topic Re: CreditKarma? in General Credit Topics

CreditKarma?

MrCredit — Sat, 19 Nov 2011 00:04:06 GMT

Anyone have experience with this free service?

Re: CreditKarma?

CS800 — Sat, 19 Nov 2011 00:06:10 GMT

It's gives you ypur FAKO score (Vantage). I will describe CK in one word: USELESS

Re: CreditKarma?

sandsanta — Sat, 19 Nov 2011 00:10:42 GMT

Yea CreditKarma claims I have 9k in debt. I don't even have 300$ of debt.

Re: CreditKarma?

stone — Sat, 19 Nov 2011 00:13:26 GMT

@CS800 wrote:
It's gives you ypur FAKO score (Vantage). I will describe CK in one word: USELESS

why? i think it is a good indicator and reference, even though it is not fico.

Re: CreditKarma?

CS800 — Sat, 19 Nov 2011 00:16:27 GMT

@stone wrote:
@CS800 wrote:
It's gives you ypur FAKO score (Vantage). I will describe CK in one word: USELESS
why? i think it is a good indicator and reference, even though it is not fico.

Over the years I have used it, CK has been inaccurate on everything about my credit file up to and including, my debts, my credit card accounts, my car loan, my mortgage; to quote a few. To me it is not a good indicator of anything. YMMV

Re: CreditKarma?

fused — Sat, 19 Nov 2011 00:20:00 GMT

This thread has nothing to do with CC's, so I'm going to move it to the General Credit Topics forum.

Re: CreditKarma?

GregB — Sat, 19 Nov 2011 01:04:49 GMT

CK is based upon your TU credit file so it will show you exactly the information that TU has on your accounts at the time. If you pull any other report based upon your TU file, they will show the same accounts.

CK can be a bit strange in the way it catagorizes certain accounts. All the normal stuff is catagorized correctly but HELOCs, NPSL CCs, Business cards, etc. can be catagorized differently than we expect for FICO. This isn't that weird since different versions of FICO or different CRAs can have different opinions about that also.

The Vantage score provided has some value since it is used by a very, very few lenders.

Their main score is the TransRisk score, which is used by no lenders and is useless.

CK is great for giving you a free source of your TU data. The rest is mostly a waste of time.

Re: CreditKarma?

Guava — Mon, 21 Nov 2011 07:11:15 GMT

This is my personal experience:

Earlier this year I had a paid collection account reported as "opened" on TU, since CK is based on TU credit profile, this collection showed up on CK (as 1 derogative). However, I disputed the collection, TU corrected the account to "closed" status; and then CK doesn't have it as a derogative anymore, but it's still on my actual TU report (as closed). I got my hoped up for nothing when I saw I have 0 derogative account on CK.

Re: CreditKarma?

ams — Tue, 22 Nov 2011 00:41:25 GMT

My experience with them must not be the norm...the information they have for my file has always been very accurate...and the FAKO score was within a few points of the FICO Transunion score the one time I pulled it several months ago. I've also signed up for their alerts and while I do get them they are usually a bit delayed from the time they actually appear on my report. But I'm not complaining considering it's free.

Re: CreditKarma?

daneatreia — Wed, 23 Nov 2011 07:09:41 GMT

I use it, and it is a good reference. It usually shows a few points lower than other sites, however it shows the data on TU reports and its free, it updates daily and it now sends monitoring alerts. If you want to monitor your TU report then its perfect

Re: CreditKarma?

thom02099 — Sat, 03 Dec 2011 17:08:00 GMT

I think it's a good service for TRENDS. If your credit is trending up or down, you can track it daily, being able to pull every 24hrs. There is a log at the bottom of the screen that shows your inquiries via CreditKarma, what your point change there is (up or down) and you can also get your Vantage Plus score. While these are FAKOS, if there's significant movement (either way), that would be a good indicator to pull your FICO from here to get your true TU/EQ scores. I've also found that the balances that they list, are fairly accurate, at least for my files they are.

@MrCredit wrote:
Anyone have experience with this free service?

Re: CreditKarma?

Anonymous — Sun, 04 Dec 2011 16:42:46 GMT

@GregB wrote:
CK is based upon your TU credit file so it will show you exactly the information that TU has on your accounts at the time. If you pull any other report based upon your TU file, they will show the same accounts.

CK is great for giving you a free source of your TU data. The rest is mostly a waste of time.

Best of all it's free!

Re: CreditKarma?

poops — Mon, 05 Dec 2011 14:37:22 GMT

Interestingly, my creditkarma TU score was 1 point off my FICO TU score... Just coincidence?

Re: CreditKarma?

Anonymous — Mon, 05 Dec 2011 17:36:50 GMT

My creditkarma transrisk score is 1 point higher than my FICO TU score.... I think it's a good service if you want to keep close tabs on everything. I don't think that the transrisk score is utterly useless seeing as mine matched the FICO score so closely... but then again it may vary for different individuals. I suppose only you could see if it works for you by pulling both your FICO scores and reports and compare it with the creditkarma info. All the best.

Re: CreditKarma?

Walt_K — Sun, 11 Dec 2011 00:01:10 GMT

@Anonymous wrote:
My creditkarma transrisk score is 1 point higher than my FICO TU score.... I think it's a good service if you want to keep close tabs on everything. I don't think that the transrisk score is utterly useless seeing as mine matched the FICO score so closely... but then again it may vary for different individuals. I suppose only you could see if it works for you by pulling both your FICO scores and reports and compare it with the creditkarma info. All the best.

@poops wrote:
Interestingly, my creditkarma TU score was 1 point off my FICO TU score... Just coincidence?

Yes, these are pretty much coincidences. Different scoring models weigh information differently by design. The fact that they still crunch a lot of data down to a single metric means you are naturally going to have people that see intersects between their FICO score and their Plus, Transrisk, Vantage, whathaveyou scores. I agree that CK isn't worthless because you can see a lot of information on your credit reports for free. But be careful attaching too much significance to the fact that your FICO and FAKO scores happen to be the same at any one point in time. In Sept. my CK Transrisk score dropped from 787 to 712. I have no idea why. I didn't apply for anything new, didn't have any late payments, didn't have any major changes in utilization. The same day, my CK Vantage score rose from 809 to 834. Who knows?

Re: CreditKarma?

Anonymous — Sun, 11 Dec 2011 00:16:41 GMT

@Walt_K wrote:
In Sept. my CK Transrisk score dropped from 787 to 712. I have no idea why. I didn't apply for anything new, didn't have any late payments, didn't have any major changes in utilization. The same day, my CK Vantage score rose from 809 to 834. Who knows?

My experience is similar.

When I checked, my TU FICO was 716;

My karma transrisk was 698 and

my karma vantage was 795.

craziness there!

Re: CreditKarma?

Anonymous — Mon, 12 Dec 2011 16:09:59 GMT

Their TransRisk score is extremely sensitive to utilization, in comparison to Plus scores.

I've also noticed that it doesn't move much with any deletion of negative information more than two years old.

Re: CreditKarma?

Anonymous — Tue, 13 Dec 2011 06:04:03 GMT

My credit karma scores is 83 points higher then my fico lol...

Re: CreditKarma?

Anonymous — Tue, 13 Dec 2011 06:06:33 GMT

On a side note my Quizzle score is 34 higher then my fico score..

Re: CreditKarma?

Anonymous — Tue, 13 Dec 2011 10:42:02 GMT

I was on CreditKarma for more than three months My score there was 582. I refreshed it every day.....and during that time I had one CO deleted, opened 2 credit cards and paid down some student loan debt. The entire time I stayed at 582. I came here to myFICO because I wanted to get serious about my credit.