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Credit Karma Faco scores

micvite
Contributor

Credit Karma Faco scores

Can anyone explain why my faco scores dropped by one point after paying off the remainder of my auto loan and a bit on my other 2 loans (5k+total)? Is that 168$ balance from my charge card really that big of a deal or am I missing something else?

 

TU didn't even report the balance on the charge card so I'm thinking that had nothing to do with it... could be wrong though.

Screenshot_20210504-033717_Credit Karma.jpg

 

Screenshot_20210504-033640_Credit Karma.jpg

 

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $4400
Citi DC: $4000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $2000
Cap1 QS: $1200
VS CC: $850
Kohls: $700
Synchrony car care: $800
10 REPLIES 10
rostrow416
Frequent Contributor

Re: Credit Karma Faco scores

Don't get too hung up on the Faco scores.  Mine just dropped 66 points for paying a card down from 31% utilization to 8%.  

Amex Gold | Purdue FCU $20,000 | TFCU Plat Visa $12,500 | PenFed Platinum Rewards $10,000 | Synchrony Premier MC $10,000 | SG Visa $10,000 | NFCU MoreRewards $7,000 | NFCU cashRewards $14,000 | Discover IT $3,000 | Merrick Bank $2,700 | Comenity MasterCard $1,180 | Marvel Mastercard $1,200 | Capital One BuyPower $850

B&H Payboo Card $15,000 | Amazon Prime Card $10,000 | PC Richard Card $10,000 | Target RedCard $2,000 | Walmart Store Card $1,400 | Shell Gas Card $1,200 | Overstock Store Card $3,850 | Kohl's Store Card $2,500

C̶a̶p̶i̶t̶a̶l̶ ̶O̶n̶e̶ ̶Q̶u̶i̶c̶k̶S̶i̶l̶v̶e̶r̶ ̶$̶1̶,̶0̶0̶0̶ | C̶r̶e̶d̶i̶t̶ ̶O̶n̶e̶ ̶V̶i̶s̶a̶ ̶$̶1̶,̶2̶0̶0̶
Message 2 of 11
aj2121
Contributor

Re: Credit Karma Faco scores

The Credit Karma random number generator seems to be functioning perfectly fine. Smiley LOL

 

But seriously though, who knows... lol The volatility of VantageScore (especially the 3.0 model that CK uses) is so ridiculous it is almost impossible to determine how they calculate scores. My CK is always around 50 points less than what my actual FICO scores are. From what I have experienced, and read, CK scores discount closed accounts, so I would imagine the decrease resulted from paying off the loan..

FICO8 as of 4/9/21:
Message 3 of 11
micvite
Contributor

Re: Credit Karma Faco scores


@aj2121 wrote:

The Credit Karma random number generator seems to be functioning perfectly fine. Smiley LOL

 

But seriously though, who knows... lol The volatility of VantageScore (especially the 3.0 model that CK uses) is so ridiculous it is almost impossible to determine how they calculate scores. My CK is always around 50 points less than what my actual FICO scores are. From what I have experienced, and read, CK scores discount closed accounts, so I would imagine the decrease resulted from paying off the loan..


Lol are the scores on experian any better or still estimates? Like if I buy the 3 beaureau report thing? Ironically for me, when my scores were lower, my actual scores were around 30-50 less than CK now if experian is anything to go by, they're about 20-30 more.

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $4400
Citi DC: $4000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $2000
Cap1 QS: $1200
VS CC: $850
Kohls: $700
Synchrony car care: $800
Message 4 of 11
aj2121
Contributor

Re: Credit Karma Faco scores


@micvite wrote:

@aj2121 wrote:

The Credit Karma random number generator seems to be functioning perfectly fine. Smiley LOL

 

But seriously though, who knows... lol The volatility of VantageScore (especially the 3.0 model that CK uses) is so ridiculous it is almost impossible to determine how they calculate scores. My CK is always around 50 points less than what my actual FICO scores are. From what I have experienced, and read, CK scores discount closed accounts, so I would imagine the decrease resulted from paying off the loan..


Lol are the scores on experian any better or still estimates? Like if I buy the 3 beaureau report thing? Ironically for me, when my scores were lower, my actual scores were around 30-50 less than CK now if experian is anything to go by, they're about 20-30 more.


Experian provides real FICO scores. The 3 bureau report from them will provide FICO 8 scores for all 3 bureaus and will provide F2, F3, Bankcard 2, Bankcard 8, Auto 2, and Auto 8 for Experian. I believe they usually run a special where you can sign up for a trial for $1, which makes it a cheap way to get accurate scores.

