Is credit karma a credible source?

[Anonymous]

I don't mean the vantage score and recomendations that they provide(while i'm curious if their recommendations are even remotely accurate).

I want to know whether the info about the credit report they provide is accurate(hard inquiries, reported balances etc)

[OmarR]

I think everyone here will tell you that yes, you can use CK to get a general snapshot/idea of what's on your TU and Equifax reports, but it still doesn't beat ordering an actual 3B report from myfico or somewhere similiar.

[Anonymous]

My accounts and inq's have always been reported correctly. The recommendations are based on V3 scores only, so they can actually be very far off. I'm getting recommendations on there for Indigo, Milestone, etc, due to V3 scores 100 pts lower than Fico but getting mailers for Citi, US Bank, etc.

[SouthJamaica]

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@Anonymouswrote:

I don't mean the vantage score and recomendations that they provide(while i'm curious if their recommendations are even remotely accurate).

They're not

I want to know whether the info about the credit report they provide is accurate(hard inquiries, reported balances etc)

Yes that part is accurate

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[Anonymous]

And its notifications are the fatest. I have my CC set up with very minimum purchase notifications. CK is always ahead of the CCC in notifying me! Also, if there is a HP, CK is on the spot with a notification.

[Anonymous]

CK reports = useful.

CK recommendations = inaccurate, as their purpose is simply to generate money which helps provide the free service.

CK scores = not FICO scores, so not useful.

[LionLaw]

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@Anonymouswrote:

CK reports = useful.

CK recommendations = inaccurate, as their purpose is simply to generate money which helps provide the free service.

CK scores = not FICO scores, so not useful.

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This is the best summary of advice on here.  This is how I track my credit:

FICO Scores - most of my banks offer some flavor of free FICO score every month.  I have all 3 bureaus covered.

Credit Reports - I get free copies of my credit reports directly from the CRAs as often as the FCRA allows (so, at least once a year).  Nothing beats getting full reports right from the source.

Credit Report Changes - I use Credit Karma and Credit Sesame to track changes to my reports.  This gives me all the info I need in between FCRA requests.

The scores on sites like Credit Karma and Credit Sesame aren't really reliable since no lenders use them.  And the "recommendations" are just targeted advertisements.  No matter what your credit is, they will "recommend" that you apply for one of their sponsored credit cards or loans.  They've gotta pay their bills somehow!

[Anonymous]

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@OmarRwrote:

I think everyone here will tell you that yes, you can use CK to get a general snapshot/idea of what's on your TU and Equifax reports, but it still doesn't beat ordering an actual 3B report from myfico or somewhere similiar.

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Hi Omar!  Actually, the CK reports are better than the myFICO reports in a few areas.  With MF, the "Date Opened" and "Date Last Reported" only gives you the Month and Year.  With Karma it shows the Day as well.  Karma also shows you all inquiries in the last two years -- MF only shows you inquiries in the last 12 months.

My feeling is that Karma should be part of anyone's toolkit, since it is free and updates as often as once a week.  More expensive tools a person can then purchase as needed.

[OmarR]

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@Anonymouswrote:

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@OmarRwrote:

I think everyone here will tell you that yes, you can use CK to get a general snapshot/idea of what's on your TU and Equifax reports, but it still doesn't beat ordering an actual 3B report from myfico or somewhere similiar.

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Hi Omar!  Actually, the CK reports are better than the myFICO reports in a few areas.  With MF, the "Date Opened" and "Date Last Reported" only gives you the Month and Year.  With Karma it shows the Day as well.  Karma also shows you all inquiries in the last two years -- MF only shows you inquiries in the last 12 months.

My feeling is that Karma should be part of anyone's toolkit, since it is free and updates as often as once a week.  More expensive tools a person can then purchase as needed.

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For me, and possibly others, an upto 30 day difference (in not knowing) of opening/reporting dates and inquiries that are not new anymore (ie over a year old) do not make a difference. However, knowing FICO 8, Mortgage, Bankcard, etc, do.

But if someone is coming down to the wire on 5/24, I can understand that. Or if they are applying for a card that is new inquiry sensitive, I can also understand that.  Or if they are waiting for that PIF to report before apply for that new mortgage.

So I definitely understand your DP's. I just don't ride that fine line, other than being over on 5/24 as I have zero interest them.  

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[Anonymous]

Thank you all for your feedback!

I was really curious since i have zero hard inquiries on any bureau(i checked experian on their site). I only have a discover card though but i didn't think they'll approve someone with no score showing with a soft pull but apparently they did.