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Last 10 days, I went to 2 different financial institutions for martgage, they both checked my credit once.
My Credit Karma scores went down by 83 and 89 points!
Is this normal?
Nothing about CreditKarma scores is 'normal'.
You'll need to obtain FICO scores to get a 'normalized' (industry standard) sense of your creditworthiness.
$1 at Credit Check Total.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
I got really similar results in Capital One's creditwise as well!
I also have Discover scorecard account, they use Fico score.
I just checked with them, it gave me same score as last month.
But I am not sure how correct it is. It says I don't have any credit inquiry in last 1 year, because just in last couple weeks I had 2 of them.
I don't know this, but I'd wager that the Disco site updates only once a month.
CCT will provide all 3 current FICO scores for $1. Just make sure to cancel within a week.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
It's not possible to lose 80 FICO points from 2 inquiries.
CK and Capital One Credit Wise both use VS 3.0 scores which are completely useless. Don't ever look at those scores and think they mean anything.
Your Discover card gives you a genuine TU FICO 8 score. That score is only updated once per month. One the screen where you see the score, you'll also see the date that the score was generated. If you check back in less than a month, you'll see that the date hasn't changed. This doesn't mean your score hasn't changed, it simply means that Discover hasn't yet done an update, so you're seeing your score at the time of the date provided. You can check back on the same date the following month, +/- a day and you'll see the score (and date) has updated. You can go to creditscorecard.com to grab your EX FICO 8 score for free. Like explained above, that site will update once per month as well. A $1 trial at CCT as mentioned previously is a great option as well, as it gives you your 3 FICO 8 scores at the current moment in time... so no having to wait for any scores to update.
wrote:I got really similar results in Capital One's creditwise as well!
That's the Vantage score, same as Credit Karma.
BrutalBodyShots gave you the best, accurate information about your situation; however, Tiger61 (the OP) was talking about mortgages. It is highly likely (I would bet on it) that the mortgage lender checked your FICO mortgage scores (FICO 2, 4, & 5) which are different from your FICO 8 or 9 scores. Mortgage scores use a completely different (or I should say, “significantly different”) scoring algorithm – that’s why Fair Isaac Corp. sell them to lenders. I assume you are stating that your CK scores were 83 and 89 points lower than your FICO mortgage scores. That, in and of itself, does not shock me. There are tons of threads about the CK (and other FAKO) scores, but fundamentally, you can still expect a difference (maybe significant) between your FICO 8 and FICO mortgage scores from the same CRA. Forget about trying to relate CK and FICO mortgage scores – that’ll take a Ph.D. dissertation.
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@tiger61wrote:Last 10 days, I went to 2 different financial institutions for martgage, they both checked my credit once.
My Credit Karma scores went down by 83 and 89 points!
Is this normal?
I have tracked my VantageScores in detail for over three years. The penality I experienced relating to an inquiry was 4 points. The penalty is in-line with Fico for an inquiry. Vantagescore does not penalize anywhere near that amount for two inquiries - 10 points max. Something else caused the pronounced drop.
Check details on all your accounts.