Strange article on Fako? Please confirm....

[cashnocredit]

Having gone from a report with baddies to no baddies I can say that FAKOs of various flavors do tend to be closer to FICOs when you have no baddies. FAKOs vary tremendously with baddies and some don't seem to count things like PRs (tax liens) at all!  VantageScore and Score+ for instance.

Also, some of the scoring algos seem to weigh CLs and give you points for high CLs. FICOs are well known not to consider CLs but only ratios.

[Anonymous]

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@cashnocredit wrote:

Having gone from a report with baddies to no baddies I can say that FAKOs of various flavors do tend to be closer to FICOs when you have no baddies. FAKOs vary tremendously with baddies and some don't seem to count things like PRs (tax liens) at all!  VantageScore and Score+ for instance.

Also, some of the scoring algos seem to weigh CLs and give you points for high CLs. FICOs are well known not to consider CLs but only ratios.

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Thanks for the info! I did not know that FICO did not take credit limits into consideration. I actually inquired to Wells Fargo yesterday to get a credit limit increase. (They replied with a 7-10 day response by mail, yikes) My limit on there has been 4k for the last 8 years, and I did not give a rat's behind about my credit score until late last year so never bothered to ask for an increase. I also closed out my oldest accounts previously, being totally clueless about credit. DOH!  Right now I have about 12.5  credit limit (spread amongst several cards, some of them have really low limits like my 76 card)  at less than 10% total utilization. Do you think I should try to get higher credit limits or just keep them there?