topic Re: Credit Karma accurate? in General Credit Topics

Credit Karma accurate?

tisch0791 — Fri, 24 Aug 2012 20:43:09 GMT

I wasn't sure where to post this, but does anyone know if the scores found through Credit Karma are truly accurate? I see they supply a transrisk score and a Vantage score.

Re: Credit Karma accurate?

demi — Fri, 24 Aug 2012 22:31:20 GMT

My understanding is they are not accurate. I use them more for a trending pattern.

Re: Credit Karma accurate?

Revelate — Sat, 25 Aug 2012 00:48:23 GMT

@demi wrote:
My understanding is they are not accurate. I use them more for a trending pattern.

+1.

The Vantage score is the only remotely "worthwhile" score there in the sense that it's used by a very, even extremely, limited number of lenders. That is better than Transrisk which isn't used by a single lender at all and is strictly provided for educational purposes AFAIK.

The value in Credit Karma and similar sites (Credit Sesame et al.) is the ability to access most of the information in your underlying credit report. Since if you have a good credit report, a good credit score will naturally follow, it's a worthwhile service to use for monitoring; however, you can and arguably should ignore the scores... any similarity to your actual FICO scores is pure luck. In my case my score on CK has barely even moved as my actual FICO EQ Beacon 5.0 score (found here and one or two other places) has increased 80 points in the past 8 months.

Re: Credit Karma accurate?

Anonymous — Sat, 25 Aug 2012 04:09:26 GMT

No.

My first inquiry a few weeks ago:
CreditKarma - 603
Actual TU - 512

Actual EQ - 563

Most recent inquiry a week ago:
CreditKarma - 654
Actual EQ - 603

I use it for trending, but actual numbers are way off..

Re: Credit Karma accurate?

ShiningDown — Tue, 28 Aug 2012 09:04:53 GMT

I just paid for my fico transunion score 8/26th on fico.com and my fico score was only 2 points higher than my creditkarma score.

Re: Credit Karma accurate?

Duncanrr — Tue, 28 Aug 2012 18:31:19 GMT

My CK score is like 60 pts lower than myfico score.

Re: Credit Karma accurate?

MidnightVoice — Tue, 28 Aug 2012 20:12:18 GMT

There are so many scores now I have no idea who uses what for which

Re: Credit Karma accurate?

jsucool76 — Fri, 31 Aug 2012 00:08:49 GMT

My CK score is the same as my walmart TU08, but I don't know if that just happens to be a coincidence or what.

Re: Credit Karma accurate?

ACsteel — Fri, 31 Aug 2012 01:22:47 GMT

Your FICO scores are what most lenders look at, and you can get your TU and EQ fico score from myfico.com. Most other sites give their own rendition of a score mostly referred to in this forum as FAKO.

Re: Credit Karma accurate?

Revelate — Fri, 31 Aug 2012 01:41:00 GMT

@jsucool76 wrote:
My CK score is the same as my walmart TU08, but I don't know if that just happens to be a coincidence or what.

Coincidence.

We have to keep debunking this over and over . Transrisk is not developed by FICO, nor is it used by any lender in the known universe. As such, it is of dubious value for an instant in time score, and debatable for tracking purposes either. In my own case my FICO has gone up and CK's been going in the opposite direction over the last six months, which is pretty ridiculous in thinking about it what it could be tracking. Heaven forbid someone actually establish some positive payment history.

Re: Credit Karma accurate?

jsucool76 — Fri, 31 Aug 2012 14:26:38 GMT

@Revelate wrote:
@jsucool76 wrote:
My CK score is the same as my walmart TU08, but I don't know if that just happens to be a coincidence or what.
Coincidence.

We have to keep debunking this over and over . Transrisk is not developed by FICO, nor is it used by any lender in the known universe. As such, it is of dubious value for an instant in time score, and debatable for tracking purposes either. In my own case my FICO has gone up and CK's been going in the opposite direction over the last six months, which is pretty ridiculous in thinking about it what it could be tracking. Heaven forbid someone actually establish some positive payment history.

I've used their score simulator before for S&Gs, and if you add like 24 months of on time payments your score decreases by like over 9000 points. It's really quite funny. haha.

Re: Credit Karma accurate?

Revelate — Fri, 31 Aug 2012 18:03:01 GMT

@jsucool76 wrote:

I've used their score simulator before for S&Gs, and if you add like 24 months of on time payments your score decreases by like over 9000 points. It's really quite funny. haha.

Indeed . Every time I've tried that slider it's made zero difference in my score at all or even a slight negative. Maybe their simulator though is accurate for their Transrisk score as mine certainly has been flat over 8ish months; however, it doesn't resemble FICO unless we're all very, very confused on some fundamental FICO things (debatedly possible albeit unlikely).