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FICO vs. FAKO – Share your FAKO stories

Established Member

Re: FICO vs. FAKO – Share your FAKO stories

Banks such as Chase use proprietary scoring methods. I applied and received a Chase Amazon Card in March. My FICO score was 685. Chase used something called Credit Acquisition Risk Score V2 and scored me at a 729. I have good income under 10 percent credit until, but 6 late payments on my credit .
Message 131 of 142
Contributor

Re: FICO vs. FAKO – Share your FAKO stories

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.

Message 132 of 142
Valued Member

Re: FICO vs. FAKO – Share your FAKO stories


@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.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?
  3. Where did you get your genuine FICO® Score?
  4. Which FICO® Score did you receive and from which bureau?
  5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
  6. 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-

Message 133 of 142
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@iMacGuy 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.

 

  1. Where did you get your FAKO score?
  2. Which FAKO score did you receive and from which bureau?
  3. Where did you get your genuine FICO® Score?
  4. Which FICO® Score did you receive and from which bureau?
  5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
  6. 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.

Message 134 of 142
New Visitor

Re: FICO vs. FAKO – Share your FAKO stories

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.

 

Message 135 of 142
Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@Gonzozap

I actually track a few FAKOs out of curiosity.  And CK, though fake, can serve a purpose.  It's not totally useless.

 

I agree 100%. Although I take the credit scores with a grain of salt, they are quick to alert of changes to TU and EQ reports. Some people can't afford the monthly MyFico fees and something is better than nothing.

 


Gardening until December 2018
Message 136 of 142
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories

The score used for your car purchase is likely the auto specific FICO score, which will also not likely match your overall FICO 8 score either. CL shows Vantage 3.0 scores, not FICO.

Message 137 of 142
New Member

Re: FICO vs. FAKO – Share your FAKO stories

FAKO (Credit Karma)
Trans = 603
EQ = 622

 

FICO
Trans = 648
EQ = 633
EX = 642

 

(I took the average for my sig)

Starting Score: 641
Current Score: 641
Goal Score: 780


Take the myFICO Fitness Challenge
Message 138 of 142
Member

Re: FICO vs. FAKO – Share your FAKO stories

I'm so confused? 


  1. @Kelsey_H  
    Former myFICO Employee 
    wrote:

    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.

     

    1. Where did you get your FAKO score?
    2. Which FAKO score did you receive and from which bureau?
    3. Where did you get your genuine FICO® Score?
    4. Which FICO® Score did you receive and from which bureau?
    5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
    6. 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? )

    So how do I figure this out? Is Credit Karma not reliable? Should I not even check that score and stay with Experian?
STARTING SCORE: (05-01-2018) TU 584; EQ 597
CURRENT SCORE: (06-01-2018) TU 600; EQ 583; EX 552
GOAL: 800-850
Take the myFICO Fitness Challenge
Message 139 of 142
Valued Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@fixn2bfree wrote:

I'm so confused? 


  1. @Kelsey_H  
    Former myFICO Employee 
    wrote:

    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.

     

    1. Where did you get your FAKO score?
    2. Which FAKO score did you receive and from which bureau?
    3. Where did you get your genuine FICO® Score?
    4. Which FICO® Score did you receive and from which bureau?
    5. What type of loan/credit were you applying for? (type, rate, terms, etc. are all helpful)
    6. 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? )

    So how do I figure this out? Is Credit Karma not reliable? Should I not even check that score and stay with Experian?

I personally think the question of "reliability" versus "unreliability" is a bit overstated sometimes. The reason that you're so often told not to rely on VS 3.0 scores as a definitive guide as to whether you'll be approved for credit is that card and loan issuers generally don't use those scores (from what I understand, however, apartment rental companies did/do use VS 3.0). I personally find Credit Karma and similar services that use VS 3.0 (I like MyBankRate personally for its extensive graphs showing balances, utilization and the like) useful for keeping track of one's overall credit picture; CK shows you extensive data from both your TU and EQ credit reports, which is always helpful, even if the scores they give you aren't the FICO scores that are used by lenders. For what it's worth, in any case, my EQ and EX VS's aren't too far off from my FICO's even though there's a fairly sizable gap of some 30-35 points between TU VS and FICO.


Ch 7 BK discharged 11/28/14, credit rebuild well advanced. FICO 8/10/18:TU 664 FICO 8 or 687 FICO 9/EX 697 FICO 8/EQ 685 FICO 8 or 682 FICO 9 (Penfed 6/12), VS 3.0 8/6/18: TU 708/EX 701/EQ 705. $81,100 revolving credit as of 7/11/18; $4.8k Discover It, $5k Walmart Store Card, $5.5k Discover It #2 (new 3/12/18), $6k Paypal 2% CB MC, $6k Amazon Prime Store Card, $7k Apple FCU Platinum Visa, $7k Penfed Power Cash Rewards Visa, $8.8k Overstock Store Card, $15K Care Credit, $16K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan, $12.7k Lending Club loan. Gardening (except CLI's) from 7/3/18 to at least 1/3/18. 21 HP inqs total as of 7/30/18: 9 TU, 8 EQ, 4 EX (about half over 1 year old).
Message 140 of 142