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I see why it’s called a FAKO lol ....

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Valued Member

I see why it’s called a FAKO lol ....

My FICO went up 30+ while my vantage score dropped 70+ from me paying my loan off as usual. I'm not worried I'm pretty sure that's weird though. I see why it's called a FAKO score though lol 8CC3B611-379E-4C08-A3E1-43C0D265D2CA.png

 

C133DFB1-8E2F-451E-89C5-2671E55BAE42.png

 

22 y/o. AoOA: 7 months ($1700 student loan)
Starting 02/20
(02/20) Self $500 (two years)
(05/20) Kikoff $12 (one year)
(05/20) NFCU ssl $250 (6 months)

Cards:


Starting FICO 8 (05/20)




Current FICO 8 (06/20)


8 REPLIES 8
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Valued Contributor

Re: I see why it’s called a FAKO lol ....

Congrats on your FICO increase. And boooo to FAKO 🤮 

 

Looks like you can update you EX score in your siggy 🤙🏼

Message 2 of 9
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Regular Contributor

Re: I see why it’s called a FAKO lol ....

Interesting yours dropped so much on Vantage - do you have other installment loans? I just paid off my sole installment (car) loan and my Fico8 dropped 40 points while Vantage 3.0 for EQ and TU only fell 4 points.

Fico8 1/20:
Fico8 11/20:
AU:
Message 3 of 9
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Valued Member

Re: I see why it’s called a FAKO lol ....

I wanted to wait on the myFICO app to update but it's coming!

22 y/o. AoOA: 7 months ($1700 student loan)
Starting 02/20
(02/20) Self $500 (two years)
(05/20) Kikoff $12 (one year)
(05/20) NFCU ssl $250 (6 months)

Cards:


Starting FICO 8 (05/20)




Current FICO 8 (06/20)


Message 4 of 9
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Valued Member

Re: I see why it’s called a FAKO lol ....

Didn't pay it off completely, just made a monthly payment as usual and all my accounts are in good standing so I'm not sure why a score dropped happened at all tbh. 

22 y/o. AoOA: 7 months ($1700 student loan)
Starting 02/20
(02/20) Self $500 (two years)
(05/20) Kikoff $12 (one year)
(05/20) NFCU ssl $250 (6 months)

Cards:


Starting FICO 8 (05/20)




Current FICO 8 (06/20)


Message 5 of 9
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Senior Contributor

Re: I see why it’s called a FAKO lol ....


@Blackheart400 wrote:

Didn't pay it off completely, just made a monthly payment as usual and all my accounts are in good standing so I'm not sure why a score dropped happened at all tbh. 


If you sneeze the wrong way your Vantage 3 score takes a hit. Smiley LOL


Message 6 of 9
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Valued Member

Re: I see why it’s called a FAKO lol ....

🤣🤣🤣🤣

22 y/o. AoOA: 7 months ($1700 student loan)
Starting 02/20
(02/20) Self $500 (two years)
(05/20) Kikoff $12 (one year)
(05/20) NFCU ssl $250 (6 months)

Cards:


Starting FICO 8 (05/20)




Current FICO 8 (06/20)


Message 7 of 9
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Frequent Contributor

Re: I see why it’s called a FAKO lol ....


@Blackheart400 wrote:

My FICO went up 30+ while my vantage score dropped 70+ from me paying my loan off as usual. I'm not worried I'm pretty sure that's weird though. I see why it's called a FAKO score though lol 8CC3B611-379E-4C08-A3E1-43C0D265D2CA.png

 

C133DFB1-8E2F-451E-89C5-2671E55BAE42.png

 


Jeez paying off a loan is just about as bad as getting a derogatory on Vantage (-70+) good your Fico went up though. Fako or not no one likes to see a drop in their score. It's like losing money in a arcade game...it's not real money but you still don't want to lose it.

 

I have one intallment loan which I just paid off (my only one) wonder what point loss/gain Fico/Vantage  I might get when it updates later this month.

 

I believe I need at least one open installment for the credit mix points but then you get hit with a new account, maybe hit with inquiry for 2 years, maybe hit for increasing debt,  not planning on any major apps in the near future but still don't want any major point loss along the way.

Message 8 of 9
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Frequent Contributor

Re: I see why it’s called a FAKO lol ....

I had something similar happen...  I had an Amex personal loan that I paid off (owed like 12K that I PIF'ed after a 12 of 36 months). 

CK says Vantage dropped 12 points but my FICO scores went up by around 6 points. 

I still had mortgage, auto loan, 2 personal loans and a bunch of student loans all reporting and in good shape. 

It reported paying off an account as a bad thing. 

Message 9 of 9
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