Credit Cards Center Credit cards from our partners
Reply
Frequent Contributor
Posts: 422
Registered: ‎01-21-2016
0

Re: FICO vs. FAKO – Share your FAKO stories

Up until last August, I didn't have bad credit. I just didn't have much credit at all. A small installment loan a few years ago that was always paid on time, and I have been an authorized user on a credit card for my employer since 2002. That's it.

 

Then I decided to get serious about credit. I found out (through a new American Express account) that my FICO 8 was 739 from Experian. (I was kind of shocked and thrilled that it was that high!). Soon after, I registered at Credit Karma. I was equally shocked, but not nearly as thrilled, to find my Vantage scores from Equifax and TransUnion were both in the low 600s. At that time I thought Vantage and FICO were supposed to be roughly the same, so I was confused. I figured there must be some difference between the information on Experian and the other two. There wasn't. It was just the difference in the scoring models.

 

Over the last five months of opening five credit cards (two using the Shopping Cart Trick), keeping my utilization low (like less than 2%), and paying on time, I've seen the the scores climb at roughly the same rate. Late last week, my Vantage scores were 690 at both Equifax and TransUnion and my FICO 8 was 798 at TransUnion (the most recent score I have).

 

I'm not sure if it's just my unique situation that creates a 100 point difference in the two scores or what, but for me Vantage is useful to see relative movement in the score, but it really only gives me a rough idea of what's going on.

Frequent Contributor
Posts: 254
Registered: ‎03-26-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

My current CK Eq score is 647, Fico 8 - 741. Very happy it is not the other way around

 

A couple of months ago I had a fraudulent Collection that was removed. Tu was slow to take it off. My CK TU score was 30 points higher than my CK EQ score even with the Collection reporting only on TU. Go figure...

 

I have old closed accounts and very few open new accounts. Fico counts them all, VS doesnt seem to like this much.

"I am not young enough to know everything" OW

Low 589 Apr 2013 - Current Fico: Ex 763, Eq 766, TU 789
Frequent Contributor
Posts: 435
Registered: ‎10-15-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

Current CK EQ 537, MyFICO EQ 638.  (shrug)


Rebuilding since 9/29/2015: EQ 599 TU 582 EX 569 $5K avail credit
current (06/2017) EQ 702 TU 703 EX 675 $60K+ avail credit
Established Member
Posts: 107
Registered: ‎03-02-2016
0

Re: FICO vs. FAKO – Share your FAKO stories

Mint - 798
Credit Karma:
  TU - 791
  EQ - 800

Frequent Contributor
Posts: 435
Registered: ‎02-18-2016
0

Re: FICO vs. FAKO – Share your FAKO stories

CK is a joke! I have seen it go BOTh ways.

Currently my CK scores are:

TU 622

EQ 621

 

MyFico scores as of right now are:

TU 729

EX 715

EQ 684

 

Ok, I do realize that the score is "for educational purposes only", and is not a TRUE score. But, still.. a 107 point difference on TU?

and 63 on EQ? Seems as if it should at lease be a little closer.. LOL!!

 



CapOne QS $3000 - BlisPay Visa $3200 - NFCU CashRewards $10000- NavCheck $15000- AMEX PRG npsl - AMEX BCP $3000 - AMEX ED $5000 - Marathon store card $900 - Shell store card $800 - Chase Sw Visa $4000 - Chase Amazon Visa $2000 - Wayfair $3000 - - Cabelas $2000 - Santander Sphere $2800. TCL $63500
New Contributor
Posts: 51
Registered: ‎02-08-2016
0

Re: FICO vs. FAKO – Share your FAKO stories

 

Starting Score: 02/08/2016: EQ 566 | TU 571 | EX 597
Current Score: 05/08/2016: EQ 636 | TU 632 | EX 655

Gardening until Mid July 2016
Frequent Contributor
Posts: 435
Registered: ‎10-15-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

I found an interesting document on VantageScore 3 (what the CK FAKO scores report). 

 

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwi7n_bx5cXLAhXG0SYKHV8tDpM...

 

There's a lot of information that will take some time, and possibly a mind more familiar with lending risk management, to understand, but the thing that stood out to me the most was the following statement:

 

"Plus, the VantageScore 3.0 model can generate scores for 30-35
million previously “unscoreable” consumers because it considers all
of a consumer’s credit history rather the most immediate 24 months."

