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ell, my Credit Karma scores have finally caught up with my FICO scores.
As of today, all my scores now range from 720 to 750 - including CK. May be a fluke, but I'm shocked.
Gonna keep tracking it to see how CK changes based on changes in my credit activity.
@Kelsey_H wrote:Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score? We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.
- Where did you get your FAKO score?
- Which FAKO score did you receive and from which bureau?
- Where did you get your genuine FICO® Score?
- Which FICO® Score did you receive and from which bureau?
- What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
- Share your FAKO story (What was your first impression when you received your FAKO score? How did you figure out that it was not a FICO® Score or that it was different than a FICO® Score? How did the FAKO score impact your loan/credit experience? )
Hello,
I'm going to tell you that in all honesty, FAKO scores do not compare to MyFICO in any way. I love MyFICO because you understand (after even just a month's membership), what each credit beaurue is looking for. You need to understand everything about your score:
1. Credit Karma is not reliable and is paid by advertising agencies to market low-level credit cards to you.
2. Credit Karma offers two scores. Assumingly Experian and TransUnion, both f(x) are not reliable.
3. I get my genuine FICO Scores from MyFICO, and I wouldn't change a thing. I love MyFICO ...
I'm going to stop for now, but I may continue my post later on. I have a lot to say, this is just the start.
-Your Friend-
@Anonymous wrote:
@Kelsey_H wrote:Hey there forums members! Have you ever been impacted in your financial journey to obtain a new loan or credit card by relying on a “credit score” you thought was a FICO® Score? We want to hear your story. Genuine FICO Scores are used in over 90% of lending decisions, while other “credit scores” (often referred to as FAKO scores) are rarely or never used by lenders to grant credit. Your story could help other consumers who find themselves in a similar situation. Have a FAKO story you’d like to share? Simply reply to this thread with your answers to the questions below.
- Where did you get your FAKO score?
- Which FAKO score did you receive and from which bureau?
- Where did you get your genuine FICO® Score?
- Which FICO® Score did you receive and from which bureau?
- What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
- Share your FAKO story (What was your first impression when you received your FAKO score? How did you figure out that it was not a FICO® Score or that it was different than a FICO® Score? How did the FAKO score impact your loan/credit experience? )
Hello,
I'm going to tell you that in all honesty, FAKO scores do not compare to MyFICO in any way. I love MyFICO because you understand (after even just a month's membership), what each credit beaurue is looking for. You need to understand everything about your score:
1. Credit Karma is not reliable and is paid by advertising agencies to market low-level credit cards to you.
2. Credit Karma offers two scores. Assumingly Experian and TransUnion, both f(x) are not reliable.
3. I get my genuine FICO Scores from MyFICO, and I wouldn't change a thing. I love MyFICO ...
I'm going to stop for now, but I may continue my post later on. I have a lot to say, this is just the start.
-Your Friend-
Pretty sure only the true newbies are unfamiliar with FICO FAKO. Those who get on board here are probably kinda clear about this after a very short while. I actually track a few FAKOs out of curiosity. And CK, though fake, can serve a purpose. It's not totally useless.
@admiralq wrote:
So... I think I found out why my FAKO scores are so low in comparison to my FICO scores. It seems that FAKO VS 3.0 scores are extremely sensitive to credit utilization at around the 20% range, unlike FICO: When I dropped my util just below 20%(around 19% or so) my VS 3.0 scores jumped 40+ points to around the 660s. Once my util went slightly over 20% (around 20.3%), my VS 3.0 scores dropped those same 40+ points. My FICO scores hardly budged (-3 or so points in the same time frame).
I just can't figure out any reason to care what causes VS 3.0 scores to drop or go up. I've, to the best of my knowlege never had any creditor pull a VS for a credit decision on any of my accounts...not once! Until I see creditors actually using the VS scores, I just don't care what they are, and care even less what causes it to go up or drop. It is like learning how to speak latin fluently...why?...No country in the world communicates in Latin on a regular basis.
credit karma is so far off when it comes to credit scores. I just purchased a car, ck had my score at 679. after having my credit run it came back at 750. ck is ok to keep a watch on your credit, just wish they were a little more in tune with the real world of accurate credit scores.
When first using credit Karma some six years ago, I posted here, as I too was seeing Fico scores that were way off.
In the past year, they seem to be pretty close, as at CK both TU, and EQ are the same as Credit Sesame, and a recent mortgage pull.
Let me say that carrying any plastic at all, is a huge dent on your Fico score. Hard inquiries are 16 points each, so try to limit these.
TU-816 06-01
EQ-816 06-01