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79 point increase in Fako ( Creditwise by transunion)

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79 point increase in Fako ( Creditwise by transunion)

Today I got a 79 point increase in my fako score (I'm too cheap to pay for fico at this early stage of rebuilding).  My score went from  553 to 632 ! It's a positve step to my rebuild. It had been 605, then dropped due to appying to cap one, and now has bounced since cap one just reported my new account and first payment, etc.   Thanks to all those on this board that have helped me !




3-23-19 FICO 669 Experian (free from discover)
March 21 2019 632 Fako (Creditwise by transunion), no score on experian

Feb 28 2019 553 Fako (creditwise)after applying to Cap One
Jan 31 2019 605 Fako (Creditwise)score per
Cap One QS $300
5 REPLIES 5
Established Contributor

Re: 79 point increase in Fako ( Creditwise by transunion)

Did you try and get your score from discover? Their score is accurate from what I saw.






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Message 2 of 6
Established Member

Re: 79 point increase in Fako ( Creditwise by transunion)

I actually got my score from capital one, they use the credit wise product, which I believe is a transunion based score. Chase uses the same one. Thanks for letting me know about Discover, I'll look into that.




3-23-19 FICO 669 Experian (free from discover)
March 21 2019 632 Fako (Creditwise by transunion), no score on experian

Feb 28 2019 553 Fako (creditwise)after applying to Cap One
Jan 31 2019 605 Fako (Creditwise)score per
Cap One QS $300
Message 3 of 6
Community Leader
Senior Contributor

Re: 79 point increase in Fako ( Creditwise by transunion)

Creditwise, as you stated, is a FAKO score and isn’t one that lenders use to judge creditworthiness. It’s nice to see a gain on it but that gain doesn’t mean much as the VantageScore model is calculated differently from FICO. Use the Discover scorecard to grab one of your true FICOs and that will let you start to see where you stand.


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Message 4 of 6
Established Member

Re: 79 point increase in Fako ( Creditwise by transunion)

Yes, thanks Devil, I plan to use the Discover site for that. I know they use experian, and right now I don't have any score on experian, so looks like I'll have to wait until the credit report update from Cap One works its way around.  I don't want to use discover to track until I at least have a score.

 

What is best move now, stay with only cap one, or should I apply for a second card. I know it's a short term hit, but long term may be better to have a couple cards. Honestly the 300 limit on cap one makes it mostly useless. I think even renting a car would require more than that for a two day rental.




3-23-19 FICO 669 Experian (free from discover)
March 21 2019 632 Fako (Creditwise by transunion), no score on experian

Feb 28 2019 553 Fako (creditwise)after applying to Cap One
Jan 31 2019 605 Fako (Creditwise)score per
Cap One QS $300
Message 5 of 6
Moderator

Re: 79 point increase in Fako ( Creditwise by transunion)


@JDNJ wrote:

Yes, thanks Devil, I plan to use the Discover site for that. I know they use experian, and right now I don't have any score on experian, so looks like I'll have to wait until the credit report update from Cap One works its way around.  I don't want to use discover to track until I at least have a score.

 

What is best move now, stay with only cap one, or should I apply for a second card. I know it's a short term hit, but long term may be better to have a couple cards. Honestly the 300 limit on cap one makes it mostly useless. I think even renting a car would require more than that for a two day rental.


You can pay Cap-1 more than one time in a month its what I did when I was starting my rebuild, you should be in the credit steps program which will give you a CLI as long as you keep the payments current in I believe month 7. You actually need 3 open revolvers to drive your Fico score so yes I would be looking to get another couple of cards ASAP. 

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Message 6 of 6
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