 

That would completely explain why my FAKOs are so much worse than my FICOs.  All of my derogs are way in the past, mostly in the 4-7 year range.  Apparently FICO is scoring me more kindly on these things, and the VantageScore is penalizing me more harshly for them.


Rebuilding since 9/29/2015: EQ 599 TU 582 EX 569 $5K avail credit
current (06/2017) EQ 702 TU 703 EX 675 $60K+ avail credit
Valued Contributor
Posts: 2,016
Registered: ‎04-01-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

[ Edited ]

BlkCivic wrote:

CK is a joke! I have seen it go BOTh ways.

Currently my CK scores are:

TU 622

EQ 621

 

MyFico scores as of right now are:

TU 729

EX 715

EQ 684

 

Ok, I do realize that the score is "for educational purposes only", and is not a TRUE score. But, still.. a 107 point difference on TU?

and 63 on EQ? Seems as if it should at lease be a little closer.. LOL!!

 


On my February 3B I had an 86 point difference on EQ Fico 04 relative to Fico 08. By contrast, VS 3.0 was much closer to Fico 08 across the board.

 

Should I conclude Fico 04 is bad? No - but I don't like how the model treats me when I use all my cards. Smiley Frustrated

 

It is worth noting that VantageScore is not trying to mimic Fico 08 or any other credit scoring model. The majority of credit scoring models were developed to help creditors. The intent of the models is to show a stronger correlation between credit risk and the model's assigned score than competing models and to be capable of scoring a greater % of the population. Consumers really have no voice in this Smiley Sad

 

Credit scores 12/3/2015 pre-holiday spend reporting with 2 of 6 cards showing a balance. AG UT = 2%

Credit Score Model

Equifax

TransUnion

Experian

Fico 08

850

850

850

Fico 04

809

815

830

VantageScore 3.0

826

830

831

 * Includes unauthorized HP from PenFed on EQ report that was removed in January (inq had a 2 point impact on score).

 

Credit scores 2/14/16 with 6 of 6 cards reporting - AG UT = 4% [VantageScores up 5 to 7 points, Fico 04 scores down 3 to 45 points].

Credit Score Model

Equifax

TransUnion

Experian

Fico 08

850

850

850

Fico 04

764

812

811

VantageScore 3.0

833

835

835

 

Below EDIT update added 4/2/2016

Pop goes the weasel - Fico 04 scores back up 3/25/16 after dropping to 3 of 6 cards reporting [AMEX charge not reporting] - AG UT = 2%

Credit Score Model

Equifax

TransUnion

Experian

Fico 08

850

850

850

Fico 04

809

823

830

VantageScore 3.0

827

828

830

 

VS 3.0 is a fairly steady Eddie, Fico 04 is a wild child. Fico 08 remains asleep.

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)
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)
Frequent Contributor
Posts: 435
Registered: ‎10-15-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

More, from the same article. The percentages that specific behaviors affect VantageScore 3 scores (aka CK and FAKO) vs FICO 8.

 

VantageScore 3:

 

vantage30percentages.JPG

 

Whereas FICO 8, according to MyFICO, uses the following weights/percentages:

 

Payment History: 35%
Utilization: 30%
Age of Accounts: 15%
New Credit: 10%
Credit Mix: 10%

 

So the hard work I did before going into the garden, building a stronger and bigger credit profile, tripling the amount of available credit while reducing utilization, counted for a lot in FICO8 land, but doesn't help me nearly as much in VantageScore3.  Basically, nothing but time will improve my VantageScore 3.0. Time passing, paying everything on time, and letting the bad stuff become just bits in the noise pattern of a larger pattern of good stuff.


Rebuilding since 9/29/2015: EQ 599 TU 582 EX 569 $5K avail credit
current (06/2017) EQ 702 TU 703 EX 675 $60K+ avail credit
New Member
Posts: 2
Registered: ‎10-27-2015
0

Re: FICO vs. FAKO – Share your FAKO stories

HOW DO I FIX THIS:
*Credit Karma... T/U:690 EQ:653
*MyFico.......Score 8: 603. Score 5:596. Auto Score 8: 589. Auto Score 5: 613. Bankcard 8: 560. Bankcard 5: 570. Score 9: 617. Auto 9: 628. Bankcard 9: 609.

MyFico scores are lower than my Credit Karma, now I'm nervous. This is a bit discouraging!! What am I doing wrong?

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.