topic Re: One more time about FAKO's, please in Understanding FICO® Scoring

One more time about FAKO's, please

Anonymous — Wed, 16 May 2007 22:28:53 GMT

I just purchased that true credit from TU. So those scores are FAKO, right. They are so different from my FICO's...my FICO's rock compared to them. Question, FAKO's don't matter, right? I'm using the TU site just to monitor activity on the reports during this dispute process, so thiswould be a good use for the TU site, right???

Re: One more time about FAKO's, please

smallfry — Wed, 16 May 2007 22:37:00 GMT

@Anonymous wrote:
I just purchased that true credit from TU. So those scores are FAKO, right. They are so different from my FICO's...my FICO's rock compared to them. Question, FAKO's don't matter, right? I'm using the TU site just to monitor activity on the reports during this dispute process, so thiswould be a good use for the TU site, right???

Some use it. I am trying it for a month and not crazy about it to be honest. Tons of missing data. My FAKO's were lower than my FICO's too. Funny thing is when I got my free report from Experian my Plus score was higher than any other score. Who knows? If anything I am in better shape than two months ago.

Re: One more time about FAKO's, please

Anonymous — Wed, 16 May 2007 23:05:39 GMT

Agreed. I like the ability to pull daily tri-merged, but the FAKO score will give you either a false sense of security, or a false sense of doom.

Re: One more time about FAKO's, please

Anonymous — Wed, 16 May 2007 23:09:29 GMT

I also subscribe to true credit. I have spoken with a senior customer service advisor about their scores. She explained that they are not scores that lenders use. It is a scoring system that they developed for consumer use only. They are modeled after Fair Isaacs & FICO but that they are not true FICO lender scores.

Re: One more time about FAKO's, please

Anonymous — Wed, 16 May 2007 23:09:40 GMT

Yeah, I got the false sense of doom and I've been working so hard. FICO's are improving, so I'll keep plugging along. It really was a bummer to see the FAKOs, though....thanks, guys...

Re: One more time about FAKO's, please

smallfry — Wed, 16 May 2007 23:34:00 GMT

@Anonymous wrote:
Yeah, I got the false sense of doom and I've been working so hard. FICO's are improving, so I'll keep plugging along. It really was a bummer to see the FAKOs, though....thanks, guys...

I'll tell you what I am going to do. You can get your Equifax report and two real Equifax FICO scores for $6. I've gone over the reports till my eyes glazed over and with the exception of some reporting bureaus considering an account closed and others consider one or two open they seem to be identical to me. The only exception is the inquiries. Just to be on the safe side when I am not eligible for free annual reports i will buy a TU and EX report from myFICO a time or two per year. Since I only have a car loan and a credit card to monitor I see no reason to do daily pulls on TC to watch my two payments come in monthly. I can do something else with the $150 a year.

Re: One more time about FAKO's, please

Anonymous — Wed, 16 May 2007 23:40:38 GMT

I'm with you on this one, Smallfry. I think I'll follow your lead and see what happens...

Re: One more time about FAKO's, please

Anonymous — Thu, 17 May 2007 00:49:41 GMT

YMMV, but my FICOs are within 30 points of my FAKOs. TU is within 10.

Re: One more time about FAKO's, please

Anonymous — Thu, 17 May 2007 01:05:34 GMT

Sorry, but what is YMMV???

Re: One more time about FAKO's, please

smallfry — Thu, 17 May 2007 01:06:53 GMT

@Anonymous wrote:
Sorry, but what is YMMV???

Your Mojo May Vary.

Re: One more time about FAKO's, please

Anonymous — Thu, 17 May 2007 01:32:11 GMT

OK. That is way too funny

Re: One more time about FAKO's, please

Tuscani — Thu, 17 May 2007 12:01:02 GMT

Be sure to read the Credit Scoring 101 thread.