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CreditKarma is killing me!

Moderator Emeritus

CreditKarma is killing me!

Everytime my scores go up or a balance goes down, my Auto Insurance Score goes down.  So, now I am to figure that because I pay my bills on time, I' can't drive very well.    Not that any of that matters, just wondering why.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 1 of 25
24 REPLIES
Established Contributor

Re: CreditKarma is killing me!

You make me LOL Smiley LOL

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Message 2 of 25
Regular Contributor

Re: CreditKarma is killing me!

I have stopped even logging into Credit Karma. I have no idea what kind of systems they are using, but none of it makes any sense. Maybe there is some magician in the background who understands more than we do. Is it possible that if you are happy from paying your bills that you will somehow not pay attention on the road and maybe if you have the collection man on your back, you will be scared to wreck and drive like my grandmother? I have no idea. I am basically uninsurable according to them, yet I pay 112 dollars a month for two cars, full coverage. Go figure.

 

 




Message 3 of 25
Frequent Contributor

Re: CreditKarma is killing me!

My Insurance Score on there hasnt moved at all since April.  Maybe its broken!



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 4 of 25
Established Contributor

Re: CreditKarma is killing me!

LIke most places scores really aren't that important so it doesn't matter if they are accurate. I'm learning very quickly to ignore the actual scores since everyplace you look seems to have their own way of figuring them. It would drive me nuts to be concerned about every sites credit score. I use CK mainly for info on what's showing up on my report and more movement of the score, not the actual numbers. The numbers are impotant when you app but I've been using the attitude that's it's more important what I see on my report. Like I said, I can't control what formula they use to figure it out so I might as well just worry about the information.

What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board
Message 5 of 25
Valued Contributor

Re: CreditKarma is killing me!

I'm looking at my CK report now. The score doesn't match my TU score but the rest of the details are on the mark. Balances, accounts ect... very accurate.  I ignor the score and monitor the rest. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 6 of 25
Frequent Contributor

Re: CreditKarma is killing me!

my vantage score is exact to what transunion told me on the phone.  I am about to cancel the membership with TU because the last three changes with TU and CK have been right on the money.



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Message 7 of 25
Moderator Emeritus

Re: CreditKarma is killing me!

Oh, I don't put any faith in the score.  Just wondering what kind of algorithm they are using for the insurability portion.   Just makes me wonder.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 25
Established Contributor

Re: CreditKarma is killing me!

I could care less about there ins score. My insurance premiums  have been low since I have been able to obtain ins not to mention no where on my credit report does it state anything about my insurance score. I know credit checks are done to get the insurance policy but Im just saying

Message 9 of 25
New Contributor

Re: CreditKarma is killing me!

Hi I work in Insurance, maybe I can help a little. From what I understand each company has thier own model customized for them. YMMV but most take your score range and just separate it into about 5 to 10 buckets,  based on their own experiences with scores and claims frequency. Generally the groups that have lower scores have a higher frequency of claims. 

 

the company I work for uses different algorithms than a lender. For example we ignore medical collections. . We try to focus only on data that is a directly correlated to increased  claims frequency such as general payment history.  We can actually correlate the score buckets directly to the level of claims frequency. For example people with the lowest score may have a claim on average once per year and people with the best scores more have a claim on average once every 5 years and this is why it affects the pricing. 

 

Other insurers may vary widely.  hope that helps! 

Starting Scores: 9/19/2012 EQ 613 / TU 526 / EX 543
Current Scores: EQ 716 TU 724 EX 724 Goal Scores: 700
Message 10 of 25