topic Re: Big score drop in General Credit Topics

Big score drop

Anonymous — Sat, 20 Jul 2013 17:12:54 GMT

I have a year and 2 months of credit history. My credit karma TU score was 713. I aplied for amazon last week and was approved for a $600 CLI. I went to check my score this morning on CK and the score dropped 72 points. I have one credit card(capital one) with a 0 balance and now it shoes the amazon card with a 0 balance. Why would my score drop 72 points? That is my only inquiry in the last 6 months and only 4 inquiries total.

Re: Big score drop

Shogun — Sat, 20 Jul 2013 17:29:30 GMT

It's because it's CreditKarma. No other reason. Mine dropped over 80 points when I got a new CC. Don't put any value in that score.

Re: Big score drop

Anonymous — Sat, 20 Jul 2013 17:34:52 GMT

Ok Im just trying to have perfect credit or as close to it as possible. I though having the amazon card would actually improve my score because of having more credit availble. I also forget to mention I also got approves for dell for $1200 which did not show up on the credit karma report. So you think my score should still be pretty healthy? I wont be applying for anythig else for another 6 months. My goal is amex or the citi card.

Re: Big score drop

Shogun — Sat, 20 Jul 2013 17:38:40 GMT

Yes, those new accounts hurt a little at first because of the Inqs and the hit to your AAoA, but they are necessary to thicken your file and allow your scores to grow. CK only counts AAoA on open accounts, they don't factor in closed accounts. The information CK provides is great, but their scores are useless. Just garden your new accounts and your score will grow.

FYI... CK uses TU and their score is about 80 points lower than my FICO score.

Re: Big score drop

Anonymous — Sat, 20 Jul 2013 17:51:05 GMT

I love this place it has been a huge help! Thanks for the info.

Re: Big score drop

Shogun — Sat, 20 Jul 2013 17:56:00 GMT

Anytime, glad to have you around.

Re: Big score drop

Anonymous — Sat, 20 Jul 2013 18:04:22 GMT

@Shogun wrote:
Yes, those new accounts hurt a little at first because of the Inqs and the hit to your AAoA, but they are necessary to thicken your file and allow your scores to grow. CK only counts AAoA on open accounts, they don't factor in closed accounts. The information CK provides is great, but their scores are useless. Just garden your new accounts and your score will grow.

FYI... CK uses TU and their score is about 80 points lower than my FICO score.

I 100% agree with this comment! i use credit karma and sesame but put very little thought into their scoring process. On another note, they seem to be "selling out" to merchandise companies. I am debating removing my accts with them all together. I bet they are sellin our info to these companies....i am getting these 0% financing offers on tvs and refridgerators and stuff like that.....NO THANK YOU! Get your myfico score from this site!!! you can also get all three fako score from the big 3 credit bureaus at various other sites for free(trial).

Re: Big score drop

takeshi74 — Wed, 24 Jul 2013 15:19:11 GMT

I use CK and don't get such offers but I have removed myself from the marketing lists for all the CRA's.