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Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010
0

STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

[ Edited ]
If you're applying for a mortgage totally go for it. My EQ FICO score was a match with my bank when I got my mortgage two years ago, but FICO is NOT used by 90% of lenders. I have had many applications letter come back with other scoring models.

If you're applying for an auto loan or finance/ CCs focus on what's on your credit report.


Some people around here have this arrogance about FICO scores and make fun of FAKO score but the joke is on you if you do. Free FAKO score gives you a really great picture or where your credit stands. For example a "good" FICO score is almost always in the same category with other FAKO models.

Don't waste your money on FICO score, focus instead on your credit reports.

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Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

So not true.  A FAKO and FICO are not even close and a FAKO can be very far from what the true FICO is.

 

And yes, 90% of lenders do use some sort of FICO model and version.  Those many that you got back were part of the 10% that don't use FICO.

 

They do focus on their credit reports.  To make sure they have a better FICO score.

Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

I respect FICO but man you are sooo brainwashed!

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Valued Contributor
starry1
Posts: 2,325
Registered: ‎11-29-2012
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

Alrighty then.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 12/22/14 TU 659; EQ 649; EX 657
Goal Score:  625 for now– New goal 675

Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $10k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $500 / Target $400 / PPSC $800 / Texaco $400 (last app 09/29/14)
Valued Contributor
thom02099
Posts: 1,350
Registered: ‎08-30-2011
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES


Aim720 wrote:
If you're applying for a mortgage totally go for it. My EQ FICO score was a match with my bank when I got my mortgage two years ago, but FICO is NOT used by 90% of lenders. I have had many applications letter come back with other scoring models.

If you're applying for an auto loan or finance/ CCs focus on what's on your credit report.


Some people around here have this arrogance about FICO scores and make fun of FAKO score but the joke is on you if you do. Free FAKO score gives you a really great picture or where your credit stands. For example a "good" FICO score is almost always in the same category with other FAKO models.

Don't waste your money on FICO score, focus instead on your credit reports.



Cite your source, please. 

 

Anyone who has applied for a mortgage has most likely had a tri-merge report and usually from Kroll Factual Data, although there are other companies that provide the same service.  They get the information (mortgage enhanced) from the 3 CRA with all the data in the reports as well as the FICO scores.

 

I don't disagree with your premise.  Whether FAKO or FICO, it's the information in the report that is important.  The scores, again whether FAKO or FICO, don't really matter UNLESS you're applying for credit, whether it be credit cards, auto loans, personal loans, mortgages or whatever.  Scores and changes reflect TRENDS in your report, and as such, taken for what they are...a representation of your credit picture at a particular moment in time. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014
Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

[ Edited ]

Aim720 wrote:
If you're applying for a mortgage totally go for it. My EQ FICO score was a match with my bank when I got my mortgage two years ago, but FICO is NOT used by 90% of lenders. I have had many applications letter come back with other scoring models.

If you're applying for an auto loan or finance/ CCs focus on what's on your credit report.


Some people around here have this arrogance about FICO scores and make fun of FAKO score but the joke is on you if you do. Free FAKO score gives you a really great picture or where your credit stands. For example a "good" FICO score is almost always in the same category with other FAKO models.

Don't waste your money on FICO score, focus instead on your credit reports.


Um, when you apply for credit cards and get approved or denied the letter they send you are a Fico version of some type. As Guiness stated!!!! Have a great weekend and GO Chicago Blackhawks!!!!! :smileyhappy:

Moderator
Revelate
Posts: 9,750
Registered: ‎12-30-2011
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

[ Edited ]

Aim720 wrote:
If you're applying for a mortgage totally go for it. My EQ FICO score was a match with my bank when I got my mortgage two years ago, but FICO is NOT used by 90% of lenders. I have had many applications letter come back with other scoring models.

If you're applying for an auto loan or finance/ CCs focus on what's on your credit report.


Some people around here have this arrogance about FICO scores and make fun of FAKO score but the joke is on you if you do. Free FAKO score gives you a really great picture or where your credit stands. For example a "good" FICO score is almost always in the same category with other FAKO models.

Don't waste your money on FICO score, focus instead on your credit reports.


Aim720: I actually agree with your sentiment that the report data is important and the scores will fall where they will; however, the vast majority of lenders still use FICO, even for a majority of their applications anecdotally not just mortgages.  I have to admit being a little miffed though that Chase used an internal scoring model for my own application.

 

The main problem comes from the fact that there's so many flavors of FICO scores, and there's no method for consumers to access them short of making an application (auto loans are the easiest example).  

 

That all said, and to be honest I haven't read all of your posts in their entirety, but your recent ones have either been:

  • slamming FICO scores
  • Belittling the community as a whole
  • Making snide comments towards individual members.

If you're not deriving value from this community, why partake in it?  There are other forums out there which may fit your particular needs better while still offering much of the same information and content.  Being a member of multiple sites, most things are identical (with accusations of stealing going back and forth, for public domain information), and it's really an overall tone with the individual users in question.

 

 I'll admit myFICO isn't for everyone, I think the admins have been very open what this site is and is not, there are alternate communities out there all with their various positives and negatives.  If this site isn't working for you, I'd suggest finding one that is. 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES


Aim720 wrote:
FICO is NOT used by 90% of lenders.


I think you're right. The percentage must be higher than that.

Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES

Lol

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Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013
0

Re: STOP WASTING YOUR MONEY PAYING FOR FICO SCORES


Aim720 wrote:
If you're applying for a mortgage totally go for it. My EQ FICO score was a match with my bank when I got my mortgage two years ago, but FICO is NOT used by 90% of lenders. I have had many applications letter come back with other scoring models.

If you're applying for an auto loan or finance/ CCs focus on what's on your credit report.


Some people around here have this arrogance about FICO scores and make fun of FAKO score but the joke is on you if you do. Free FAKO score gives you a really great picture or where your credit stands. For example a "good" FICO score is almost always in the same category with other FAKO models.

Don't waste your money on FICO score, focus instead on your credit reports.


       Do you have any statistical evidence of your claim about FICO scores? I would agree that FAKO scores can be of assistance in a general sense as to how you are doing creditwise, but there are several different scores that fall into the category of FAKO. Some are somewhat reliable, others are completely unreliable. There is no standard for so called FAKO scores. Thus I could say your score is 625 based on my dddewdrop model and that would be a fako score. I don't know what you mean by a "good" fico score. The 3 CRAs pay Fair Isaac for their model because it is the most respected in the industry. Regardless of the huge amount of marketing that the CRAs do online to sell socalled FAKO scores, they are unreliable.  You should back your opinion up with proof. The empirical info I have from personal experience points to real fico scores being used in all but one circumstance when I have applied for credit personally. 

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