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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 135
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 135
New Visitor

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 135
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 135
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 135