@Creditworthiness wrote:
Just informally checked my score today on CreditKarma and it has gone down 16 POINTS!!!!
First off, if you're going to worry over the numbers then set a larger threshold -- at least 20 points. Second, your CK scores don't matter unless you know for certain that you have creditors that use the TU and EQ VantageScores that CK provides. Third, you just opened a new card and reallocated. Calm down until the dust settles and everything is reported.
@Creditworthiness wrote:Had no idea that was a possibility from a voluntary credit limit decrease.
It's certainly possible if decreasing the limit significantly increased your revolving utilization. Revolving utilization falls under Amounts Owed. However, the link below is specific to FICO. I'm not sure how or if VantageScore 3.0 may differ in weighing these factors.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
However, you need to carefully review report data from before and after any scoring change to make sure you're accounting for all cause(s) and not just assuming causality. As stated above, if you applied for a new card then you also incurred a new hard pull. However, it's probably unlikely that the new card has reported yet.
@Creditworthiness wrote:Tell me -- is this hit to my score going to be temporary or permanent?? I'm headed back to the garden now!!!!!
Any scoring change is due to a change in the report data. Nothing on a report is permanent. How long the effect lasts depends on the change itself and your credit profile. It's difficult to say but, again, not worth worrying over. Your scores will fluctuate just from normal activity.
@Anonymous wrote:
Also credit karma isn't a real credit score
It's a real score. It's just not a FICO. Don't rely on oversimplifications such as "real", "fake", "accurate", "reliable" etc and consider the specific relevance of a given scoring model and CRA to a given creditor. Even with FICO models you can end up in getting different numbers if you're not considering scoring model. FICO doesn't have just one model used by creditors. The models have different algorithms that weight report data differently and even different point scales. VantageScore is used by some creditors.
@Discover2016 wrote:I woudn't trust CK scores very much, for example, my util went from 8 to 2% and my CK score went down a lot to like 630 when my actual FICO is currently 735!
You cannot use a score generated by one model to determine a score generated by another model -- even if both models are FICO's. It's not a matter of "trust". On top of that VantageScore 3.0 is not designed to mimic a FICO model. Always make sure you understand how to use your tools.
Again, there isn't just one FICO model. You don't have just one FICO score. There are 3 major CRA's and many FICO models. For most models you have a score with each CRA. Always consider the model and the CRA and the relevance of the combo to a given creditor. Don't just rely on any one score unless you know for certain that all of your creditors use that one score.
@taxi818 wrote:You get what you pay for with ck. Nothing. I freaked it was I have 8 reported late payments this morning. I've not been late on a ill in over 10 years
now it's says 100% payment history. It's advantage score not fico. Re allocation hasn't affect
I'm nor sure what they use but it's less than Vanatage Score. CK doesn't use all the information that Vantage 3.0 uses to calculate their score.
If you look closely at Credit Karma.. they report "On Time Payments" incorrectly.
If you have missing payment data for any particular trade line (no data), CK will factor it out of your on time payment percentage.
For example..
If you have 10 trade lines open for one year, there should be 120 months reported (100% on time payments)
If one trade line has not updated (think Comenity) fsince the account opened, there will be 12 on time monthly payments "missing" leaving 90% on time payments.
But I agree.. you get what you pay for with CK.
