CreditKarma and the no good, very bad, discrepancy

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djrez4
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CreditKarma and the no good, very bad, discrepancy

Postby djrez4 » Wed Aug 15, 2012 11:31 am

Since I began making a concerted effort to build a solid credit portfolio, I've been using CreditKarma ("CK"), as well as other online tools like Quizzle and CreditSesame, to roughly track how I'm doing.

CK pulls it's estimate from Transunion, although I have yet to find any accounting of how they estimate your score based on what they see. Quizzle and CreditSesame pull from Experian.

CreditSesame shows a 670, which was directly in line with the Experian PLUS score I pulled on the 9th. Quizzle shows a 663. Seven points off ain't bad.

CK, on the other hand, shows a 639. My Transunion score, directly from them on the 9th, is a 743. That's 104 points off and well beyond useless. I had been using CK as my main source of information for over a year and basing my decisions off of what I thought was at least a remotely accurate estimate of my credit score. When I bit the bullet and started applying for cards (see my "The Zen of Being Approved" thread) I thought it was a long shot to get approved for anything beyond a Cap One starter card or similar. Turns out CK was holding me back - hard.

While I can't assume that CK is that far off for everyone, I've seen enough anecdotal evidence to think that it isn't the useful tool it makes itself out to be. And, CK doesn't just miss low, as in my case. Comments on the site include people complaining about how they were denied reasonable cards with CK scores in the high 700s. I have to assume that CK missed high on their accounts.

So, lesson learned: I can pull a real Experian PLUS score from my REI Visa whenever I want, so I'm going to drop CK from my list of monitoring tools.

Thoughts?
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Crashem
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Postby Crashem » Wed Aug 15, 2012 12:20 pm

Ck is just as useful. The problem you have is that you are pulling fako. Ck, CS, plus scores are all fakos. You should get real fico from myfico. But the equifax one. The tu fico uses old fico model. You can then use fico to compare to your fako scores. Remember fako scores are not used by anyone. Fako scores can be dead on to fico score or they can be 100 points off. What is useful on ck is the vantage score as that is real credit score. Vantage however isn't used by many lenders but at least it is used.
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djrez4
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Postby djrez4 » Wed Aug 15, 2012 12:57 pm

I have a real EQ FICO from last week. The PLUS Score is 13 points away from it. CK is still 50 points off. Oddly enough, the CK Vantage Score is right in line with Transunion.
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DavidNY
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Postby DavidNY » Thu Aug 16, 2012 9:55 am

Keep in mind you have three FICO scores, one each from TU, EQ and EX.

CK uses TU as its source. My TU score, which I received when I got my Priceline card, was within five points of what CK reported.

The only FICO that is worth comparing to the CK score is the one from TU.

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Postby djrez4 » Thu Aug 16, 2012 10:02 am

DavidNY wrote:Keep in mind you have three FICO scores, one each from TU, EQ and EX.

CK uses TU as its source. My TU score, which I received when I got my Priceline card, was within five points of what CK reported.

The only FICO that is worth comparing to the CK score is one from TU.


That's exactly what I was comparing and it was over 100 points off.
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Postby DavidNY » Thu Aug 16, 2012 10:49 am

I thought you stated
djrez4 wrote:the CK Vantage Score is right in line with Transunion.
which would be comparing the CK and TU FICO scores.

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djrez4
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Postby djrez4 » Thu Aug 16, 2012 11:49 am

DavidNY wrote:I thought you stated which would be comparing the CK and TU FICO scores.


Ah, no. CK provides it's own Transunion-based score and a Vantage Score as well. Different animals.
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DavidNY
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Postby DavidNY » Thu Aug 16, 2012 1:37 pm

Ah, OK. The only one I pay attention to is the main one CK offers.

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Postby Grupet » Thu Aug 16, 2012 2:48 pm

I just tried credit.com and that had the same score as my score on CK
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Postby djrez4 » Wed Aug 22, 2012 8:50 am

Now I have a better comparison -

I've been shopping around for an auto loan over the last week. (PenFed conditional approval!) The dealer pulled my TU report to see if they could beat my previous lowest interest rate and came back with a 696. After that inquiry, CK says I'm at 633. At 63 points off, I still maintain that CK is pretty useless for me.
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