My Fico is higher than my Fako, can this be right?

[Anonymous]

 My Fico Scores are 612 TU, EQ 554, EX 610

 Fako                        540-TU,  EQ-554, EX 568

Scores in 12-07       473-TU, EQ512, EX-501

OK, Are these Fico scores what the banks see?  If so I can get an FHA Loan.  I am worried that if I go to my lender and ask to pull my report are they going to get the Fako scores?  I don't want to look like a dodo bird thinking that my hard work fixing my credit score has no reached the level needed yet and take another hit on my score if a hard pull.  So the real question is are they seeing the My Fico score or what is given to them by the individual CA Fako?

I have paid all my collections, no bill has been paid late for over 15 months, and I will never be late again.  My credit usage is only 8%, and I only have 438 monthly installment payments that will be 134 in two months when my car is paid off.

Please help, I am going to call my Lender in the morning

Michelle

[smallfry]

Mine always have been.

[Anonymous]

Lenders will NEVER make decisions (and neither should you) based on FAKO's. FAKO's are just that - phony, fake, they have zero value. There is NO correlation between your FICO scores (from Myfico.com) and whatever FAKO's you get.

[Anonymous]

DON'T EVEN LOOK AT THOSE FAKO'S!  DELETE THEM FROM YOUR MIND!

Seriously, they mean absolutely nothing, nobody uses them and it is a waste of time to even look at them.

We should ban any threads relating to these things on this site.   Use FICO's ONLY !!!!

Message Edited by Boscoe on 04-18-2008 06:27 AM

[MidnightVoice]

My FICOs are 50 points higher than TC FAKOs, pretty much the same as EX Plus via CS

[haulingthescoreup]

FAKO's are to FICO's as flowering dogwood trees are to lug nuts. As in, there is no correlation whatsoever.

FAKO's are a scam invented by the CRA's and score monitoring services to wring a few more bucks out of unwary consumers.

Hey, Boscoe, we don't "ban" FAKO threads because they are how people learn and are reminded how worthless they are. (The FAKO's, that is, not the people...)

[Anonymous]

Yeah, I suppose you are right.  But I think maybe there should be a clearly titled thread near the top of this section called "FICO vs. FAKO - Read this first before posting".   Seems like we get one of these every week and the same responses follow.......

I know, I know.  "Just ignore it Boscoe.  Just ignore it."   But judging from the posts, there are lots and lots of people out there that actually think these scores mean alot.   What else can we do to make this clearer?

I know it is part of "Credit Score 101", but apparently many new posters do not take the time to read this.  So maybe it needs its own thread near the top?

Just a suggestion.

[haulingthescoreup]

That's a thought. I have a running list of newcomer topics...

But we have a lot of people who've heard this over and over, and they still think there's something to them, like maybe when the FAKO's go up, so do the FICO's. (Mine have NEVER moved in parallel for a sustained stretch.) I think there's a certain element of newspaper horoscope at work. Libra: Your strong sense of fairness and balance will lead others to seek your advice, yada yada yada... Sure, and my scores are all in the 760's, too.

After you learn enough about FICO scoring, you can learn when to predict FICO changes from looking at changes on your reports.

[Anonymous]

You guys sure have a great way to treat a new comer.  I thought this was a place to find out answers, and learn.  Haven't you ever heard there are no stupid questions, when you are trying to learn something.  I asked a valid question and I am sorry you feel that my question should be been banned.  Until yesterday, I did not know there was a difference.  I will most likely never post another comment if this how your treat posters. 

[smallfry]

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@Anonymous wrote:

You guys sure have a great way to treat a new comer. I thought this was a place to find out answers, and learn. Haven't you ever heard there are no stupid questions, when you are trying to learn something. I asked a valid question and I am sorry you feel that my question should be been banned. Until yesterday, I did not know there was a difference. I will most likely never post another comment if this how your treat posters.

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Don't take it personally. Sometimes the internet can appear a cruel place when face to face contact is eliminated. I am sure the poster meant no harm. I wouldn't even bother to look at the FAKO scores though Michelle. Good luck.