Understanding FICO® Scoring

[ztnjpv]

Anyone know? I have been subscribing to EQ's monthly subscription with unlimited daily pulls since December. During that time, I have seen that my EQ FAKO has been consistently LOWER than my FICO....sometimes by less than 10, sometimes by almost 20. 

Examples:

669-677, 683-702, 704-718, 677-691...for example. 

In general I have seen that since as my report improved, the gap would widen.  But for several weeks now since having a 2006 charge off removed, my scores are closer and today, for the first time, my EQ FAKO is HIGHER than my FICO.

I'm trying to figure out what is weighed how or differently. Anyone know?

[MarineVietVet]

---

ztnjpv wrote:

Anyone know? I have been subscribing to EQ's monthly subscription with unlimited daily pulls since December. During that time, I have seen that my EQ FAKO has been consistently LOWER than my FICO....sometimes by less than 10, sometimes by almost 20. 

Examples:

669-677, 683-702, 704-718, 677-691...for example. 

In general I have seen that since as my report improved, the gap would widen.  But for several weeks now since having a 2006 charge off removed, my scores are closer and today, for the first time, my EQ FAKO is HIGHER than my FICO.

I'm trying to figure out what is weighed how or differently. Anyone know?

---

This word (FAKO) is all you need to know. Ignore all FAKO's all the time. There is no formula to convert a FAKO to FICO or vice versa. As you have personally witnessed the scores can and do go opposite directions in reaction to the same change in your credit profile.

Ignore all FAKO's all the time.

[ztnjpv]

Yes, I understand that there is no conversion formula. My question was if anyone knows what the general differences are in terms in how things are weighted. I am trying to understand.

[pizzadude]

It's not just a question of weighting, because many FAKOs routinely exclude information that FICO includes ( like AU accounts ) or include information that FICO excludes ( like mutliple auto/mortgage inquiries within 30 days ).     

[thbaggage]

I would also like to know because I am experiencing the same discrepancies between my equifax score and myfico score.

[MarineVietVet]

---

ztnjpv wrote:

Yes, I understand that there is no conversion formula. My question was if anyone knows what the general differences are in terms in how things are weighted. I am trying to understand.

---

But since FAKO's are useles it doesn't matter how they are calculated. Ignore them.

[MarineVietVet]

---

thbaggage wrote:

I would also like to know because I am experiencing the same discrepancies between my equifax score and myfico score.

---

You have to be very careful what you buy from the Equifax website. For awhile now they have been selling their own private "Equifax Credit Score" that is not an EQ FICO score and is not used by any lenders.

Equifax will still sell you a FICO score found here: www.equifax.com/web-myfico-products/ The FICO sold at EQ is the same version (Beacon 5.0) available here.

[ztnjpv]

You have to be very careful what you buy from the Equifax website. For awhile now they have been selling their own private "Equifax Credit Score" that is not an EQ FICO score and is not used by any lenders.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Yes, I realize the score is useless. But when there are no visible changes to my report from one day to the next, I am a little curious as to why my "equifax score" would jump from 719 to 724 while my EQ FICO stays still. Something "happened". 

And, to tell you the truth, since my deletion of that 2006 CC charge off a couple of weeks ago, my FICO hasn't been behaving in a very predictable manner. I figure that by understanding why my equifax score changed today and not my EQ FICO that it might shed some light on what exactly is happening and not happening to FICO.

Also, has anyone ever noticed a lag in score changes between equifax.com and myfico with myfico changing the day after or something?

[AutumnC74]

I watch my fico fairly closely but monitor my FAKO'S daily- I pay a lot for daily TU and EQ reports because I am reallly concerned about changes since I want to buy a home!! What I have seen is that if there is a score bump on my fico is usually 24-48 hours after my FAKO bumps up. I know fakos are good for nothing but I have noticed that my credit karma score is the same as my tu08 I get from walmart monthly...