Score dropped 50 points, only change was a balance decrease of $390

[Anonymous]

I have no idea what to make of this. Nothing on my report changed, except that I paid off $390 on one of my credit cards.  

This is a screenshot from Credit Karma, Transunion VantageScore 3.0  

https://i.imgur.com/1d7rHsm.png 

[Jnbmom]

Its Credit Karma, you can't judge anything by them..........................................................................

[AllZero]

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

[Anonymous]

I disagree, I've been  using my Credit Karma score as a basis to determine when to apply for credit. When my score went up to 740 on Credit Karma, I got approved for a car loan at 3% APR. Same goes for all the cards I have. Can anyone reccomend a free service that is better?

I paid off $7,000 in debt a few weeks ago, so I'll see what my score is in a few weeks once my new account balances are reported. This 50 point drop seems pretty strange.

[AllZero]

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@Anonymous wrote:

I disagree, I've been  using my Credit Karma score as a basis to determine when to apply for credit. When my score went up to 740 on Credit Karma, I got approved for a car loan at 3% APR. Same goes for all the cards I have. Can anyone reccomend a free service that is better?

I paid off $7,000 in debt a few weeks ago, so I'll see what my score is in a few weeks once my new account balances are reported. This 50 point drop seems pretty strange.

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Did your lender use VantageScore 3.0 to approve your auto loan? The majority of lenders use FICO.

Not free but see my post above for $1. CK and wallethub are great for credit reports, not so much for scores.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

[Jnbmom]

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@Anonymous wrote:

I disagree, I've been  using my Credit Karma score as a basis to determine when to apply for credit. When my score went up to 740 on Credit Karma, I got approved for a car loan at 3% APR. Same goes for all the cards I have. Can anyone reccomend a free service that is better?

I paid off $7,000 in debt a few weeks ago, so I'll see what my score is in a few weeks once my new account balances are reported. This 50 point drop seems pretty strange.

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Well you would be incorrect. CK uses Vantage score 3.0  Most all lenders in this universe use FICO!!  CK should only be used to monitor your credit reports only. It's free,so you get what you pay for.

While your Vantage scores may happened to be in line with your FICO, it doesn't make these scoring algorithms anything alike

[Anonymous]

I hope that didn't come off as too harsh, Credit Karma using a different (sh**ty) scoring system but I wouldn't say you can't judge anything. Their user interface and ability to easily see accounts and details of your credit history is very helpful. All the advertising clutter for sub-par loans and tax services is annoying though.

I just used Synchrony Bank's credit score feature and it reports 633 with TransUnion VantageScore 4.0

The score drop appears to be meaningless and Credit Karma sucks at scores.

[Anonymous]

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Did your lender use VantageScore 3.0 to approve your auto loan? The majority of lenders use FICO.

Not free but see my post above for $1. CK and wallethub are great for credit reports, not so much for scores.

Well you would be incorrect. CK uses Vantage score 3.0  Most all lenders in this universe use FICO!!  CK should only be used to monitor your credit reports only. It's free,so you get what you pay for.

While your Vantage scores may happened to be in line with your FICO, it doesn't make these scoring algorithms anything alike

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Thank you, that was very helpful.

[AllZero]

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@Anonymous wrote:

I hope that didn't come off as too harsh, Credit Karma using a different (sh**ty) scoring system but I wouldn't say you can't judge anything. Their user interface and ability to easily see accounts and details of your credit history is very helpful. All the advertising clutter for sub-par loans and tax services is annoying though.

I just used Synchrony Bank's credit score feature and it reports 633 with TransUnion VantageScore 4.0

The score drop appears to be meaningless and Credit Karma sucks at scores.

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CK, TU, WH are great because it's free. I use them all the time. It lets me know when TU and EQ has updated. Then, I pull my actual FICO scores.

[Jnbmom]

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@AllZero wrote:

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@Anonymous wrote:

I hope that didn't come off as too harsh, Credit Karma using a different (sh**ty) scoring system but I wouldn't say you can't judge anything. Their user interface and ability to easily see accounts and details of your credit history is very helpful. All the advertising clutter for sub-par loans and tax services is annoying though.

I just used Synchrony Bank's credit score feature and it reports 633 with TransUnion VantageScore 4.0

The score drop appears to be meaningless and Credit Karma sucks at scores.

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CK, TU, WH are great because it's free. I use them all the time. It lets me know when TU and EQ has updated. Then, I pull my actual FICO scores.

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Oh yes I use them too they are great for monitoring you just can't gauge anything with their scores when it comes to credit.

Now synchrony is really the "only" lender than I am aware of that is using Vantage 4.0 for their credir decisions, probably because it's cheaper LOL, but other than them , majority use good ole FICO and until that changes I am not putting any stock in vantage scores whether is 3.0 or 4.0.