Credit Karma vs Big 3 (TU \ EQ \ EX)

For just about anything you want to get off your chest about credit cards.
19 posts
thom02099
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Location: Colorado, USA

Postby thom02099 » Thu Dec 25, 2014 8:24 pm

The average FICO score in the USA is 638. The link below is informative, though I think it's likely prior to the advent of the 08 scoring models being widely used. I've also seen an average score stated as 688, with an average state range of 660ish to 720ish.
http://www.credit-report-101.com/credit-score/average-fico-score.html

This closely matches a similar report from CreditKarma:

https://www.creditkarma.com/trends/state
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016


flan
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Postby flan » Thu Dec 25, 2014 10:28 pm

otter wrote:
I don't think CK's scores are inflated... mine certainly aren't because they have been consistently 30-50 points lower than my FICO score. I just think the CK score is not very accurate.


The CK score is very accurate. It's just NOT A FICO score. It's either, if you have the old set up, TU's "New Account" score, or if you have the new set up, the Vantage 3.0. Those are both real scores, used by actual lenders for credit decision making. The vantage 3 is used by a lot of lenders, I don't think anyone really uses TU's new account score.

The thing is that sophisticated lenders (and that's most of them these days) use multiple scores, and all sorts of proprietary systems to make their decisions. Even if they used only scores you could get, you wouldn't know how they weight each one, and which they use for binary (approved/not approved) decisions, and which they use for terms decisions. But they don't use only scores you can get, they use proprietary systems, and put different weights on things like absolute income, debt-to-income ratios, home ownership vs. not home ownership, and so on.

You can't know what they're going to do, so paying money for a useless number is a waste of money. Understand what makes you a good credit risk, and engage in that behavior.

Ikarus
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Postby Ikarus » Wed Dec 31, 2014 11:20 pm

otter wrote:There are literally hundreds of scoring models based on the standard credit report.

...

There are a few ways to get a true FICO score from TransUnion (WalMart CC, Discover, Barclay's), but if you want all three, you will have to buy them.


The credit score game is definitely tricky. The scores I get from three of my cards never align or even move in alignment.

Merrick Bank (FICO 8 Bankcard Score) - moved from 737 to 742 to 748 over the past 6 months

Cap One (TransUnion) - hovers between 699 to 703 and never goes higher (although it may next month b/c Cap One just gave me a $1K CLI)

Discover (???) - has stayed at 730 for some time and will not budge, even with CLI's for other cards and payments of loan balances

I'm not sure what causes the score from Merrick to move so much, and the others so little, but to me it seems Merrick is the most accurate based on my activity. I feel the other two scoring sources low-ball me a bit.
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

thom02099
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Postby thom02099 » Thu Jan 01, 2015 9:42 am

Credit Karma is good for monitoring [color="red"]trends [/color]in your credit journey. It gives a good, though incomplete, overview of your progress. It's not just about the score (which doesn't matter unless you're applying for credit), but about the content of your file. Since CK is now offering the Beta version of a full credit report, that can be very useful so see what's contained in your file. Unfortunately, it's not always timely. Not sure if that's TU's fault or CK's fault, but it seems, at least for me, for payments/payoffs to take several cycles of updating before they actually do.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

ingramjuan
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Postby ingramjuan » Sat Jan 24, 2015 7:43 pm

Just noticed credit karma updated their webpage and now you can see two of your credit scores (Vantage). I am still trying to figure out how they figure their scores??>
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Callmedory
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Postby Callmedory » Sun Feb 01, 2015 6:18 pm

Well, being curious, I signed up for CK just now.

It lists:

TU....830
EQ....832

That's probably about right, I guess. It was a bit lower a couple of years ago when we refi'd. This past week, I got about $20K CLI, just to improve the utilization.

eta: According to CK, these numbers weren't including the recent CLIs. And it's saying my credit is only the last 10 years. Strange, should be well over 25 years.

13hartc
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Postby 13hartc » Mon Feb 02, 2015 7:52 pm

Is it worth even paying for your three scores when CK ( and in my case Discover) give you rough estimates?
American Express $22,500
Capital One $6500
Chase $2500
CU Card $1000
Discover$2550

Groot
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Postby Groot » Mon Feb 02, 2015 11:14 pm

13hartc wrote:Is it worth even paying for your three scores when CK ( and in my case Discover) give you rough estimates?


I refuse to pay for my scores for the simple fact that for some reason, it was so difficult to cancel the service. I had the Experian one month trial and I let it go for a few months, and it took another two months to cancel and I don't know why. It was only $15/month, but that could have been put towards paying down a credit card.
[CENTER]
BoA Platinum Plus - [6/06] | CapOne Venture - [10/06] | Chase Freedom - [6/07] | Citi Forward - [9/07] | Discover it - [1/15]

TCL: $24,000
[/align]

ingramjuan
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Postby ingramjuan » Mon Feb 02, 2015 11:18 pm

I pay for the FICO scores once a year unless I am applying for a new line of credit and or something that will requires a hard pull of my credit report. (30 days prior) to get a understand where I am at and that works for me. CK uses vantage which is a different scoring model and based on a few threads within this post gives you a good overview.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes



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