Melissa77 wrote:
I just checked my Credit Karma score and it is over 100 points below my Fico score. Should I be alarmed? What does this really mean? My Fico is 699, but CK was 584!
It means
absolutely nothing at all!This is what makes me so furious about FAKO's. They are generated from scoring formulas that are completely unrelated to FICO scoring, and since most lenders don't them (they definitely don't use CK), their only result is to confuse consumers.
Melissa, make sure that the credit report on which your CK score was based hasn't suddenly gained some new derogatory info --a new collection posting, etc.
FAKO scores are garbage, but the "score monitoring services" that let you see your reports as well can be worth it, just to make sure that no unpleasant surprises have hit your reports. Just learn not to look at the FAKO scores.
And for those who always post that there's no such thing as FAKO, and that all scores have some inherent value, let me just remind all that frequently non-FICO/ FAKO scores go down while FICO's go up, or they go up while FICO's go down, or they sit there while FICO's change, or they're all over the place while FICO's sit still.
If you want to know what your creditors and potential creditors are looking at in terms of scores, FAKO's aren't gonna tell you anything.
* ends rant *
Anyway, Melissa, like I said, check your report to make sure no new negative info has hit. If it hasn't, and if your util hasn't changed dramatically or something, you should be OK.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
