topic Re: what does FAKO mean? in Understanding FICO® Scoring

what does FAKO mean?

tracy829 — Thu, 09 Jul 2009 19:32:06 GMT

Ok ive been reading all kinds of threads here and i am trying to figure out what it means when people say FAKO.

Re: what does FAKO mean?

Anonymous — Thu, 09 Jul 2009 19:50:48 GMT

It is basically a score that lots of people try to pass off as your real FICO score. It is NOT a true FICO score that any lender would look at.

Your real (the ones that matter) FICO can be pulled here at myfico.

Re: what does FAKO mean?

tracy829 — Thu, 09 Jul 2009 21:28:02 GMT

Ohh ok thanks, what does it cost to get them at myfico? Thanks again

Re: what does FAKO mean?

llecs — Fri, 10 Jul 2009 04:17:22 GMT

$15.95 for EQ or TU. It is impossible to pull your own EX FICO from anywhere. Be sure to google "myFICO discount code" first.

Re: what does FAKO mean?

Anonymous — Fri, 10 Jul 2009 04:23:05 GMT

If you don't mind me asking, how much can one save with the discount. I called the oder day and the nice lady I spoke with give me this fico discount code.

Re: what does FAKO mean?

llecs — Fri, 10 Jul 2009 04:26:59 GMT

There are some codes out there that will save you 20%-30%. Or if you have SW, you save $5 per pull on EQ.

Re: what does FAKO mean?

RobertEG — Tue, 14 Jul 2009 05:54:43 GMT

I must disagree to some extent on the characterization of non-FICO scores.

There is nothing "fake" about a non-FICO score. It just means it was not produced by the Fair Isaac scoring algorithm. No one can tell you that a score generated by the Fair Isaac algorithm is any better (meaning more reflective of actual credit risk) than a score generated by other vendors. The term "FAKO" is a prejurious implication that they are fake scores. No vendor can legally sell a credit score and label it is a FICO(R)) score.

I do agree that most creditors use FICO scores, since they have been the standard for longer than any other scoring method. And that, alone, is a reason to rely upon FICO scores,if you know that is what your creditor will rely upon.

But I dont like, or use, the term FAKO.