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Established Member
Posts: 23
Registered: ‎07-17-2012
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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
Posts: 849
Registered: ‎03-09-2013
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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
Posts: 849
Registered: ‎03-09-2013
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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.

Established Member
Posts: 23
Registered: ‎07-17-2012
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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
Posts: 849
Registered: ‎03-09-2013
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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
Posts: 3,446
Registered: ‎11-30-2007
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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. 

Established Contributor
Posts: 640
Registered: ‎11-30-2012
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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
Posts: 78
Registered: ‎10-12-2012
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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
Super Contributor
Posts: 5,060
Registered: ‎03-06-2010
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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.

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