FICO8 as of 4/9/21:
Message 5 of 11
designated_knitter
Established Contributor

Re: Credit Karma Faco scores

Experian is definitely a good one to sign up with... even their "free" level gives you a true fico 8 score (as opposed to the Vantage scores reported by EQ and TUs free services.  It also sends you alerts when you get inquiries or other changes hit your credit report.

 

EQ free level is handy because you can see your soft pulls -- to see who is checking you out for potential credit offers.

 

Frankly, having a free account on all three is a good idea if for no other reason than to keep your credit reports frozen.  Just my humble opinion!


Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 6 of 11
micvite
Contributor

Re: Credit Karma Faco scores


@aj2121 wrote:

@micvite wrote:

@aj2121 wrote:

The Credit Karma random number generator seems to be functioning perfectly fine. Smiley LOL

 

But seriously though, who knows... lol The volatility of VantageScore (especially the 3.0 model that CK uses) is so ridiculous it is almost impossible to determine how they calculate scores. My CK is always around 50 points less than what my actual FICO scores are. From what I have experienced, and read, CK scores discount closed accounts, so I would imagine the decrease resulted from paying off the loan..


Lol are the scores on experian any better or still estimates? Like if I buy the 3 beaureau report thing? Ironically for me, when my scores were lower, my actual scores were around 30-50 less than CK now if experian is anything to go by, they're about 20-30 more.


Experian provides real FICO scores. The 3 bureau report from them will provide FICO 8 scores for all 3 bureaus and will provide F2, F3, Bankcard 2, Bankcard 8, Auto 2, and Auto 8 for Experian. I believe they usually run a special where you can sign up for a trial for $1, which makes it a cheap way to get accurate scores.


I usually just pay the 19$ or whatever when I'm trying to buy something to check my scores accurately real quick then cancel the next month. Just double checking to make sure I'm getting my moneys worth lol

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $4400
Citi DC: $4000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $2000
Cap1 QS: $1200
VS CC: $850
Kohls: $700
Synchrony car care: $800
Message 7 of 11
micvite
Contributor

Re: Credit Karma Faco scores


@rostrow416 wrote:

Don't get too hung up on the Faco scores.  Mine just dropped 66 points for paying a card down from 31% utilization to 8%.  


Alright... riddle me this: my experian just dropped 22 points after this loan got reported as paid off... where is the logic the fairness? Should I have just left like a nominal balance on there?🤣🤣. I was 755 now I'm 734🥲🥲🥲

Ex: 742, TU: 726, EQ: 733 03/31/2021
Discover it cashback: $4400
Citi DC: $4000
WF Propel: $2000
Amex BCED: $1000
Amex Gold: $2000
Cap1 QS: $1200
VS CC: $850
Kohls: $700
Synchrony car care: $800
Message 8 of 11
OmarGB9
Community Leader
Super Contributor

Re: Credit Karma Faco scores


@micvite wrote:

@rostrow416 wrote:

Don't get too hung up on the Faco scores.  Mine just dropped 66 points for paying a card down from 31% utilization to 8%.  


Alright... riddle me this: my experian just dropped 22 points after this loan got reported as paid off... where is the logic the fairness? Should I have just left like a nominal balance on there?🤣🤣. I was 755 now I'm 734🥲🥲🥲


If it was your only installment loan, you lost the installment loan bonus from having it. You can easily gain those points back if you open another loan, though initially you'll take a small hit for the new account and HP.


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 9 of 11
Horseshoez
Established Contributor

Re: Credit Karma Faco scores


@OmarGB9 wrote:

@micvite wrote:

@rostrow416 wrote:

Don't get too hung up on the Faco scores.  Mine just dropped 66 points for paying a card down from 31% utilization to 8%.  


Alright... riddle me this: my experian just dropped 22 points after this loan got reported as paid off... where is the logic the fairness? Should I have just left like a nominal balance on there?🤣🤣. I was 755 now I'm 734🥲🥲🥲


If it was your only installment loan, you lost the installment loan bonus from having it. You can easily gain those points back if you open another loan, though initially you'll take a small hit for the new account and HP.


Funny thing, I opened up an SSL with PenFed last month, this week it showed up on my reports and whadday know; they are all showing a modest bump in scores (like between 4 and 9 points).

I categorically refuse to do AZEO!

Message 10 of 11
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