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FICO vs. FAKO – Share your FAKO stories

Contributor

Re: FICO vs. FAKO – Share your FAKO stories

fako EQ shows growth over last 3 months from 670 to 738.  

 

today I paid to find out EQ hasn't @#$! moved in all this time from 671. I almost want to wish to think the paid site is broken. How can a score NOT move when new things happen, and other scores move by 70 pts in that time..

Message 131 of 140
New Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Credit Karma says my EQ is 698 and TU 714, when in reality my FICO EQ is 775, TU 794 (From Experian's tri-bureau score/report)

Almost a 100 point difference, makes me wonder how you could possibly call a score on Credit Karma a "credit score".

Starting Score: 738
Current Score: 738
Goal Score: 770


Take the myFICO Fitness Challenge
Message 132 of 140
New Member

Re: FICO vs. FAKO – Share your FAKO stories

My credit karma account says my score is 580 but I keep getting deny credit cards I mean I apply to everyone I see all are denied how do people do it!
Message 133 of 140
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories

In the past 3 months or so I was approved for 3 credit cards. The last of the 3 finally posted to my account and overall my CK score dropped about 32 points. My FICO dropped maybe 8 or 10. Probably a good reason I use CK for mostly credit monitoring.
Current Fico 8 Scores:

Credit Goal:

Gardening until September 2018

Current Cards:


Wish List:


Message 134 of 140
Valued Member

Re: FICO vs. FAKO – Share your FAKO stories

So... I think I found out why my FAKO scores are so low in comparison to my FICO scores. It seems that FAKO VS 3.0 scores are extremely sensitive to credit utilization at around the 20% range, unlike FICO: When I dropped my util just below 20%(around 19% or so) my VS 3.0 scores jumped 40+ points to around the 660s. Once my util went slightly over 20% (around 20.3%), my VS 3.0 scores dropped those same 40+ points. My FICO scores hardly budged (-3 or so points in the same time frame).
Current FICO8 Scores (As of June 12th, 2018)

Current FICO Mortgage Scores
June 12th, 2018



Message 135 of 140
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@admiralq wrote:
So... I think I found out why my FAKO scores are so low in comparison to my FICO scores. It seems that FAKO VS 3.0 scores are extremely sensitive to credit utilization at around the 20% range, unlike FICO: When I dropped my util just below 20%(around 19% or so) my VS 3.0 scores jumped 40+ points to around the 660s. Once my util went slightly over 20% (around 20.3%), my VS 3.0 scores dropped those same 40+ points. My FICO scores hardly budged (-3 or so points in the same time frame).

I just can't figure out any reason to care what causes VS 3.0 scores to drop or go up. I've, to the best of my knowlege never had any creditor pull a VS for a credit decision on any of my accounts...not once! Until I see creditors actually using the VS scores, I just don't care what they are, and care even less what causes it to go up or drop. It is like learning how to speak latin fluently...why?...No country in the world communicates in Latin on a regular basis.



TU fico08=831 05/31/18
EX fico08=800 06/18/18
EQ fico08=826 04/18/18
EX fico09=823 06/02/18
EQ fico bankcard08=856 05/22/18
Message 136 of 140
Contributor

Re: FICO vs. FAKO – Share your FAKO stories

When first using credit Karma some six years ago, I posted here, as I too was seeing Fico scores that were way off.

In the past year, they seem to be pretty close, as at CK both TU, and EQ are the same as Credit Sesame, and a recent mortgage pull.

Let me say that carrying any plastic at all,  is a huge dent on your Fico score. Hard inquiries are 16 points each, so try to limit these.

 

TU-816 06-01

EQ-816 06-01

Message 137 of 140
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@clipperskipper wrote:

When first using credit Karma some six years ago, I posted here, as I too was seeing Fico scores that were way off.

In the past year, they seem to be pretty close, as at CK both TU, and EQ are the same as Credit Sesame, and a recent mortgage pull.

Let me say that carrying any plastic at all,  is a huge dent on your Fico score. Hard inquiries are 16 points each, so try to limit these.

 

TU-816 06-01

EQ-816 06-01


First of all both CK and credit sesame are VS 3.0 scores which are used by almost no lenders, so of course they should be the same...they use the same model, and neither is the widely used scores like fico 08. Second...where did you get the idea that carrying any plastic at all is a huge dent on your score? That is not at all true...yes a hard pull is a ding on a score for a year, but it is not 16 points and the ding is temporary. The best scores are acheived by the responsible management of several types of credit, including credit cards. In order to get very high credit scores you actually need plastic, but need to manage it well and keep the utilization down...best to just always PIF! Others can chime in, but I have to respectfully disagree with you.



TU fico08=831 05/31/18
EX fico08=800 06/18/18
EQ fico08=826 04/18/18
EX fico09=823 06/02/18
EQ fico bankcard08=856 05/22/18
Message 138 of 140
Contributor

Re: FICO vs. FAKO – Share your FAKO stories

There's a good explanation of the differences over on credit.com. As for the points I mentioned, 16 was 

the (temporary) hit on a hard inquiry. There's also a good explanation of deduplication. FICO uses a 45-day span to deduplicate your credit inquiries. VantageScore limits its focus to only a 14-day range. VantageScore also looks at multiple hard inquiries for all types of credit, including credit cards. FICO considers only mortgages, auto loans, and student loans.

 

Last month I ran up a bunch of plastic, well I finally broke down and purchased a very nice Smart tv, and was using 5% of my available credit, 8 point hit. I paid the balance when the invoice arrived, and got the 8 points back. 

I understand the mix aspect, however I don't have any auto, or student, or other types of loans.

Message 139 of 140
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

I've bascially stopped caring about what CK tells me using their FAKO scores, though I still find it helpful for at-a-glance reviews. 

 

My scores are current down below and CK has them at TU 655 and EQ 651. A cycle and change ago I loaded up one of my cards to it's limit and mistimed the pay-down so it reported with at 90-something percent util. Since it was a smaller card ($2k limit), it only bumped my collective util to the high teens, maybe 19% or so, up from 15%, but to CK that didn't matter. My TU FAKO went from 702 to 641. Now that the new balance is reporting and it's back down to its original level, my score still hasn't recovered. My EQ FAKO suffered even worse dropping from 714 to a low of 639 before landing where it's at, now. 

 

All the while over in FICO Land, I saw a ~15 point drop across the board that has since fully recovered (and then some). 🙈

FICO 8 (6/16/18) - Equifax: 691, TransUnion: 715, Experian: 680br

AmEx BCE: $2,000 | AmEx HH: $1,000 | Barclays Rewards MC: $5,300 | BECU Cash Back Sig. Visa: $10,000 | BECU CLOC: $3,000 | Citi Costco Sig. Visa: $4,000 | Citi Prestige: $4,000 | Citi HD: $3,000 | Capital One Kohls: $1,500 | CapitalOne Quicksilver: $3,300 | Chase Freedom Unlimited: $4,000 | Discover IT: $1,700 | Synchrony Care Credit: $8,000 | Synchrony Walmart: $5,000
Message 140 of 140