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How Trust Worthy is Credit Karma

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The-Credit-Disciple
Frequent Contributor

How Trust Worthy is Credit Karma

Great Evening Fico Family😀
What do you think about Credit Karma? Are there scores Trust Worthy? I like how they show you your accounts, balances, collections if you have any, utilization among other things. But the Scores, im not to sure that they are Accurate, what do my Fico Family Think? Thanks in advance😎😁
Message 1 of 24
23 REPLIES 23
Anonymous
Not applicable

Re: How Trust Worthy is Credit Karma

I don't see them as trustworthy  or untrustworthy -- they are accurate, so there's no reason not to trust them. The problem is the Vantage 3.0  scores CK provides aren't very useful when FICO scores gotten elsewhere are most often used by Lenders and, thus, more instructive. 

 

 

Message 2 of 24
Meanmchine
Super Contributor

Re: How Trust Worthy is Credit Karma


@The-Credit-Disciple wrote:
Great Evening Fico Family😀
What do you think about Credit Karma? Are there scores Trust Worthy? I like how they show you your accounts, balances, collections if you have any, utilization among other things. But the Scores, im not to sure that they are Accurate, what do my Fico Family Think? Thanks in advance😎😁

Ignore the scores, enjoy the weekly credit reports Smiley Happy

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 3 of 24
601flyguy
Established Contributor

Re: How Trust Worthy is Credit Karma

NEVER trust their scores as they dont use fico scoring, they use VantageScores. Only use CK to keep track of accounts, balances, inquiries, alerts, etc.
2019 Spend Summary
$944,008 Amex BRG
$91,953 Amex SC
$58,351 Discover It
$50,046 BofA CR
$36,146 Amex PRG
$6,774 Cap1 QS
$963 Amex CM

$1,188,241 Yearly Spend
Message 4 of 24
pipeguy
Senior Contributor

Re: How Trust Worthy is Credit Karma

CK offers good monitoring and account tracking, but their vantage scores are pretty much useless since they are not Fico scores and use different "factors" to create their scores (Vantage Score). As an example, my scores using VS (aka Credit Karma) are "fair" at mid 600's, yet my actual Ficos are mid-700's. My credit card portfolio supports the Fico scores with over 400k in revolving limits and 24+ quality cards. 

 

Do a search on these forums for Credit Karma and you will find a lot of threads on this subject - good discussions too. 

Message 5 of 24
Anonymous
Not applicable

Re: How Trust Worthy is Credit Karma

Other than score, AAoA and credit card recommendations, they're trustworthy.
Message 6 of 24
Anonymous
Not applicable

Re: How Trust Worthy is Credit Karma


@AnonymousOther than score, AAoA and credit card recommendations, they're trustworthy.

Don't forget their fluff chart on payment history percentages, which depicts a graphic suggestive that 99% of payments made on-time is just as good as 100% when anything other than 100% when it comes to FICO scoring is essentially bad/poor.

Message 7 of 24
rbentley
Established Contributor

Re: How Trust Worthy is Credit Karma

You can trust the information that CK provides to youit is accurate as long as you understand what it truly is.  You can also trust the site not to misuse your personal information.  It is safe to give them the identifying information required to do a SP on your credit.  Their credit scores can NOT be relied on however.  As stated above, they are not FICO scores, but rather a different scoring method callled VantageScore, which virtually no creditors use.  They are commonly dismissively refered to as FAKO scores.  For many people the VS score can be 50 points higher than your true FICO score.  Do not be mislead by it. 

 

VS scores are also very sensitive to changes and can swing dramatically either up or down, while your FICO score does not move significantly.  Do not freak out about VS score changes.  They are good however at alerting you to changes on your account, such a new inquires, accounts and account status. 

 

CK's AAoA is also only based on your open accounts, because on a SP they do not have access to your closed accounts.  FICO will consider your closed accounts in your AAoA (up to 10 years from date of closing).  If you don't have closed accounts, their calculation of your AAoA will be accurate.  If you do have closed accounts your true AAoA as reflected on your CRB reports will be higher, maybe significantly higher.

 

Finally, you can NOT trust at all CK's credit recomendations.  They will always recomend you apply for more credit cards even though that might be the wrose thing you can do for your credit at the time (due to inquiries and impact on AAoA).  Keep in mind that they are a free service because they get a kick back when you apply for new cards or loans from their site.  

Message 8 of 24
Anonymous
Not applicable

Re: How Trust Worthy is Credit Karma

Something to bear in mind is that CK only goes back two years for payment history. I had a 30 day late reporting on myFICO, but not CK and it was driving me bananas! It took a bit of searching to find it, but Brutal discusses it here:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Why-Credit-Karma-manipulates-quot-payment-his...

So yes, for the most part CK is reliable information, but only for the most recent two years.

Message 9 of 24
CreditRebuilder2020
Frequent Contributor

Re: How Trust Worthy is Credit Karma

Like others have mentioned. Trust the credit reports, don't trust the scores.

 

My Credit Karma scores have been wildly inaccurate for a long time.

 

I subscribe to Experian now anyway so I don't really use CK that often but I do check it from time to time. It's still showing my Vantage scores in the 590's even though my, across the board, FICOS are in the 650's-660's. 

 

 


X1 VISA SIG $15,500/ AMEX Gold / Petal 1 $3600 / Wells Fargo Active Cash VISA $3K / VENMO Visa $900 / Verizon Visa $2K / Apple Card $1500 SL / Wyndham Rewards Earner Visa $500 / WALGREENS Store $1K / Amazon Store $5000 SL/ Discover IT Chrome $2500K / BP Prime Rewards VISA $4350 / PayPal MC $3500 / BOA BankAmericard $2K / BOA Cash Rewards $1K / Cap One Savor One $1200 / Cap One QS1 $950 / Blaze MC $2250 / Credit One $850 / Credit One AMEX $1200 / OpenSky $600 / AvantCard $1000 / Discover IT Cash Back (Graduated) $400 / eBay MC $750
FEB '22 EX: 698 EQ: 700 TU: 713 | UTL: 23% | Total Credit Limit: $54000
Goal Score: 675 for all FICOS (ACHIEVED NOVEMBER 2021) | NEW GOAL SCORE: 725 for ALL FICOs
Message 10 of 24
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