Eeeek! 50 point drop on Credit Karma

Anonymous · ‎09-06-2016

I know, I know.. It's Credit Karma BUT I am worried this will reflect on my FICO score as well..

I recently re-financed my car, this week- the new loan reflected on my TU report. However, the old loan still isn't reporting as paid/closed. My TU score dropped 50 points

2 questions-

Will I "re-gain" the 50 points after my old loan shows as paid?

And what are the chances that this affected my actual FICO score as well?

I have several cards that provide my FICO score but they won't update for a couple of weeks.

Thanks!!

Anonymous · ‎09-06-2016

Don't pay attention to CK scores. They are not accurate. It's possible that you did have a drop in scores but not that big.

Anonymous · ‎09-06-2016

I'm trying not to worry, but I am lol

Oddly, my Experian score went up 4 points. Also on CK though.

Anonymous · ‎09-06-2016

Take it as a grain of salt. CK told me my scores went down 8 points due to recent inquires on Transunion & Equifax. When I got the FICO alert, I was nervous because of what CK said, but on TU my score actually went up 37 points because of the inquiries. ............... I don't know why, but it did.

Anonymous · ‎09-06-2016

@Anonymous wrote:
Take it as a grain of salt. CK told me my scores went down 8 points due to recent inquires on Transunion & Equifax. When I got the FICO alert, I was nervous because of what CK said, but on TU my score actually went up 37 points because of the inquiries. ............... I don't know why, but it did.

myFICO alerts rely on triggers that miss a lot. Presumably, other changes occurred over time that comprise that 37 points. Inquiries don't increase FICO 8 scores.

For a better insight as to what's causing FICO 8 scores, and likewise with related FICO models, to change is to subscribe to a service that provides frequent, detailed updates, such as CreditCheckTotal.com

susieqj · ‎09-06-2016

I understand your annoyance, my score dropped by 119 points on Sunday when I checked CK. I am still trying the figure out why. Glad that I also subscribe to Credit check total where I see a steady increase in my scores.

Anonymous · ‎09-06-2016

I can honestly say that CK was semi reliable to my score up until 8/1/16, when my CK score dropped to like 503, when I watched my FICO 8 TU climb to 619 from 549 (i had nearly $13k in debt fall off)

Anonymous · ‎09-06-2016

My CK scores have been pretty close to my FICO scores, hopefully thats over with this report lol. I think my Walmart FICO score updated on the 8th of August, so I'll be checking later this week to see where that score is.

I cancelled Credit Check Total, maybe I should get back on there rather than using CK for report changes.

Anonymous · ‎09-06-2016

you always could go back on and redo the $1 7 day trail and call on day 7 and get the $14.99/ month special. Also don't forget about Discover's free credit score card. Thats got your EXP fico 8 for free. The only FICO i don't get for free is my EQ. Just need to find a card that I can get it for free on now, LOL

Anonymous · ‎09-06-2016

I took your advice and paid the whole $1 to get back on CCT.

My scores on there are

640 on EQ & EX

649 on TU

CK was reporting 591 on TU & 639 on EQ.

@Anonymous wrote:
you always could go back on and redo the $1 7 day trail and call on day 7 and get the $14.99/ month special. Also don't forget about Discover's free credit score card. Thats got your EXP fico 8 for free. The only FICO i don't get for free is my EQ. Just need to find a card that I can get it for free on now, LOL