cancel
Showing results for 
Search instead for 
Did you mean: 

Got My X1 Denial

Adkins
Legendary Contributor

Re: Got My X1 Denial


@SoCalGardener wrote:

@mark3038  Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .


I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing! Smiley Happy


 @SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

Last HP 06-03-2022



Message 11 of 22
SoCalGardener
Valued Contributor

Re: Got My X1 Denial


@Adkins wrote:

@SoCalGardener wrote:

@mark3038  Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .


I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing! Smiley Happy


 @SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23


Thanks! I know I see it all the time, especially the "FAKO" version, so I wondered what was up. I don't think I've ever used any of those terms, but if it's a no-no I want to be sure not to, you know?! Smiley Happy

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 12 of 22
Adkins
Legendary Contributor

Re: Got My X1 Denial


@SoCalGardener wrote:

@Adkins wrote:

@SoCalGardener wrote:

@mark3038  Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .


I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing! Smiley Happy


 @SoCalGardener You're correct, it's listed in the forum's common terms/abbreviation definitions:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23


Thanks! I know I see it all the time, especially the "FAKO" version, so I wondered what was up. I don't think I've ever used any of those terms, but if it's a no-no I want to be sure not to, you know?! Smiley Happy


😉

Last HP 06-03-2022



Message 13 of 22
Reviewers
Established Contributor

Re: Got My X1 Denial

Sorry about the denial, I got access to a invite code and I applied today and got denied as well. EX 719 with enough income as well. It's weird because I have 0 hard inquiries and I have a ton of pre-approvals from other cards such as AMEX Blue Cash/Capital One Venture/Capital One SavorOne/Chase Sapphire Preferred and much more. Hopefully you & I can both get the X1 card in the future though, we have all 2022 Smiley Wink

My Scores:


Wishlist Cards:
Capital One Venture X
Message 14 of 22
Aim_High
Senior Contributor

Re: Got My X1 Denial


@Jnbmom wrote:

While CK and wallet hub etc do not provide FICO scores it is clearly stated on their website that they are "Vantage" scores so people should be well aware of that .

 

@mark3038  Please stop stating these are FAKE , they are not they are just a different version and while "most lenders" don't utilize these scores, there are a rare few like Synchrony that do .


+1 to @Jnbmom and @OmarGB9.

 

@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model.  The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless.  It's not.   Vantage scores were introduced in cooperation between the three Credit Reporting Bureaus and don't use the FICO model.  But they have a scoring methodology and use real data from a consumer credit report, just like FICO.

 

Just like many other scoring models, Vantage scores are weighted differently.  But they are REAL credit scores, based on REAL reported data.  And yes, they can vary substantially from FICO.  But one thing we try to teach on the forums is that there are literally dozens of score models, the models have large variations, and the scores are always in flux as credit scoring factors change.  Someone doesn't just have ONE credit score, even if they are using FICO scores.  Understanding that nuance is important.   

 

For credit cards, there are multiple FICO models that are used by lenders and some of them can ALSO vary substantially from the commonly-reported FICO 08.  Even though FICO 09 is closely related and similar to FICO 08, it reports somewhat differently from FICO 08.  And those two scoring models are the most commonly used ones for credit card approvals.  However, some lenders use the older FICO scoring models when processing credit cards (FICO 02 - 03 - 05), even though they are commonly referred to as the "mortgage scores."   For example, AOD FCU and DCU are two popular credit unions on this board that both pull EQ FICO 05, but they are far from alone in pulling something other than a version of FICO 08/09.  We had a lot of members unpleasantly surprised at denials or less favorable than expected terms because their FICO 05 lagged their FICO 08 by 40 to 80 points.  (See the AOD FCU approval thread or the original AOD FCU Megathread for data points.)   Even a "standard" FICO 08 can vary between the three CRBs due to differences in the data on file with each or by how FICO customizes the model for that CRB.  

 

Even though the majority of lenders use some variation of the FICO score in underwriting, that doesn't make the Vantage scores completely worthless, IMO.  Sometimes, they are quite accurate.  My Vantage scores are usually within about 10-15 points of my FICOs, typically slightly lower.  By themselves, they could give someone without paid access to a FICO score (or free access through a credit card) a rough idea of where their credit rates.   And I've found them helpful for monitoring trend information, since they will often react to changes in my report just like FICO scores.  I see them as a general barometer.  The free services such as Credit Karma are valuable in helping consumers to understand and track their credit information, even if they don't have many cards or the ability or desire to pay for credit scoring services. 

