Reply
Member
Insomnia
Posts: 21
Registered: ‎07-17-2012

Credit score dropped 27 points on Credit Karma. Why did this happen?

I made the mistake of applying for a Barclays NFL credit card yesterday because Credit Karma said I had a good chance of getting it (through their recommended offers)

 

I got an alert in my email today saying that there was a hard inquiry, which of course I expected.  What I didn't expect was such a big credit score drop of 27 points.  I thought that hard inquiries were only supposed to take away 3-10 points at most.

 

This was the only thing I applied for in months.  I was happy to see my score increased this past week by 42 points, but now its back down again because of this inquiry.

 

 

Any help is greatly appreciated.

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Its possible that your score drop reflects the inquiry and the addition of a new account.  Barclays tends to report right away so it was probably a drop in your AAOA's as well. I believe credit karma only factors your open accounts into their scoring model. That would most likely make the appearance of a new account seem more drastic.

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Credit Karma can be good because its free, but I still wouldnt consider it a great tool. It is very flawed and you cant see your actual reports.

Member
Insomnia
Posts: 21
Registered: ‎07-17-2012

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Thanks for your input!

 

I forgot to mention that I was also denied for a credit card with them.

Established Contributor
DiabolicallyRandom
Posts: 775
Registered: ‎03-09-2013

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Credit Karma really is only educational at best.  If youre really worried about it all you can really do is pull an actual FICO from here or a report to see if there any changes any where else.  My credit Karma shows at like 680 vs. my FICO at 743.

Senior Contributor
fishbjc
Posts: 3,321
Registered: ‎11-30-2007

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Do NOT go by CreditKarma!  Barclay's is a difficult card to get.  A 27 pt hit is a LOT...especially for a card you were denied for.

 

When THINKING about applying, hop over the CC forum and check out the posts. 

Frequent Contributor
coterotie
Posts: 457
Registered: ‎11-30-2012

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

[ Edited ]

My Experian took a 45 point hit from 2 inquiries.  Barclay and Cap1 auto finance.  Was approved for both along with a Sportsman's Visa which was a soft pull.  No drop from Equifax or TU from the Cap1 inquiry.   Cap1 pulled all 3, Barclay only Experian.

Established Member
dzemboc77
Posts: 76
Registered: ‎10-12-2012

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?

Credit Karma is crap. It was the first free tool I started to use when rebuilding my credit. My score in almost 2 years has gone up over 100 points  on any other site however on CreditCrap its actually has moved like 3 points at 1 point it actually went down like 10. I have made no late payments, no inquires,  if anything my credit lines have gone up, length of credit history up and baddies down........ I don't get that site. If I use the estimator I can pretty much do anything and my score wont go up. I could get a 10k limit on a card, pay off 100k of debt and nothing its a joke.

Community Leader
Senior Contributor
StartingOver10
Posts: 3,792
Registered: ‎03-06-2010

Re: Credit score dropped 27 points on Credit Karma. Why did this happen?


Insomnia wrote:

Thanks for your input!

 

I forgot to mention that I was also denied for a credit card with them.


Try to recon with Barclay's through the back door number. They are good with reconsiderations.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+