topic Re: Adventures in FAKOland... in Understanding FICO® Scoring

Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 00:22:44 GMT

I was very excited tonight...then not.

Several changes in my Equifax report, as seen via TrueCredit, bade well for my score's increading, so I thought it was time to finally throw away the FAKOs and get with the FICOs.

And boy was I glad I did ... for a few minutes.

My TrueCredit Scores as of today:

TU: 573

EX: 604

EQ: 537

So, I bought myFICO score with ScoreWatch today.

EQ - 668!!!!

Yay!!! Keep in mind 1.5 months ago, my FICO EQ score was 420, so this is Hallelujah-worthy.

I was so happy, because this might mean I could successfully apply for that car loan a month earlier than I was wanting to. But I knew one score wouldn't be enough...

So then I decided, since the FAKOs were so significantly different in EQ's case (EQ has given me the hardest time of all of the CRAs), I would check my other 2 scores using myFICO.

TU: 536

EX: 563

What the hey?!

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 00:27:33 GMT

Neblett wrote:
I was very excited tonight...then not.

Several changes in my Equifax report, as seen via TrueCredit, bade well for my score's increading, so I thought it was time to finally throw away the FAKOs and get with the FICOs.

And boy was I glad I did ... for a few minutes.

My TrueCredit Scores as of today:

TU: 573
EX: 604
EQ: 537

So, I bought myFICO score with ScoreWatch today.

EQ - 668!!!!

Yay!!! Keep in mind 1.5 months ago, my FICO EQ score was 420, so this is Hallelujah-worthy.

I was so happy, because this might mean I could successfully apply for that car loan a month earlier than I was wanting to. But I knew one score wouldn't be enough...

So then I decided, since the FAKOs were so significantly different in EQ's case (EQ has given me the hardest time of all of the CRAs), I would check my other 2 scores using myFICO.

TU: 536
EX: 563

What the hey?!

Print all three of your FICO reports and do a side by side comparison. Obviously there are differences on what is being reported to each CRA. Do you have late payments reporting, any collections or charge offs. Is your util high. etc. etc. Let us know!

Re: Adventures in FAKOland... (Auto Loan Question Too)

Neblett — Sat, 16 Jun 2007 02:24:24 GMT

Okay, here's a question.

When you go to an auto dealer that pulls TU and EQ, like the dealer I want to get my car from, and they pull one that is 668 (my EQ FICO) and one that is 536 (my TU FICO), how do they score you, since there is such a huge disparity?

Thanks!

Re: Adventures in FAKOland... (Auto Loan Question Too)

fused — Sat, 16 Jun 2007 02:36:07 GMT

Neblett wrote:
Okay, here's a question.

When you go to an auto dealer that pulls TU and EQ, like the dealer I want to get my car from, and they pull one that is 668 (my EQ FICO) and one that is 536 (my TU FICO), how do they score you, since there is such a huge disparity?

Thanks!

You should do a side by side with all three of your reports and tell us what derogs are reporting, what your util is on your cc's and how many inqs you have. As far as auto loans, check this thread.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 02:51:09 GMT

Just applied for Capital One Auto and received an email from their Custom Finance Program - what does that mean? I also received a rejection email from RoadLoans, even though I didn't apply for a loan through them.

Any clues?

Re: Adventures in FAKOland...

Anonymous — Sat, 16 Jun 2007 02:56:19 GMT

Neblett wrote:
Just applied for Capital One Auto and received an email from their Custom Finance Program - what does that mean? I also received a rejection email from RoadLoans, even though I didn't apply for a loan through them.

Any clues?

What does the email say? Did they send you a letter snail mail?

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 02:58:39 GMT

TEXT OF EMAIL:

As part of our commitment to meet your loan needs, we are considering your application for our Custom Finance Program. We will call or e-mail you tomorrow with more information.

To learn more about our Custom Finance Program, please go to http://www.capitaloneautofinance.com/Public/CustomFinance/Default.aspx

Questions? Feel free to call us during our business hours. We'll be happy to help.

Sincerely,

Capital One Auto Finance
1.800.689.1789
1.888.412.7543 (fax)
Monday - Saturday: 7 a.m. to 9 p.m. CT
Sunday: 9 a.m. to 6 p.m. CT

Capital One Auto Finance and its service providers are committed to protecting your privacy and ask you not to send sensitive account information through e-mail. You can view our privacy policy and contact information at http://www.capitalone.com

Blank Check® is a registered trademark of Capital One Services, Inc.

Copyright 2007 Capital One Services, Inc. Capital One and Capital One Auto Finance are federally registered service marks. All rights reserved.

Message Edited by Neblett on 06-15-2007 09:58 PM

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 02:59:14 GMT

It's not a good idea to apply for credit or a loan in your situation. Fix the baddies reporting on your crs first.

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 03:06:14 GMT

I've spent the last 3 months fixing the baddies on my CRs.

My EQ FICO in March was 420. It's now 668. So I think it's pretty obvious I've done some work on this.

My TU and EX reports are still showing some open student loans that are about to report as "Closed (Paid)" because of a loan consolidation. The only other legitimate thing I can do is wait for 4 more years because of some delinquent accounts that have been closed. There is also a Ford Motor Charge-Off that will have a zero balance in a month.

