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BobWang

The Master Ignore FAKO FACO (non FICO) Credit Scores Thread

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If we're ignoring the FAKOs, there's no need to have a master thread for it =P

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I'd like to add something.

 

The initial triage process does not include a step that says, "Seek out as many FAKO's as possible." Quizzle, CK, CS, Credit.com are fun, but they are counter productive if you are trying to make a serious attempt at fixing your credit worthiness.

 

Even the MyFICO scores are not going to match 100% of the underwriters. There are many different scoring models and your number one goal should be to decrease adverse content and increase positive content on your reports. These are generally universal and will result in you obtaining your desired credit.

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While I agree that the FAKO's are, well, fake, it was interesting to note that my credit karma fako and my real fico are only like 4 points different. I know that is rare and most people have different experiences, however. I'm of the opinion that the fakos are just a fun guide to get you in the ballpark.

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Imagine my surprise when my lender pulled score was almost 200 points lower then creditkarma & sesame! I knew they were fake but thought they would at least be in the ballpark! lol

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Imagine my surprise when my lender pulled score was almost 200 points lower then creditkarma & sesame! I knew they were fake but thought they would at least be in the ballpark! lol

Not necessarily

To repeat an old CB mantra on FAKO score results: can be + or - 100+ points

Edited by virtualtreasure

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An interesting aspect of keeping a database of scores from all of the places you can get your FICO for free (CU's, CC's, etc) and your FAKOs (CCMP, MPM, CK, CS, etc) is to see each month how completely off the FAKO's are from the real FICO's. Once month, a FAKO can be 60 below my real FICO. Next month, it is 85 above my FICO.....

 

:yu:http://creditboards.com/forums/index.php?showtopic=471672

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I would turn this into a Public Service Announcement on every network station if I had the connections to do so. If anyone "out there" still needs proof that FAKOs are named as such for a reason, consider this:

My EQ FAKO just JUMPED 26 points when they completed my disputes and verified my only 2 remaining collections on the report (roughly $2K in total).

They are not my oldest TLs, by a long shot, so it wasn't a matter of AAOOA.

My file isn't particularly thin without them, because I have 6 positive, open TLs; 7 positive, closed TLs.

Util is under 3%.

They're just FAKE(o)

 

I won't say they're universally useless, because they've given me indication of change (of any kind) along the way. Where their utility ends is in gauging DIRECTION and anything resembling an ACCURATE INCREMENT of said change. Hence, the actual number and any delta measurement is WORTHLESS when estimating how lenders will see my credit worthiness.

 

This concludes your January 2014 Public Service Announcement from www.WhyWouldYouPayForThese.org

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I have determined further that FAKO's primary industry use is to sell to you whereas a FICO's industry use of determining credit risk.

 

CreditKarma uses a deflated FAKO's to sell you credit repair and subprime credit offerings.

 

Quizzle uses FAKO's to sell you mortgage directions.

Edited by RBinAK

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I do have one good use for a Fako, incentive. For those rebuilding, the first time one sees ANY score above 700, the feeling is so good, it really makes work and us push forward to see what it feels like to see a Fico above 700.

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