Re: FICO vs FAKO?
01-06-2013 06:03 AM
I'm sure this question gets asked over and over again, but I'm still slightly confused...
I generally use Truecredit.com and get a monthy credit score from all 3 CRs. My latest score for Transunion is 676 (the other two update on the 9ths my last scores where in the 650s); however when I setup the quartly myFICO reporting account, my FICO reported as 729!
I'm obviously amazed at this number, because CreditKama shows me at 670 and credit sesame shows me at 693. I can't beleive that my score is 729, because I just applied for a Walmart CC and only received a $150 limit...
Not sure what to think here.. The reason I am trying to get my credit score up is to get a second vehicle (well I already have a second vehicle but I want to trade it in for newer truck) and to get a mortgage.
The scores from TrueCredit are FAKOs called a VantageScore and run off a range of 501-990. CreditKarma focuses on TU only and offers two FAKOs: VantageScore (score would match Truecredit if pulled the same day) and offers a FAKO called a Transrisk score. Transrisk used to be on TrueCredit many moons ago and runs on a scale of 350ish to 850. Conversely FICO generally runs on a scale of 300-850.
CreditSesame uses EX vs. TU and their FAKO is called a National Equivalency Score and that has a range of 360-850.
To confuse things, GECRB underwrites Wal-Mart and others and they don't use a FICO. They use an internal score that tops at 620 and starts at 200 I think. Even when my FICOs were high, I was still being denied cards from Wal-Mart and JCP. Starting at a lower limit isn't uncommon.
What strikes me about your post is that your Vantage was 676 and your corresponding FICO at 729. Remember FICO is at 300-850 and Vantage at 501-990. Usually Vantage is higher because of the scale. All the more reason to ignore FAKOs.