Why FAKO scores can't be used to track progess

[bruiseviolet]

I do check my FICO score (not regularly- but as my siggy shows-enough to see that's it's increased thanks to my repair efforts).

I also have been checking my FAKO score via creditkarma every so often.  My theory was- as long as I checked FAKO score from the SAME source-

that even though it wouldn't be my exact FICO score- that it should trend the same direction as my FICO scores.

What a huge mistake to believe that-   my actualy FICO score has trended upwards-  meanwhile my FAKO score has trended up and down and up and down:

• March 2011    536
• July 2011        526
• August 2011   533
• October 2011  526

LOL so I rest my case and any advice I ever gave saying that as long as you tracked FAKO from same score giver- it should be a good baseline to determine if you're going in the right direction!  LOL

I seriously need to get scorewatch or something! LOL I am getting addicted to want to know my score all the time and watch them move with the disputes!

[RussianPassion]

I disagree... or, perhaphs I don't completely agree with your statement.

FAKO scores CAN be used to track progress. If FAKO changes FICO changes too. Just not by the same amount and not always in the same direction.

But change in FAKO is a good indication that somethign happened that triggered a score change. FAKO or FICO.

[llecs]

IME, in comparing FICOs and the respective FAKO on the same day for a given event, I've had my FICO increase and FAKO decrease at the same time, and vice-versa. I've posted this a few times, but I recall a CA that dropped. My FICO increased by 58 and my corresponding FAKO decreased 8. Aside from doing opposite things, I've had plenty of cases where one would spike and the other stay the same. For example, my CC-enhanced TransRisk increased by 30 or so points about a week ago. I got curious and pulled my corresponding TU FICO. It only went up 2. Over the spring, I added a mortgage, 3 CCs, and one LOC. At the same time my oldest TL fell off. The net loss for myself was 55 lost on EQ FICO. My PLUS score via CCT remained unchanged.

[Anonymous]

There probably isn't an affordable, perfect way to monitor all 4 CRAs, that includes useable scores. By "useable", I specifically mean knowing exactly what score a lender sees when you apply for credit and knowing what your odds of success are.

Personally, I'll take a free FAKO and hold off on paying for a monitoring service until one works perfectly or an affordable method of seeing all three, useable scores comes along. 

[fused]

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@Anonymous wrote:

Personally, I'll take a free FAKO and hold off on paying for a monitoring service until one works perfectly or an affordable method of seeing all three, useable scores comes along. 

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Don't hold your breath!

[Anonymous]

Educated consumers are probably bad for the lending business.