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Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
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Credit Karma Mobile app

Last night I saw a commercial for the Credit Karma mobile app. Just checked it out and see that it has about 2400 positive reviews and it's free. Anyone using this and if so, is it accurate? I have my score from here so I may download it to compare.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
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Revelate
Posts: 9,029
Registered: ‎12-30-2011
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Re: Credit Karma Mobile app


pozativelyliving wrote:

Last night I saw a commercial for the Credit Karma mobile app. Just checked it out and see that it has about 2400 positive reviews and it's free. Anyone using this and if so, is it accurate? I have my score from here so I may download it to compare.



It's no different than the CK web provided scores AFAIK: still FAKO, still not worth tracking really as far as scores go (disclaimer: the Vantage Score is actually used by a very small number of lenders so it's not entirely worthless); however, CK's main benefit is being able to provide a reasonably accurate representation of the information found on your credit report for free, without your having to pull your reports (which costs money after you get past your annual freebies) on a regular basis.

 

Any score that isn't used by lenders isn't really worth tracking, and after the EQ Beacon 5.0 score found here and in one or two other locations, the Walmart TU08 (and debatably the TU98 found here), and if you're lucky enough to live in PA, the EX score provided by PSECU, the value of any other score falls off in a big hurry.

 

End of the day it's the report data that matters, if your report is pretty, you'll have a good-looking score regardless of the individual algorithm used.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012
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Re: Credit Karma Mobile app

I downloaded it a few minutes ago. The credit score that they show is 635 and Vantage score is 675 (received 651 from here). The overall snapshot of my credit is on par though. One thing that I've noticed while watching my credit report over the last week, balances are updated before the closing date for some credit cards. One my accounts has a balance that is about $240. more than it was when the account closed the end of the last billing cycle. That number updated on my report this week. Billing cycle doesn't close for 2 weeks.

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
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Revelate
Posts: 9,029
Registered: ‎12-30-2011
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Re: Credit Karma Mobile app


pozativelyliving wrote:

I downloaded it a few minutes ago. The credit score that they show is 635 and Vantage score is 675 (received 651 from here). The overall snapshot of my credit is on par though. One thing that I've noticed while watching my credit report over the last week, balances are updated before the closing date for some credit cards. One my accounts has a balance that is about $240. more than it was when the account closed the end of the last billing cycle. That number updated on my report this week. Billing cycle doesn't close for 2 weeks.


Yeah, some either report the balance on the reporting date, or possibly include pending charges as well.  There have been a few forum posts on that in the past several months if you go searching for them, but it varies by individual lender and I don't remember which ones are funky like that.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
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Re: Credit Karma Mobile app


pozativelyliving wrote:

I downloaded it a few minutes ago. The credit score that they show is 635 and Vantage score is 675 (received 651 from here). The overall snapshot of my credit is on par though. One thing that I've noticed while watching my credit report over the last week, balances are updated before the closing date for some credit cards. One my accounts has a balance that is about $240. more than it was when the account closed the end of the last billing cycle. That number updated on my report this week. Billing cycle doesn't close for 2 weeks.


I haven't checked out the mobile app, but on their full site CK provides a Transrisk score and a Vantage score.  Maybe the 635 you are seeing is your Transrisk score.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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