Reply
Established Contributor
EaglesFan2006
Posts: 544
Registered: ‎01-31-2008

Credit Karma, scoring impact of old CA's

I recently pulled my CR from Credit Karma and was a little surprised to see it was lower than I expected.  That said, I have a few questions

 

1) Is this score an accurate FICO

2) My major drawback is utilization, which I understand.  I plan to fix that my adjusting when I pay so that balances are reported as 0.  Of course, using their simulator to see my score change if I paid off all CC only yielded an increse of 42 points...isn't that pretty low, esp considering i have 5 CC

 

3) My biggest question...I have two old Collectoins, both slated to fall off in early 2013 (at least according to the Transunion dates listed on the report).  The credit simulator on CK doesn't allow you to see what your score would look like if a derogatory mark drops off, but it does list the scoring impact as HIGH.  So, when these negatives drop off in early 2013, what kind of credit impact can I expect to see?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $4500
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010

Re: Credit Karma, scoring impact of old CA's

CK is a FAKO, not a FICO.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Established Contributor
EaglesFan2006
Posts: 544
Registered: ‎01-31-2008

Re: Credit Karma, scoring impact of old CA's

Thanks that's kind of what I thought...so what is the actual difference between a FAKO and FICO...is FAKO generally lower?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $4500
Valued Contributor
chasmith
Posts: 1,062
Registered: ‎05-26-2010

Re: Credit Karma, scoring impact of old CA's

You can't generalize, a FAKO might be higher or lower than FICO, they are simply "different"

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Community Leader
Valued Contributor
DaveSignal
Posts: 2,040
Registered: ‎07-29-2011

Re: Credit Karma, scoring impact of old CA's

CK is calculated totally differently to FICO, and I have never seen it even remotely close.

EQ:701 TU:745 EX:694
Barclays Arrival $6.5k - BoA Travel Rewards $15k - SDFCU EMV $15k - NFCU goRewards $20k - CSP $5k - Amex ED $19.5k
Moderator
Shogun
Posts: 12,883
Registered: ‎04-15-2011

Re: Credit Karma, scoring impact of old CA's

General rule of FAKO score in relation to your FICO score is +/- 200 points.   But there is good new, yes, with the 2 CAs falling off you should see an improvement to your score.


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!

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+