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Established Member
Posts: 20
Registered: ‎01-12-2012
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Credit Karma

So I closed my first premier account and my score dropped 8 points, even though two of my other cards reported credit line increases? Should i be worried my real Fico score has dropped as well? My utilaztion wasnt effected because of the others cards increases, but it was my oldest card. Thanks

Senior Contributor
Posts: 6,260
Registered: ‎08-16-2012
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Re: Credit Karma

People will tell you on here that your aaoa wont be affected by closing an account, but I think that's a misconception.

However, you are much better off financially and long term without that BAD card.... and all of those horrible fees. Give it a month or two, and you should bounce back :-)

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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Posts: 10,924
Registered: ‎12-30-2011
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Re: Credit Karma

[ Edited ]

youngandcreditwrthy wrote:

People will tell you on here that your aaoa wont be affected by closing an account, but I think that's a misconception.

However, you are much better off financially and long term without that BAD card.... and all of those horrible fees. Give it a month or two, and you should bounce back :-)


Actually, unless the AAoA calculation on myFico and the bureaus are wrong, AAoA will not be affected.  I know, I was highly skeptical on that, but it is indeed the case.  There are other things in the algorithm that make opening and closing a bunch of accounts just to establish future AAoA a bad idea... to say nothing of underwriting concerns.

 

In any event to the OP: Credit Karma is nothing like FICO - the scores (with the possible exception of Vantage) should be absolutely ignored.  My CK has stayed flat in the 590's, whereas my FICO has gone from 561 -> 643.

 

In general there's no correlation between various FAKO's and one's FICO; however, in my opinion, CK's is the most laughably incorrect.  CK is an excellent service for cheap and easy access to one's Transunion report data, but the scores aren't worth the space on the page they take up.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Posts: 91
Registered: ‎10-31-2012
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Re: Credit Karma


lorenzj4 wrote:

So I closed my first premier account and my score dropped 8 points, even though two of my other cards reported credit line increases? Should i be worried my real Fico score has dropped as well? My utilaztion wasnt effected because of the others cards increases, but it was my oldest card. Thanks


I believe the Credit Karma score bases their calculations off of "AAoOA" (average age of open accounts), not "AAoA" (but don't quote me on that).

 

Credit Karma also thinks my auto loan is closed, when it is, indeed, quite open.

 

 

 

I wouldn't worry about it. How much were you paying for your First Premier?

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Posts: 1,228
Registered: ‎05-10-2012
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Re: Credit Karma


kekrre wrote:

lorenzj4 wrote:

So I closed my first premier account and my score dropped 8 points, even though two of my other cards reported credit line increases? Should i be worried my real Fico score has dropped as well? My utilaztion wasnt effected because of the others cards increases, but it was my oldest card. Thanks


I believe the Credit Karma score bases their calculations off of "AAoOA" (average age of open accounts), not "AAoA" (but don't quote me on that).

 

Credit Karma also thinks my auto loan is closed, when it is, indeed, quite open.

 

 

 

I wouldn't worry about it. How much were you paying for your First Premier?



+1.  CK calculates their AAoA based on open accounts

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
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Lowe's CC $8500
WalMart CC $3100
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Valued Contributor
Posts: 1,275
Registered: ‎09-22-2009
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Re: Credit Karma


kekrre wrote:

lorenzj4 wrote:

So I closed my first premier account and my score dropped 8 points, even though two of my other cards reported credit line increases? Should i be worried my real Fico score has dropped as well? My utilaztion wasnt effected because of the others cards increases, but it was my oldest card. Thanks


I believe the Credit Karma score bases their calculations off of "AAoOA" (average age of open accounts), not "AAoA" (but don't quote me on that).

 

Credit Karma also thinks my auto loan is closed, when it is, indeed, quite open.

 

 

 

I wouldn't worry about it. How much were you paying for your First Premier?


This is correct.  CK is AAoOA.  It doesn't include closed accounts.  As Revelate mentioned,  the CK Transrisk score isn't worth the space it takes up on your screen. :smileyhappy:

 

EQ FICO - EQ08 - 850 - 01/01/15
TU FICO - TU08 - 850 - 01/01/15
EX FICO - EX08 - 850 - 01/01/15
EX FICO - V2 - 840 - 01/01/15
EQ FICO - EQ04 - 818 - 01/01/15
EQ FICO - Bankcard Enhanced 8 - 885 - 1/24/15
Senior Contributor
Posts: 6,260
Registered: ‎08-16-2012
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Re: Credit Karma

Yeah CK sucks.

 

So does that lame EQ score that the EQ site sells!

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Super Contributor
Posts: 5,182
Registered: ‎12-11-2011
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Re: Credit Karma

My student loan balances fluctuate by thousands of dollars every time I update CK. My "Transrisk" score will go up 20 points because my account balances have gone down $4000, then the next day they'll go up $6000. It really doesn't make any sense. I do love the service for its ability to track other info though, like when my info will show up on TU, HPs, stuff like that. 

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