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FICO vs. FAKO – Share your FAKO stories

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@bdhu2001 wrote:

@TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).




Message 81 of 338
Super Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@TwistedCircuits wrote:

@bdhu2001 wrote:

@TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Curious 

What lenders have you used that didn't pull Fico in some capacity be it an older model or new?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 82 of 338
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@TwistedCircuits wrote:

@bdhu2001 wrote:

@TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


No lender I used, didn't pull FICO score.  Were you denied by these lenders or were they personal lenders?  If you weren't denied, they don't advise you of your score or what they used.  Did you look on report to see if they made an inquiry with CBAs?

 

How do you know that they don't or didn't use FICO?  I'm also curious as to who the lenders were.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 83 of 338
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

Current CK EQ 537, MyFICO EQ 638.  (shrug)


Rebuilding since 9/29/2015: EQ 599 TU 582 EX 569 $5K avail
11/2018 EQ 704 TU 715 EX 719 ~$85K avail
Message 84 of 338
Established Member

Re: FICO vs. FAKO – Share your FAKO stories

Mint - 798

Credit Karma:
  TU - 791
  EQ - 800

Message 85 of 338
Highlighted
Established Member

Re: FICO vs. FAKO – Share your FAKO stories

Mint - 798
Credit Karma:
  TU - 791
  EQ - 800

Message 86 of 338
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@TwistedCircuits wrote:

@bdhu2001 wrote:

@TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Well I know that no lender I have used in the last 5 years has used Vantage.  I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 87 of 338
Super Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@TiggerDat wrote:

@TwistedCircuits wrote:

@bdhu2001 wrote:

@TwistedCircuits wrote:

With respect to FICO and what it's done for the credit industy I strongly believe FICO has become outdated.  The scoring model values metrics which are no longer relevant to today's credit market.  I believe this is the driver behind the switch to VantageScore and other alternatives as they've adapted to the new credit behavior.  When FICO finally realizes how the markets and behaviors have changed and alters it's scoring model they'll start to gain back more usage.


FICO is still the most widely used and have adapted the model which is why there are so many  versions.  I believe the most current version is version 9.  Lenders use FICO because it has proven to be the most accurate predictive model of risks and it's tested.  


No lender I've used in at least the last 5 years has used FICO.  Further, the amount of lenders moving away from FICO is increasing and FICO is aware of the trend.  While they do change their model, slightly, from time to time, FICO still hold on to ancient core ideas which are no longer relevant (IMHO).


Well I know that no lender I have used in the last 5 years has used Vantage.  I have heard that more and more lenders are using them, but none of the places I have applied have used it yet.


More lenders using them -more marketing.  Everyone I deal in uses various versions of FICO.

Signature needs updating
Message 88 of 338
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

CK is a joke! I have seen it go BOTh ways.

Currently my CK scores are:

TU 622

EQ 621

 

MyFico scores as of right now are:

TU 729

EX 715

EQ 684

 

Ok, I do realize that the score is "for educational purposes only", and is not a TRUE score. But, still.. a 107 point difference on TU?

and 63 on EQ? Seems as if it should at lease be a little closer.. LOL!!

 



CapOne QS $3000 - BlisPay Visa $3200 - NFCU CashRewards $10000- NavCheck $15000- AMEX PRG npsl - AMEX BCP $3000 - AMEX ED $5000 - Marathon store card $900 - Shell store card $800 - Chase Sw Visa $4000 - Chase Amazon Visa $2000 - Wayfair $3000 - - Cabelas $2000 - Santander Sphere $2800. TCL $63500
Message 89 of 338
Frequent Contributor

Re: FICO vs. FAKO – Share your FAKO stories

if citi is stating an equifax fico bankcard 8 score of 747, is that a fico 8 of 705?  (747/900*850)

Message 90 of 338