@Drsgwld wrote:
I was trying to figure out why myfico is higher than my FAKO scores and I read as string on this site that said NON of these FAKOs or Myfico is my REAL FICO score! WTH? I've been paying all this Freak'n money..? What is the Truth?
FAKO scores are not FICO scores. However, since there are so many different FICO scores, even scores you get here may be different than what a lender uses. For example, the scores you buy here are the 08 versions. However, the mortgage industry by and large uses the 04 version, which scores things a little bit differently. Also, some CC lenders use a bank card enhanced version. So the scores you get here are real FIXO scores, but may or may not be exactly what your lender is using.
It depends really, based on things on your credit report. This is a good read here, as it explains some of that as well as linking to an explanation of some of the scores:
@Drsgwld wrote:
Do the scores on here typically run lower or higher than the older model?
There is no set standard unfortunately as we've seen it both ways.
If you want my highly unscientific estimate: most people who find this forum, start cleaning up their derogatories and not incurring new ones, 6+ months later often have a higher FICO 8; however, for those without a well rounded file (read: missing either open revolving or open installment lines) their FICO '04 tends to be substantially higher.
This hasn't held 100% of time as it's based on each individual's unique report, but end of the day they weight things differently and as such there's not a lot of comparisons to be had outside of anecdotal data points.
@Drsgwld wrote:
I read that Myfico is an untrusted, as well as, inaccurate as the FAKOs are!
The only score that matters is the one the lender pulls; focus on the report data, that's what's important as a pretty report will produce a kissable score regardless of algorithm selected.
That said, credit card estimation myFICO is as good as it gets.
Mortgage estimation, use Equifax's FICO score (scorepower) to estimate if you don't have an account at DCU or PSECU.
Auto loan estimation: may as well consult a Oujia board as Auto Enhanced scores aren't available to a consumer directly at all. Unfortunately.
Oops, wrong thread 