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FICO vs. FAKO – Share your FAKO stories

New Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@JBJBJB1 wrote:
My FICO is not really right either and is also FAKO.

Only one out of three of the credit cards I applied for in the last 2 years used FICO scoring.

Chase amazon used something called Credit Risk Acquisition Score V2. Amex Macy’s used a proprietary version of Vantage score. Neither matched any of my FICO scores OR my Vantage score. In fact they scored me 35-50 points higher than my FiCO. Only the AMEX everyday card used FICO 8.

My mortgage company provides a FICO9 report as a Courtesy but they don’t use that scoring model for mortgage applications.

I think the mortgage scoring on my FiCO is correct, but there is no guarantee that any creditor will use my FiCO







Allthough this is true sometimes, I believe this to be relative to one's situation and banking habbits.  I am, for instance, subject to many banks that use FICO as the standard score.  (FICO 8 for most, FICO 9 for Ollo...)

 

Anyways, I do not bank with Chase or Amex.  This is interesting considering the different scoring methods.  I tend to believe MyFico more than any other scoring model due to the complexity and accuracy of a true "Credit Score".

Message 151 of 153
Regular Contributor

Re: FICO vs. FAKO – Share your FAKO stories


@JBJBJB1 wrote:
My FICO is not really right either and is also FAKO.

Only one out of three of the credit cards I applied for in the last 2 years used FICO scoring.

Chase amazon used something called Credit Risk Acquisition Score V2. Amex Macy’s used a proprietary version of Vantage score. Neither matched any of my FICO scores OR my Vantage score. In fact they scored me 35-50 points higher than my FiCO. Only the AMEX everyday card used FICO 8.

My mortgage company provides a FICO9 report as a Courtesy but they don’t use that scoring model for mortgage applications.

I think the mortgage scoring on my FiCO is correct, but there is no guarantee that any creditor will use my FiCO

______________________________

The "FAKO" term is not meant to imply which creditor uses the score.  "FAKO" merely implies the score may not be accurate and reliable relative to what the creditor might pull.  No one can control whether or not a creditor develops and uses it's own scoring model.  Quite a few of them have proprietary models.  The fact remains that FICO scoring models are the mainstream and it's FICO that we need to be concerned about.  Mortgage lenders use a different version of FICO that is generally beneficial to the consumer.  FICO is not FAKO.





 

Message 152 of 153
Established Member

Re: FICO vs. FAKO – Share your FAKO stories

1. CK
2. TU 509 EQ 501
3. EX 600 TU 606 TU 597
4. 3 CRA subscription from myFico
5. NFCU goRewards
6. I knew my scores were in the gutter, but many accounts werent being reported as paid. Many of the derogs on the FAKO werent existent in myfico scoring model.


Message 153 of 153