 

However, they are only one tool in monitoring credit health.  Unless you've got a paid membership to My FICO where you're getting access to many scores, any single credit score whether FICO or Vantage can be taken out of context for estimating approval odds.   The best thing is to be aware of the differences, not only between Vantage and FICO but also between the various FICO models and which lenders pulls which Credit Reporting Bureau and which FICO report (link provided and updated by @credit_is_crack)

 

Apologies to OP @mrtech3 for the lengthy OFF-TOPIC but the conversation had already "gone there."  Now back to our regularly-scheduled thread topic, the X-1 Card Denial. 



Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 29 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 15 of 22
SoCalGardener
Valued Contributor

Re: Got My X1 Denial


@Aim_High wrote:

@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model.  The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless.  It's not....


I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

 

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.

 

With that, OP please accept my apologies, too, for taking this further off-topic. I'll stop now! Smiley Happy

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 16 of 22
Jordan23ww
Valued Contributor

Re: Got My X1 Denial

Sorry to hear about your denial!😔🙁  Best wishes to you next time you decide to apply!

 


Message 17 of 22
mark3038
Established Contributor

Re: Got My X1 Denial


@SoCalGardener wrote:

@Aim_High wrote:

@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model.  The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless.  It's not....


I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

 

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.

 

With that, OP please accept my apologies, too, for taking this further off-topic. I'll stop now! Smiley Happy


Smiley HappySmiley IndifferentSmiley SurprisedSmiley WinkSmiley LOL

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 18 of 22
Yasselife
Established Contributor

Re: Got My X1 Denial

I use CK for educational purpose, and check how my profile's health is looking; It's a real score but I'm also aware of it not being generally used by banks, though many people rely on those scores at the time to apply for credit and as I've seen in CK some are only left with a hard pull.

Message 19 of 22
Aim_High
Senior Contributor

Re: Got My X1 Denial



@SoCalGardener wrote: I'm a little confused. I routinely see people use the terms 'fake' or 'FAKO' when referring to non-FICO scores. I thought that was an accepted board thing! Smiley Happy

@SoCalGardenerwrote:

@Aim_High wrote:

@SoCalGardener, the issue is not using the FAKO nickname from the common board abbreviations, which is tolerated to distinguish between FICO scores and other scores, primarily the Vantage model.  The issue is outright calling anything other than a FICO score "FAKE" as if if it's totally fabricated and useless.  It's not....


I see the point you're making, but I'll counter with: I don't see much difference between "fake" and "fako" (note the uncapitalized letters, since the latter is not an acronym; it's a disrespectful take-off on a real one, FICO). If one disrespectful version is acceptable, I don't see the problem, especially when the accepted version is a GLARING derogatory version of the 'real' scoring model's name.

 

You made excellent points about Vantage scores being real, albeit not used much, etc., and I don't disagree with any of that. I'm simply saying that I don't see why there should be a distinction between two words that are basically the same and have the same meaning directed at the same topic.


Maybe I'm the one who is a little confused now, @SoCalGardener.   Not one but two different "Community Leaders - Super Contributors" objected to the label of Vantage Scores as "fake scores."  Then you asked a question which I wanted to help answer.  I'm not sure why there is a need for a "counter" unless your question wasn't really a question at all?  The only reason I addressed the reply to you was because you asked the original question. Smiley Wink

 

The usage of all capitalizations for both terms was indeed both intentional and appropriate in context.  FAKO is typically capitalized on My Fico since it is a derivative of the capitalized acronym FICO; FAKO is also capitalized in the linked "Common Abbreviations" posting in this thread.  And I purposefully capitalized FAKE for emphasis in comparison to FAKO to point out where the discussion veered off into a grey area.  

 

Some seaches in the archives shows there has been discussion about FAKO going back to the early days of the forum, at least 15 years.  When these other scores began to develop, the FAKO term arose as a concise means to reference any non-FICO score.  Members just needed an abbreviated way to reference non-FICO.  Due to this being My FICO forums and with FICO being the original and dominant credit score, there has always been some disdain for non-FICO scores, but FAKO wasn't meant in a malicious way.  There are references to it being an almost playful term of endearment instead of it being meant to be a slur.  Yes, FAKO is a combination of "fake" and "FICO" but it's more of a tease and taunt.   On the other hand, repeatedly calling Vantage scores "fake scores" and berating their usefulness goes beyond the label "FAKO" and then takes it up a notch.  Vantage scores are both real and can have a purpose when used in context.  That's also the same for all the various models of FICO scoring, even though you may find wide differences between them.  Calling Vantage scores "fake" just because they come up with a different number is like saying any FICO score that doesn't agree precisely with an EX FICO 08 is "fake."  They're all valid, based on the methodology and algorithms which were applied.



Length of Credit > 35 years; Total Credit Limits > $600K
AoOA > 29 years (Jun 1993); AoYA (Nov 2021)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 20 of 22
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.