cards. My fico scores went up by an average of eight points and my vantage score went down by one point. 


The Fico scoring models penalize you for not showing use of any credit. To avoid the penalty, you need to report some non zero balance on one of your cards each month.

 

It is still best to PIF all your cards to avoid an interest penalty. Unfortunately, that may mean 2 payments in a given month if you make a prepayment to reduce balance before the statement cuts.

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: ........LN Auto 940 LN Home 870 TU Auto 902 TU Home 950 (4/2017)
Former myFICO Employee
Posts: 361
Registered: ‎01-16-2014

Re: FICO vs. FAKO – Share your FAKO stories

Thanks for sharing everyone! We're getting ready to launch a new educational website with the hope of helping people understand the difference between FICO Scores and non-FICO credit scores. Your stories are a huge part of that. Would anyone else like to share your non-FICO Score experience? 

Frequent Contributor
Posts: 274
Registered: ‎09-15-2015

Re: FICO vs. FAKO – Share your FAKO stories

I contacted Lexington Law a few days ago to see if they could help me with my credit. They told me my credit score was 567. I just found out yesterday that my actual TU score is 628! Smiley Happy They probably give people low FAKOs to get them to feel like they really need help; turns out I'm doing something right all on my own!


Goal cards: Citi Double Cash and US Bank Cash+

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