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 04:42:48 GMT

What I do notice is that the negs on my EQ score report seem to be balanced by a long account history and many bills paid on time. These positive-impact components do not appear in the FICO model for EX and TU, even though all three accounts reflect the same account and payment history.

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 04:43:33 GMT

Neblett wrote:
I've spent the last 3 months fixing the baddies on my CRs.

My EQ FICO in March was 420. It's now 668. So I think it's pretty obvious I've done some work on this.

My TU and EX reports are still showing some open student loans that are about to report as "Closed (Paid)" because of a loan consolidation. The only other legitimate thing I can do is wait for 4 more years because of some delinquent accounts that have been closed. There is also a Ford Motor Charge-Off that will have a zero balance in a month.

Are the 4 year old delinquent accounts paid? How much do you owe on the Ford charge-off?

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 04:52:12 GMT

Yes, the majority of the delinquents are paid. I'm still waiting on the results of a couple of PFD letters I submitted in the last month.

The Ford charge-off still currently shows a balance of $4500 - but I will be paying the final installment on a settlement amount next week, which will bring the balance to zero and the status as "Paid in Full" by the end of the month. That will wipe out over 42% of my bad credit debt.

I am still waiting for 5-6 student loan accounts to change status to "Closed (Paid)" on all three CRs, including 3 loan accounts that have erroneous 60-day late pays on them with EQ (but EQ is not the score I'm worried about) - these late pays have been disputed, and for some reason CSC has all the correct information in their database, but Equifax is not reflecting that corrected info (yes, I've contacted the dispute dept. at CSC repeatedly about this). There will still be a couple of student loan balances left over, but all of them show "Pays as Agreed" and will do so until 2009.

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 05:15:27 GMT

Neblett wrote:
Yes, the majority of the delinquents are paid. I'm still waiting on the results of a couple of PFD letters I submitted in the last month.

The Ford charge-off still currently shows a balance of $4500 - but I will be paying the final installment on a settlement amount next week, which will bring the balance to zero and the status as "Paid in Full" by the end of the month. That will wipe out over 42% of my bad credit debt.

I am still waiting for 5-6 student loan accounts to change status to "Closed (Paid)" on all three CRs, including 3 loan accounts that have erroneous 60-day late pays on them with EQ (but EQ is not the score I'm worried about) - these late pays have been disputed, and for some reason CSC has all the correct information in their database, but Equifax is not reflecting that corrected info (yes, I've contacted the dispute dept. at CSC repeatedly about this). There will still be a couple of student loan balances left over, but all of them show "Pays as Agreed" and will do so until 2009.

Good you started the PFD letters! A good rule of thumb is GW the paid ones and PFD the unpaid ones like the Ford charge-off. GW letters don't seem to work with Sls though.

Re: Adventures in FAKOland...

Neblett — Sat, 16 Jun 2007 16:04:02 GMT

OK.

Another question - when I applied online for a CapOne Auto loan, I got an email and an INQUIRY on my EQ report from RoadLoans. I did NOT apply through RoadLoans.

Any guesses what's going on?

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 20:05:01 GMT

Neblett wrote:
OK.

Another question - when I applied online for a CapOne Auto loan, I got an email and an INQUIRY on my EQ report from RoadLoans. I did NOT apply through RoadLoans.

Any guesses what's going on?

This is only a guess! You might have been shopped around!

Any ideas Tuscani, Noah or MidnightVoice?

Re: Adventures in FAKOland...

MidnightVoice — Sat, 16 Jun 2007 20:12:19 GMT

fused111 wrote:

Any ideas Tuscani, Noah or MidnightVoice?

None whatsoever. I didn't know until recently that RoadRunner was know in the loan business

Re: Adventures in FAKOland...

fused — Sat, 16 Jun 2007 20:13:32 GMT

MidnightVoice wrote:

fused111 wrote:

Any ideas Tuscani, Noah or MidnightVoice?

None whatsoever. I didn't know until recently that RoadRunner was know in the loan business

I think the lender is RoadLoans.

Re: Adventures in FAKOland...

Anonymous — Sat, 16 Jun 2007 20:23:13 GMT

From an auto expert at CB: RoadLoans is a pass thru program for a few lenders. You actually don't need to apply directly thru them. If affiliated with another lender with whom you have applied, then if declined that lender could pass over the application for decisioning.

Re: Adventures in FAKOland...

MidnightVoice — Sat, 16 Jun 2007 20:28:02 GMT

Revike wrote:
From an auto expert at CB: RoadLoans is a pass thru program for a few lenders. You actually don't need to apply directly thru them. If affiliated with another lender with whom you have applied, then if declined that lender could pass over the application for decisioning.

And I assume if there are two credit pulls they will only count as one, under the "shopping for a loan" calculation

Re: Adventures in FAKOland...

Tuscani — Sun, 17 Jun 2007 02:32:26 GMT

Yep, CAP1 has a partnership with RoadLoans. CAP1 will forward your app to them if they can't approve you. I am sure there is a reference to this somewhere in the terms of their app.

Correct, should only count against your score as 1 Inq.

Message Edited by Tuscani on 06-16-2007 09:32 PM