TU Faco and Walmart TU Faco or Fico?

[MJNTX430]

WOW, thanks CN for that info as well..  Curious, I see you have 3 TU scores listed, may I ask how you can find out all three like that? And going out on a limb here is there a particular one you find is used more than others?  Especially by auto lenders?

And while I'm here, I am also curious if anyone knows if the Fako scores trend on the low side or can they also lie and show you a higher score than lenders see?

[llecs]

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@MJNTX430 wrote:

And while I'm here, I am also curious if anyone knows if the Fako scores trend on the low side or can they also lie and show you a higher score than lenders see?

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It's a YMMV. One day it might be spot on. The next 50+ off in either direction. There's a running joke in here with some validity that your FICO will always be approx. +/- 100 points from your FAKO. I once measured a 225 point difference between a TU FAKO (CC-enhanced TransRisk) when compared the same day as my TU FICO in here. Both run on approx. the same scale. Definitely FAKOs are useless, IMO.

[foofighter74]

The Walmart Transunion score is a better score to look at than the transunion score sold here. Neither are really going to be scores that you will see when a lender does a credit check, but the Walmart scores were much closer to the lender scores my wife and I saw.  As an example, my Transunion on myfico was 680.  On Walmart it was 709, and the score the lender pulled was 711. 

[MJNTX430]

I am learning more and more everyday thanks to you guys, but at the same time the more I learn the more my head wants to EXPLODE!

Its feels like the running them here is DECEPTION!!   Yes I know all the websites have a disclaimer about the credit scores, but I also know in reality a LOT of the paying members are not keeping that in mind, and my question is WHY?  Why can they not just give us the real numbers?  The only perk to these sights is the monitoring capabilities clearly!  Otherwise I'd drop them ALL like a bad transmission! 

I am P^&#@d that the only real way I can get my (real) scores is to PAY and HOPE they are real OR go apply for more credit which of course means Inquiries which of course you get dinged for! 

The good thing I guess Is I don't "need" any more credit right now, and I know what the creditors are looking for before I will get approved for the main thing I am shooting for which will be a car loan. But its the principle, And so much of this credit stuff seems to be a tease and even a scam sometimes.

Oyyy, I'm gonna take a break lol. Thanks again to everyone who has shared their two cents on this

[foofighter74]

Yeah, it's a joke.  Lenders use credit scores as a decisive tool to determine whether someone gets a loan or not, and yet, consumers are not given the exact formula for having a great credit score. Everyone can make guesses based on experience, but even someone that has worked hard, paid every bill on time with cash, bought everything they own with cash, and saved $100,000 probably wouldn't get a mortgage loan for another 100K because they don't have a credit score. yet a lender could see years of working hard, paying bills and saving.

It's a ridiculous system, but one you have to play if you want the kinds of things most people cannot pay for with cash.

[crunching_numbers]

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@MJNTX430 wrote:

WOW, thanks CN for that info as well..  Curious, I see you have 3 TU scores listed, may I ask how you can find out all three like that? And going out on a limb here is there a particular one you find is used more than others?  Especially by auto lenders?

And while I'm here, I am also curious if anyone knows if the Fako scores trend on the low side or can they also lie and show you a higher score than lenders see?

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The TU08 FICO is a monthly benefit from my Walmart Discover.  The TU 98 FICO was purchased here on myFICO.  I just refinanced my house, and the broker provided the TU04 FICO (this is also where I obtained the elusive Experian FICO). I have Scorewatch which gives me regular updates of my Equifax 04 FICO.

FAKO's are completely unrelated to FICO's.  They can be way higher, then the next month be way lower. They use completely different calculations and criteria. 

To really make this EVEN MORE confusing, auto lenders have their own version of FICO that weighs car payment history more heavily.  

[MJNTX430]

WOW, thanks so much for the rundown, I guess I should try to keep track of as many of these "variants" as possible since there is no way to know which one any given lender may be looking at. Looks like TU is the WORST as always!  And thaks to you I see apparently even Equifax has more than one as well.  So Should I assume Experian just has the one?

Overall it appears I am still cornered, to see what the lenders see I still pretty much am forced to apply and thus be hit with inquiries. And for the time being since I already know what condition my credit is in (except for the REAL scores)  I will just wait until my car is officially and fully paid off in August and my "utilization" will be lower as well.

I hope I will see a real difference once that time comes.

Thanks again