05-08-2013 09:09 PM
paid off a ton of debt, cli added about 25k in additional credit, util dropping to under 10%. TU fako went to 778 from 726 in one day. Cant wait for wally world score update on the 10th. Gardening till Ocotber !!!!!!!!!!!!
05-09-2013 02:05 PM
Congratulations paying off your debt and getting your DTI so low. I'm not sure what your goals are, but I wouldn't get too excited about the TU FAKO score. My TU FAKO was in the 800's, and I just got my mortgage TU FICO from a bank and it was 736. Easily 80 points under the TU FAKO that TU sells to customers and rips them off with that. Even mufico's TU score was 789, which is a FAR cry from my real score of 736. Myfico sells FAKO scores too.
05-09-2013 07:30 PM
05-09-2013 08:20 PM
I'm sure you're right that myfico uses a different scoring model, however there's really no difference between a FAKO score and the score that myfico sells to you since neither of them are what the lender uses.
05-10-2013 05:46 AM
what do the lenders use for TU score then and is there a site that gives you that same score. My TU score from site was 732 but from MYFICO was 632 way different. I want to know what the lenders will see.
05-10-2013 01:35 PM
I think mortgage lenders use TU04.
I don't know where you can get that score.
And yes, the TU score from myfico may as well be a FAKO; if a scoring model isn't used by a lender, it's irrelevant.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO