@Anonymous wrote:
i logged into my credit karma account and my transunion dropped 89 points. all that changed was that i added an account. equifax stayed the same.. i heard many pepople say credit karma sucks. is it this bad? if so who do you guys recommend so i can get accurate credit scores without having too pay to much. thank you
That's a gross oversimplication.
Credit Karma's scores are TU and EQ VantageScore 3.0. If you have a creditor that uses them they are relevant to those creditors. If you do not, they are not.
Credit Karma doesn't just provide scores but access to TU and EQ report data with weekly updates. Whether or not the scores are relevant in your situation the report data and frequent updates are still very useful.
When referencing scores you need to be aware of the specific scoring model & CRA and the relevance of a given combo to a given creditor/product. There are various scoring models used by creditors. You cannot use a score generated by one model to determine a score generated by another model. Different models evaluate report data differentl and can have different scoring ranges. If you need to know a given score then you need to pull that specific score.
For example, let's say a creditor/product uses a TU FICO 8. Only that specific score will be relevant. Scores based on other CRA data will not be relevant. Scores generated by other models will not be relevant.
Do not assume that one model is "accurate". Again, creditors do not all use one model so one model will not be relevant to all creditors/products. Every score is accurate but only for its own model. Again, you can't assume that all scores should be equivalent. Always make sure you understand your tools and how to use them. This is a very common topic so don't overlook prior discussions as a resource as well as the Understanding FICO Scoring subforum and its stickies.
Accuracy depends on the intended target. What are you specifically looking to accomplish with a score? If you want to know what number a creditor will pull for you then you need to know the model & CRA and pull that specific score, if available to consumers. If you're just monitoring trends with your credit you can use just about anything out there as it's the trends that matter and not so much each individual score. That said, short term trending can vary from one model to the next.
I can understand the desire for a simple metric like a score for those not familiar with credit but I strongly recommend learning how report data is assessed and focusing on report data versus just fixating on the numbers. Since different models are used relying on a single model can lead to disappointment if you go to apply and the creditor uses a different model resulting in a different number. A good starting point for FICO is:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@Anonymous wrote:
i logged into my credit karma account and my transunion dropped 89 points. all that changed was that i added an account.
To determine the cause(s) of any scoring change you have to carefully review report data from before and after the change. Any score is generated based on the data in a report. If there was a scoring change then it was due to changes on the report. Changes are not just additions and deletions.
That does seem like a large drop for adding an account but impact will depend on your credit profile and the details of the new account. I would guess that you're probably overlooking other factors unless you just have a thin credit profile and/or significant issues with your credit profile. There's no way to confirm without carefully comparing reports though.
@Anonymous wrote:
without having too pay to much.
Give us a number or range. "Too much" is very subjective. One's "too much" is another's "no big deal" is another's "waaaay too much".
@karladicent wrote:
.but I wouldnt run with their word those are FAKO scores so its not always accurate
Again, any score is accurate but only for its own model. Accuracy is not about how well a model mimic another model. VantageScore 3.0 is not designed to mimic a FICO model and there isn't just one FICO model anyway. If you want to know your FICO 8's then pull your FICO 8's. Don't use VantageScore 3.0 or any other model whether FICO or FAKO to determine your FICO 8's. If you need another FICO model then pull that specific model.
@Anonymous wrote:
Credit Check Total. 7 day trial for $1. If you cancel before the end of the trial you can get it half price. Daily experian scores and transunion/equifax every 30 days. FICO 08 scores
FICO 8 is the most commonly used model but, again, not all creditors/products use the same model.
@EAJuggalo wrote:
I doubt it's that bad. CK lists me as having a 670 when I don't actually have a FICO score at the moment. If you really want to check you can go to credit check total. They have a $1 for a week deal, and if you cancel in the first week people say they offer you half price for a period of time. Other option is here at myFICO, $30 a month.
CCT only provides FICO 8's. myFICO isn't the only other source for FICO 8's. Experian and Equifax have products that offer them as well but one has to be careful as Equifax does have products that proviide an Equifax score which is not used by creditors, IIRC.
myFICO offers quarterly access to additional models on top of the monitoring with FICO 8. However, myFICO is a trigger based service (another very common topic).
http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity
Make sure you're aware of the impact of that. Not all activity with a scoring impact is a trigger and alerts/updates cannot be used on their own to determine the cause(s) of a scoring change. Again, reports must be referenced. Most other services provide updates on fixed intervals. Carefully compare and don't just assume that all services offering FICO 8's are the same.
@Anonymous wrote:
In short, it's useful as a tool but it doesn't use the older FICO modeling.
There isn't just one FICO model so FICO models are not all the same age. FICO 8, IIRC, was introduced in 2008. FICO 9 was introducted in 2014 but has yet to be widely adopted. There are older models as well.
Even FICO models vary in how they evaluate report data. Again, consider the speicific model and its relevance. Not just FAKO versus FICO, "new", "accurate", "reliable", "real", etc
