topic CreditKarma vs myFico in General Credit Topics

CreditKarma vs myFico

JStayPositive — Mon, 10 Sep 2018 15:36:10 GMT

Hi I'm new to the forum. I've read various posts and found them very useful! Should I be surprised that there is almost a 50 point difference b'tween Credit Karma and myFico (this is 50 points lower)?

Thank you.

Re: CreditKarma vs myFico

pipeguy — Mon, 10 Sep 2018 15:49:08 GMT

Welcome to the forums - there are many many threads regarding Vantage Scoring verses Fico scoring - Vantage scores are fine for your amusement, and CK is fine for tracking your credit profile, but with rare exception, Vantage Scores are NOT used by lenders. To give you some idea, my credit history is over 40 years old and I have over $400k in available revolving credit (credit cards), my Fico scores are all mid-700's and rated "very good" by FICO, my Vantage scores are rated "fair" in the 660 to 675 range - go figure.

Re: CreditKarma vs myFico

Brian_Earl_Spilner — Mon, 10 Sep 2018 15:54:18 GMT

@pipeguy wrote:
Welcome to the forums - there are many many threads regarding Vantage Scoring verses Fico scoring - Vantage scores are fine for your amusement, and CK is fine for tracking your credit profile, but with rare exception, Vantage Scores are NOT used by lenders. To give you some idea, my credit history is over 40 years old and I have over $400k in available revolving credit (credit cards), my Fico scores are all mid-700's and rated "very good" by FICO, my Vantage scores are rated "fair" in the 660 to 675 range - go figure.

@Anonymous real question is...what were your approval odds on ck for credit one? @K-in-Boston only gets fair with his 800s. Lol

OP: don't app for credit based on what ck recommends. Use the bank pre qualify pages and do your research here for that type of stuff

Re: CreditKarma vs myFico

JStayPositive — Mon, 10 Sep 2018 16:26:13 GMT

Ok. I understand. Thank you!

Re: CreditKarma vs myFico

tooleman694 — Mon, 10 Sep 2018 16:34:42 GMT

Yeah my CK scores are like 50 points off, what I have noticed is that the vantage score doesn't like new accounts.

While my Fico 8 was climbing with new accounts, my vantage tanked. The points I lost on CK I got added to my Fico 8 lol.

Re: CreditKarma vs myFico

SuperKirby — Mon, 17 Sep 2018 00:18:26 GMT

My CK TU and EQ is always about 20-30 points lower than my actual TU/EQ FICO 8 score and it's very consistent at that. I've seen a lot of weird descrepancies throughout posters on here. YMMV.

Re: CreditKarma vs myFico

JStayPositive — Wed, 03 Oct 2018 14:01:28 GMT

Thank you. It seems it's the opposite for me. All of the advice about it has helped!

Re: CreditKarma vs myFico

Anonymous — Wed, 03 Oct 2018 14:49:33 GMT

Do keep Credit Karma in your hip pocket, regardless. It's frequent reports are very valuable. It's scores less so.

There are a number of free methods of getting your FICO 8 score. If you are paying $40/mo for the myFICO Ultimate, that's a lot of money over a year period, given that there are free alternatives.

Re: CreditKarma vs myFico

JStayPositive — Wed, 03 Oct 2018 16:41:53 GMT

Hi,

Yes. I keep CK around. I check the site and my heart soars. My score with them is 62 points higher than with myFico. I realize based on the feedback that it's not uncommon for myFico to reflect higher scores than CK. It was actually that way for me in the past. Now, following BK, myFico is terribly behind.

I applied for Target Redcard Store Card today and got the 7-10 day response. That didn't help, I knew it was a gamble. Chapter 7 BK discharged 4/18. I burned them Redcard, along with Capital One Platinum (which denied me as well). Anway, as far as the new cards I've been accepted for, I pay the balances off each month.

I'll cool my jets on the apps. I know the inquiries don't help either. Thanks for the feedback.

Equifax 642

Trans 649

Experian 660

Childrens place $500, HSN $1500, NewYork and CO $300 Discover $2600

Re: CreditKarma vs myFico

Anonymous — Wed, 03 Oct 2018 20:23:47 GMT

A CK score 60 points higher than a FICO score is actually a bad thing, as almost no lenders use VS 3.0. The other way around would be much more beneficial.

Re: CreditKarma vs myFico

Anonymous — Thu, 04 Oct 2018 06:23:18 GMT

@JStayPositive wrote:
Hi I'm new to the forum. I've read various posts and found them very useful! Should I be surprised that there is almost a 50 point difference b'tween Credit Karma and myFico (this is 50 points lower)?
Thank you.

I've seen it all with my own credit profile CK Vantage vs. Fico the diff in scoring gaps and at one point in time I didn't know which one lenders actually use. I've read somewhere that some CC use Vantage vs. Fico and vis-a-versa. Anyway I agree with the other commenters that Fico is king which now makes me wonder why the CRBs even created Vantage.

Even within Fico there are several scoring models right? Pretty soon the CRB's are gonna need a runway heheh. Welcome Aboard!

Re: CreditKarma vs myFico

Anonymous — Thu, 04 Oct 2018 12:35:44 GMT

@AnonymousI've read somewhere that some CC use Vantage vs. Fico and vis-a-versa.

Many CCCs use VS 3.0, but not for lending decisions, which is what matters. Most that say they use VS 3.0 or when you see graphics from VS 3.0 that states that their model is used by X number of lenders they don't give the footnote that even though it's used it's rarely used for lending decisions. Some well known CCCs use it sure, like Capital One and Chase for example, but that's to provide you with a monthly score on your account because it's cheap for them to do so.

Re: CreditKarma vs myFico

Anonymous — Fri, 05 Oct 2018 05:00:53 GMT

@Anonymous wrote:
@AnonymousI've read somewhere that some CC use Vantage vs. Fico and vis-a-versa.

Many CCCs use VS 3.0, but not for lending decisions, which is what matters. Most that say they use VS 3.0 or when you see graphics from VS 3.0 that states that their model is used by X number of lenders they don't give the footnote that even though it's used it's rarely used for lending decisions. Some well known CCCs use it sure, like Capital One and Chase for example, but that's to provide you with a monthly score on your account because it's cheap for them to do so.

got it thanks again!

Re: CreditKarma vs myFico

Thomas_Thumb — Sat, 06 Oct 2018 04:09:02 GMT

I suspect a majority of credit card solicitations, qualification letters, may be based on VantageScore. Once a solicitation bears fruit, the applicant approval process often pulls Fico scores for use in decisioning.

Re: CreditKarma vs myFico

355F1 — Sun, 07 Oct 2018 02:49:27 GMT

I just went from 23% overall CC Utilization to 3% and my Credit Karma FAKO score dropped 12 points.

Ficos are all over 820 and CK is 768.

hah!