FICO vs. FAKO scores

[Boscoe]

Just to clarify this again, the FICO scores are the ones most lenders use, and can be obtained from myfico.com. "FAKO" scores (the slang name for "fake" fico scores) are the ones most credit monitoring services offer.

Ok, now the question. What has been the experiences of people? Is FICO show higher? or FAKO? And by how much? 10points? 50? More?

[HHM]

You can't really compare FAKO to FICO, that is the whole point and problem.

There is nothing inherently wrong with the so called FAKO scores. There are dozens of different scoring matrix's that are used by Lenders. However, FICO is the most common and most well known. But there are specific scoring algorithms for Mortgages, for car finance, etc. If your FAKO scores are going up, then it's a good bet that your FICO is going up as well, but there is NO ratio that you can use (i.e. if my FAKO goes up by 20, that means my FICO went up by 12).

Keep in mind that CRA's exist, first and foremost, for the benefit of lenders. Thus, they offer all sorts of different packages and subscription options, in addition, all the CRA's have their own in-house scoring models that they offer to lenders.

[Boscoe]

HHM, I hear you and understand your points. My question was, is there a general comparison that you can make? I know there is not the "FICO went up 20 points, so the FAKO must be going up 12".

Is the score comparison usually in the same direction, i.e. FICO>FAKO OR FAKO>FICO??? I am assuming that the FAKO's would be higher, or why all the hand-wrenching on the issue? If you get your scores from the cra's, and they are FAKO's, and the FAKO is usually lower than the FICO, why should you care? It is being conservative.

I personally would only care even a little bit if the FICO's were lower and I started getting a false sense of comfort that my scores were getting to where I want them to be.

Your insight is appreciated, as always.

[getbackup]

I filed Ch 7 last Aug and was finally discharged in July of 07. I pulled my credit reports from annualcreditreports.com and it seemed only 1 of 3 use FICO when they give you your credit score. Is it useless to pay for the other 2?

My FICO was 655. I still have a mortgage, HEL, and car payment ( that was re-affirmed) and have never had a late payment on them. I dont have a negative mark on report except for the BK, which seems like saying except for that murder conviction I dont have a criminal record.

Does that score seem high? I expected it to be lower. Can I expect a better class of predatory credit offers to rebuild my credit or does it not matter when my discharge was so recent?

[Granny]

I dont have a negative mark on report except for the BK, which seems like saying except for that murder conviction I dont have a criminal record.

ROFLMH(head)O

[sara4]

I really liked the which seems like saying except for that murder conviction I dont have a criminal record. Anyway, Boscoe, my FAKO were really FAKE when compared to my FICO scores, FAKO were way up, but I'm hanging in there and hope to get my FICO to improve.

sara4

[Boscoe]

Sara, for both my info as well as everyone else, can you let us know when you were discharged, and what your latest scores are? We keep on hearing that things start to get noticeably better 6 months out, and again at 12 months, but it would be great to see proof of that from a regular poster like you. Thanks.

[sara4]

Sure Boscoe here are my scores and my ch7 info

TUFICO - 502 - FAKO - 597
EXFICO - 504 - FAKO - 547
EQFICO - 541 - FAKO - 581

Filed 5/2/07
341 6/12/07
Discharged 8/14/07
Closed 8/15/07

Getting my scores higher in FICO.....Priceless

Sara4

[Boscoe]

Thanks, Sara, exactly what I was looking for and exactly what I was thinking. FICO about 40 points or more lower than FAKO. This would be a problem when the #'s are 600 vs. 640 or 690 vs. 730.

[frankies_mom]

I can't believe how off TU is on their TrueCredit report from the FICO. My TU FAKO was 701 but my TU FICO is only 570. Experian and Equifiax were much more in the ballpark - only about 30-40 pts off. Still a lot but not as much as TU. I am going to drop TrueCredit and just go with MYFICO - you can dispute there as well.

[HHM]

One think to keep in mind...at least when I last checked my credit report...the Non-Fico scores used an entirely different scale....The traditional FICO range is 300-850. As I recall, my TU-FAKO actually had a range of something. like 200-1100. Thus, my TU FAKO was something like 870, but my true FICO was 720'ish

[frankies_mom]

ahhhh, that makes sense then. i was wondering why such a huge gap with TU... in comparison to the other two. thanks for the info hhm

[Boscoe]

HHM - Does it really say a range of 200-1100 when you use TU's service? I don't recall ever seeing anything except 300-850. Otherwise, it is true that these FAKO's are a joke and just a waste of time to review them.......

[biotechsolution]

My FAKO are 50 points lower than FICO

I'm with getbackup. I'll pulled my FAKO's right after discharge (no lates or negs, just the BK filing) and FAKO was 640-660. Funny thing was TU never has reported the BK but the score was pretty the same.
PUlled my FICO 3 months post discharge and they are all in the 680-700 range.

[HHM]

HHM - Does it really say a range of 200-1100 when you use TU's service? I don't recall ever seeing anything except 300-850. Otherwise, it is true that these FAKO's are a joke and just a waste of time to review them.......

I don't remember specifically what the scale is, I just remember the max number was significantly higher than the FICO max (850).