Credit score - Credit karma?

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Credit score - Credit karma?

Postby Champagne » Wed Aug 12, 2015 8:25 am

:rant: :beat: :rant:
Didn't bother to search regarding this site because (refer to smileys)

So to keep it short I signed up on it about a week ago and been monitoring my credit since then; and its lower than I thought it was and it randomly dropped 18 points? (Equifax)

Has any members had any experience with this site?
Also, my score is a lot lower than I thought. I use no more than 30% of my credit cards (have 2) and 1 auto loan. No collections. 100% payments on time.

P.S. I had 7 HARD inquiries on my report when I applied for a finance on my purchase back in April...according to the site, that's what messed me up the most. Oh and also the age of my accounts isn't that greAt...5 months for 3 accounts (AMEX/TD Visa/car loan)
(Wells Fargo closed my 2 year credit cards for no reason; "business decision")

Tips please :beat: :rant: :rant:

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Re: Credit score - Credit karma?

Postby takeshi » Wed Aug 12, 2015 8:47 am

CK provides VantageScore3.0. Unless you know for certain that you have a creditor that uses the score in their credit decisions the score is not relevant. Most creditors use one of the FICO models. Do not assume that all scores are the same. The specific scoring model and the CRA matter.

Scores don't randomly change. Any score is generated based on the data in a report. To determine the cause(s) of a score change you need to carefully review reports from before and after the change. If you're going to obsess over numbers I'd suggest setting a threshold of at least 20 points.

30% is a suggested max for revolving utilization. Less is generally better. Optimal is under 10% with only one balance reporting. You want at least 2-3 cards in your mix of credit for scoring purposes.

Inquiries are a relatively small factor. If they're having a significant impact then there are other issues with the credit profile.

CK does not provide Average Age of Accounts. CK provides Average Age of Open Accounts. FICO models use AAoA, not AAoOA.

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Re: Credit score - Credit karma?

Postby Vermonster » Wed Aug 12, 2015 11:36 am

Takeshi said a lot of great stuff.

To add to what he said; If you really care about your FICO score, you'll need to go straight to the source. Experian offers a one week free trial or a month at $4.95. It will be recurring so you have to cancel when your week/month is up or they will continue to charge you the $20/month. I believe Transunion offers something similar.

I found that after a few changes happen to your report it normally takes a few days to balance out. Track your score over time and ignore the small jumps in points. You ideally want to see positive points over the course of a few weeks.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Re: Credit score - Credit karma?

Postby yfan » Wed Aug 12, 2015 11:39 am

While the score isn't particularly useful, free sites like Credit Karma can be useful in keeping a close eye on your credit reports. The scores will generally only tell you if something suddenly changed on your report, and if it has, you need to follow up. I now get all my FICO scores from my credit cards, and stay on top of the reports through these free monitoring sites. Saves me a lot of money.

I know we all obsess over FICO, but keep in mind that lenders consider more than just the score, even if it is FICO. Your entire report is important.

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