How accurate are FAKO scores?

[Anonymous]

I'll be getting my first FICO score in July.

I have two secured cards right now, which I've been alternating between and not carrying a balance on. I've been paying in full each statement (using under 30%).

Credit Karma is giving me 651 and 647...

Is there something I should be doing? What can I do these next couple months to get the highest official FICO score possible?

[Anonymous]

Different people find different things with respect to their VS 3.0 scores (CK) verses their FICO scores.  Some find them higher, some lower, some relatively the same.  You won't know how they compare until you get your first FICO scores.

As far as your 2 cards, you want to have one of them report $0 and the other report a small balance ($5-$10) every month.  You do not need to alternate the cards.  In fact, it's easier to just pick one and have that be the one that you allow the small balance to report on and have the other always rock $0.

Do you have an open installment loan?  If not search for the Share Secure technique, as implementing it would yield you roughly 30 FICO points.

[Anonymous]

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@Anonymous wrote:

You do not need to alternate the cards.  In fact, it's easier to just pick one and have that be the one that you allow the small balance to report on and have the other always rock $0.

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It certainly would be, thanks! I vaguely remember hearing I was supposed to alternate them. In that case, I'll just leave one at home to ensure I don't use it

I'll look into the Share Secure thing, too. I appreciate it!

[RobertEG]

It is not a matter of accuracy or inaccuracy.

So-called FAKO scores are accurate for what they calculate.

The issue is that the algorithms are different, and thus their output will not be the same.

[Anonymous]

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@RobertEG wrote:

It is not a matter of accuracy or inaccuracy.

So-called FAKO scores are accurate for what they calculate.

The issue is that the algorithms are different, and thus their output will not be the same.

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Explain what they calculate and what use it is for people.

Seriously, I invented my own measure of speed that I call ABCDs and I told a cop that I wasn't break the law because I was traveling at 32 ABCDs.  Still got a ticket.

My real Equifax FICO08 was 575.  Credit Karma's FAKO Equifax was 677.  Most lenders look at 575.  No one looks at 677.

My real Transunion FICO08 was 588.  Credit Karma's FAKO Equifax was 696!!  Most lenders look at 588.  No one looks at 696.

This month my EQ and TU went to 612 and 613.  My Credit Karma scores DROPPED.

CK is useless for scoring.  It's useful for monitoring and is actually faster than CCT and MyFico which are paid monitoring services.  But for scoring?  Useless.  Throw it away.

[Anonymous]

Incorrect. VS 3.0 scores while not used nearly as often as FICO scores are still used. Sometimes utility companies use them, phone service providers, rental companies, etc. To people looking at those things, they could be of use.

[Anonymous]

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@Anonymous wrote:
Incorrect. VS 3.0 scores while not used nearly as often as FICO scores are still used. Sometimes utility companies use them, phone service providers, rental companies, etc. To people looking at those things, they could be of use.

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Name one that admits to using them.  Seriously.  How can I say this?

I'm a landlord.  My family on both sides are also landlords.  No one I know who is a landlord, including family, friends, etc, has ever used one.  Ever.  I use FICO, so does everyone else.

My uncle works for a very large phone service company, they use FICO.  He's never heard of Vantage Score and he's in his 60s and in loss mitigation so credit is a big deal for him.

Utility companies?  Name one.  Just one.  

Find one person on here, or any other website, blog, forum or other who has gotten a denial letter and had it reference a vantage score.

I'll give everyone some time to find one example of a denial based on a Vantage Score reference.

There are none.  Vantage Score exists -- it's used 6 billion times a year, and all 6 billion of those are just in people pulling free FAKO scores.

It's not real.  No one talks about it except for Vantage Score themselves, and the people pushing it as a "credit" score.

The only Vantage Score models that are used have nothing to do with individual scores but aggregate scores for bundling purposes.  I believe Fitch and S&P use a particular Vantage Score but it isn't the individual consumer product model.  Also FHFA's NMDB supposedly uses Vantage Score but again, it isn't an individual score product they use but an aggregate product model.  

[Anonymous]

I don't know which utility companies, phone providers, rental companies etc. use VS 3.0 as I have not sought out any of those products or services in about 15 years.  I do read on here a lot and many people have referenced VS 3.0 scores being used at times for those types of companies.  You say that can't be the case.  So, either you're "right" or all of those people are liars.

[Anonymous]

Those people are LIKELY liars.  Or unicorns.

Look up Vantage Score's official website -- vantagescore.com.  Scroll to the bottom and pick the "Model Acceptance" footer section.  Click any of those.  Other than score aggregators who NEED the ability to buy hundreds of thousands of scores for cheap, there is not a single customer who uses Vantage Score pulls for consumer credit.  Worse, they market BS like "7 out of the top 10 financial institutions use it millions of times each day in their business" but don't forget that plenty of banks and credit lenders offer people free "credit scores" using Vantage Score, lol.  These financial institutions don't use it to make credit decisions, they use it because for 2 cents per pull they can give their customers useless information as a value-added incentive.

Just over 11 years ago, Vantage Score was created because the 3 credit report agencies realized that Fair Isaac was making a KILLING offering people their credit scores for $15-$45 per pull.  The credit reporting agencies were peeved beyond believe that their data (that they sold and licensed to Fair Isaac) was being used to make a huge profit with no real work.

So they banded together to create a competitive product so that they, too, could make $15-$45 per pull.

Fair Isaac's response in 2006 is here: http://www.creditinfocenter.com/community/topic/252556-fair-isaacs-reply-to-the-vantagescore-from-a-...

Fair Isaac's response 11 years ago is still true today: no lender, no bank, no creditor wants to pay for a Vantage Score pull.  Ever.  It's so useless that Vantage Score just gives it away to sites (well, not entirely free, but pennies per pull).  You can start your own Credit Karma competitor site for a few grand if you wanted to, lol.

[Anonymous]

Cool, so all those people on this forum were liars.  Heard that.