topic Re: What is everyones opinion about Credit Karma? in General Credit Topics

What is everyones opinion about Credit Karma?

Anonymous — Sat, 07 Mar 2020 18:16:11 GMT

I have an account. What is the points differance between FICO and Credit Karma?

Re: What is everyones opinion about Credit Karma?

AllZero — Sat, 07 Mar 2020 18:33:19 GMT

CreditKarma is an excellent free tool to monitor your TU and EQ reports on a weekly basis. Pay no attention to the scores. The majority of the lenders base their decisions on FICO scores, reports.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sat, 07 Mar 2020 18:26:51 GMT

I have an account as well, but only to check what's on my report. Other than that, their scoring system is much different than Fico as it's VantageScore which varies from person to person. My VantageScore slights only 10 points from my Fico8, whereas others Ive seen have +100 difference. Most lenders use Fico scores which is the only scores I care about as most here would agree. You should have access to your Fico scores if you don't already to have an accurate understanding of where your scores are.

Re: What is everyones opinion about Credit Karma?

blindambition — Sat, 07 Mar 2020 18:33:23 GMT

It's good to check accounts, balances, inquiries. Making sure they are reporting correctly.

The scoring is worthless. Calculates differently than FICO. FICO scoring is what lenders traditionally use. One of its many versions.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sat, 07 Mar 2020 19:11:49 GMT

My scores on Credit Karma are 50 points lower for TU and 18 points lower for EQ than my FICO 8 scores but that's mild compared to people who have discovered their scores to be 100+ points higher or lower than Credit Karma.

If you want to get your real scores, creditchecktotal.com offers all three of your FICO 8 scores for $1. Just cancel the trial so you don't get billed or it's $29.99 a month going forward.

Re: What is everyones opinion about Credit Karma?

Trudy — Sat, 07 Mar 2020 19:35:42 GMT

As pretty much everyone stated, Vantage 3 scores are calculated differently than FICO scores which are the ones that are used by more than 90% of creditor's. Therefore there is no comparison and why so many people have different V3 vs FICO scores. I'm assuming you know the weight FICO puts on certain factors but here's a chart of the weight V3 uses. My FICO 8 & 9 scores are in my sig. My V3 score is 827 for both TU and EQ. Although different than FICO, mine do not have as great a variance as some I've seen.

Ck is great for monitoring your activity; when and what changes occur. I have a monthly MYFICO subscription and use CK to determine when all accounts have reported to EQ and TU so I can then pull my 3B from MyFICO. I also have an EX subscription. Although the "report" date is the same for lenders, each bureau updates on different days.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sat, 07 Mar 2020 19:36:54 GMT

@AllZero wrote:
CreditKarma is an excellent free tool to monitor your TU and EQ reports on a weekly basis. Pay no attention to the scores. The majority of the lenders base their decisions on FICO scores, reports.

Re: What is everyones opinion about Credit Karma?

KLEXH25 — Sat, 07 Mar 2020 22:10:42 GMT

Credit Karma is good for keeping track of information on your credit reports. They do a pretty good job of having thorough information. However, as far as scores go, you can't really make any direct inferences between CK scores and FICO scores. I have found that certain activities may result in a large drop on CK (like a high balance) but not as drastic on FICO (and vice versa). It's also good to keep track of inquiries, but not account age because they don't count closed accounts toward aging. Knowing the differences between the two is important so that you don't make credit decisions based on the assumption that they're the same or similar.

Re: What is everyones opinion about Credit Karma?

JNA1 — Sun, 08 Mar 2020 00:13:04 GMT

@Anonymous wrote:
My scores on Credit Karma are 50 points lower for TU and 18 points lower for EQ than my FICO 8 scores but that's mild compared to people who have discovered their scores to be 100+ points higher or lower than Credit Karma.

If you want to get your real scores, creditchecktotal.com offers all three of your FICO 8 scores for $1. Just cancel the trial so you don't get billed or it's $29.99 a month going forward.

I’ve been on both ends of the Spectrum - before my app spree, CK scores were in the 780’s-790’s while F8 scores were 750’s - 760’s. Now my F8 scores are high 730’s - high 740’s my CK scores are 700’s - 710’s. CK Vantage 3.0 scores tend to move dramatically with any changes, while F8 scores seem to stay much more stable. My F8 scores averaged dropping 17 points across the board for a 5 card app spree, while CK scores averaged dropping 82 points.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sun, 08 Mar 2020 01:58:51 GMT

@JNA1 wrote:
@Anonymous wrote:
My scores on Credit Karma are 50 points lower for TU and 18 points lower for EQ than my FICO 8 scores but that's mild compared to people who have discovered their scores to be 100+ points higher or lower than Credit Karma.

If you want to get your real scores, creditchecktotal.com offers all three of your FICO 8 scores for $1. Just cancel the trial so you don't get billed or it's $29.99 a month going forward.
I’ve been on both ends of the Spectrum - before my app spree, CK scores were in the 780’s-790’s while F8 scores were 750’s - 760’s. Now my F8 scores are high 730’s - high 740’s my CK scores are 700’s - 710’s. CK Vantage 3.0 scores tend to move dramatically with any changes, while F8 scores seem to stay much more stable. My F8 scores averaged dropping 17 points across the board for a 5 card app spree, while CK scores averaged dropping 82 points.

Yeah Vantage really HATES credit seeking.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sun, 08 Mar 2020 02:55:58 GMT

My Credit Karma scores are actually lower than when I pull them on my credit card sites like Discover, AMEX, Syn Bank, and Cap 1 bank which uses the Fico and Vangtage.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sun, 08 Mar 2020 04:52:47 GMT

The card recommendations are a joke and it has fako scores but I like the features in the score details. I like being able to see card utilization and credit age without having to do the calculations myself.

Re: What is everyones opinion about Credit Karma?

Anonymous — Sun, 08 Mar 2020 17:33:11 GMT

@Anonymous wrote:
Yeah Vantage really HATES credit seeking.

That must be it, why my CK score are between 30-50 points lower and haev been ever since I started agressive credit seeking.

Before that they were higher than Fico, or about the same.

Re: What is everyones opinion about Credit Karma?

Dreams_Come_True — Sun, 08 Mar 2020 18:42:41 GMT

I also have a Credit Karma account but I mainly use it to see account details and the daily updates. Not so much for the scores.

Re: What is everyones opinion about Credit Karma?

Wavester64 — Sun, 22 Mar 2020 04:49:33 GMT

>>If you want to get your real scores, creditchecktotal.com offers all three of your FICO 8 scores for $1. Just cancel the trial so you don't get billed or it's $29.99 a month going forward.

Can it be cancelled online (site/email) or is a phone call required?

Re: What is everyones opinion about Credit Karma?

AllZero — Sun, 22 Mar 2020 04:56:19 GMT

@Wavester64 wrote:
>>If you want to get your real scores, creditchecktotal.com offers all three of your FICO 8 scores for $1. Just cancel the trial so you don't get billed or it's $29.99 a month going forward.

Can it be cancelled online (site/email) or is a phone call required?

Online.