Dropped 144 points with equifax after SCT spree....

[gibeon]

As others have said, don't worry about Credit Karma scores. They are fairly useless. I don't even think they are accurate vantage scores.

For a month or two my score went down 140 points, then up 140 points, then down 140 points, then up 140 points, etc, etc, etc That was when I decided to ignore them and just use it for alerts...

[Anonymous]

keep in mind credit karma is fako so new accounts KILL you in that scoring model. odds are you really didn't lose that much lol

[takeshi74]

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@Anonymous wrote:

logged into my credit karma account and i dropped 144 points after a 4 card sct approval spree.      this is crazy. dont know what to think or do.

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Do you actually have a creditor that uses VantageScore 3.0?  If not, there's not much to think or do.  If you're going to fixate on the numbers then be aware of the specific models that your creditors use and check those scores.  You cannot use a score generated by one model to determine a score generated by another model -- even if both models are FICO's.

That said, it's certainly possible that a 4 card spree was too much for your credit profile but you can't just rely on CK scores to assess that.  Carefully review your reports.

[Revelate]

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@Anonymous wrote:

i had 2 inquiries drop and i had my credit card utilization go up 10 points.     i was near credit limit on one card. $185 on a $200 capital one secured card.

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So fix that .

bayou: I don't know how you can state it's more AAOA sensitive than FICO based on your one datapoint; agreed my Vantage dropped much more during my recent spree than any my FICO's did but the bulk of that was before any tradelines even reported.  Inquiry, new account, are also other negatives, not just a change in AAOA potentially.

[Anonymous]

I do have a lender that uses Vantage scores and those scores do not include closed accounts in their factoring of AAoA.  Thus, if you have many older closed accounts and add a bunch of new ones, Vantage will give you a larger score drop than FICO.

[Revelate]

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@Anonymous wrote:

I do have a lender that uses Vantage scores and those scores do not include closed accounts in their factoring of AAoA.  Thus, if you have many older closed accounts and add a bunch of new ones, Vantage will give you a larger score drop than FICO.

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Which lender?  Also ow do you know closed accounts does not factor into AAOA on Vantage?  Credit Karma is not reference unfortunately and that's the primary place I've seen Age of Open Accounts being pushed rather than FICO and presumably Vantage from all we've observed which admittedly isn't nearly as much as with FICO in terms of data.

Occam's razor does apply here though, but I never saw any drops with Vantage when I was closing accounts and while I didn't napkin math the AAOA, it just doesn't seem likely it was hurting me in this regard.

[Anonymous]

My lender is my local CU.  In speaking to the analysts there, it was explained to me that Vantage did not factor closed accounts into AAoA.  There are other sitess that give FICO scores if you pay for them, and one of them does give the AAoA number that FICO uses.  Mine is considerably higher for FICO than Vantage as I have a 5 year old BK.  The accounts that I included in my BK still factor into the AAoA on FICO and not on Vantage.  In my case I can see a very large fluctuation in scores for opening a new account on Vantage scoring models, where on FICO it is just a few points, and it tends to rebound more quickly on the FICO side as well.

[Anonymous]

Its Credit Karma being Fradulent with your scores trying to get you to sign up for there credit repair service. Credit Karma is owned by Lexington Law firm in Utah and they created Credit Karma to gain clients by actually showing you fake scores. They charge a $99.00 set up fee and $79.00 per month to dispute your crediit reports however they only dispute one or 2 items at a time so they can charge your CC there fee every month.  It typically takes them 1 1/2 to 2 years to clear a report , you do the math. NOTHING but a scam, just to verify this I checked my scores and they said I was a 578. lolool .. GET AWAY from the crooks and either get your real FICO score here or through the bureaus themselves. 

[Anonymous]

I know a 144 point drop would shock me too. But the Vantage score that CreditKarma uses is not used by 90% of lenders and is called a Fako score. CreditKarma is excellent for the free credit reports, but to really know your Fico 8 scores (the most commonly used score), you need to purchase them here or you could sign up for the $1 1 week trial membership at https://www.creditchecktotal.com/. 

I use https://www.creditchecktotal.com/. It is a great bargain. 

As far as why your score(s) dropped so much, you need to look at your credit reports on CreditKarma to see if anything negative or derogatory was posted like a late payment, collections, public record or charge off. I would think something like that and not 4 new accounts would cause such a large point drop. You realize your score are low right? Then why are you adding new accounts? Stop using the SCT. How many accounts do you have now? 

You need to get a real plan to get on track to building a solid credit profile. A lot of people adopt the SCT as if that is a solid plan. It is not. Some would call it a silly approach that adds new accounts with kiddie limits that you just my start using, abusing and maxing out. 

Also the account that is at $185 out of $200 is damaging your scores because you're at over 90% utilization on just that account. That's a big NO, NO. 

If you detail your true current state of Fico scores, accounts, credit limits and balances here, we will help you will a real plan based on your own current profile and not some broad trick masquerading as a plan. 

First spend $1 and sign up at https://www.creditchecktotal.com/, then some back here and post your scores etc. There's help here, but you have to be prepared to follow some sound advice and not expect to be applauded for doing the SCT. I would like to see you not repeat the same mistakes, while expecting a different outcome. We know what that's called. 

[Revelate]

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@Anonymous wrote:

My lender is my local CU.  In speaking to the analysts there, it was explained to me that Vantage did not factor closed accounts into AAoA.  There are other sitess that give FICO scores if you pay for them, and one of them does give the AAoA number that FICO uses.  Mine is considerably higher for FICO than Vantage as I have a 5 year old BK.  The accounts that I included in my BK still factor into the AAoA on FICO and not on Vantage.  In my case I can see a very large fluctuation in scores for opening a new account on Vantage scoring models, where on FICO it is just a few points, and it tends to rebound more quickly on the FICO side as well.

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Not reference (you'd likely be stunned and amazed at some of the "my lender said!" stories that come up here with regards to the various algorithms), and I've already stated that the 3rd party presentations like Credit Karma and credit.com are not accurate for any of their interpretations of the data; such a big difference in scoring would likely be referenced in the VS FAQ that the bureaus maintain, but it is not.  While the closed account is on there, it is still factored.

Regarding the new accounts issue, could be right though I think it's more inquiry based; will have to go revisit my scores off CK or similar from my last two app sprees.