Will using Credit Karma lower my credit score?

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paparoach429
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Will using Credit Karma lower my credit score?

Postby paparoach429 » Sun Sep 16, 2012 1:39 am

Does CreditKarma really give you free credit reports non stop? Will it lower your score in any way if you check it repeatedly?


kashmac123
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Postby kashmac123 » Thu Sep 20, 2012 12:12 am

NO it will not. Check with them and they will tell you the same. I read it on their site last night thinking of you.

It is good to monitor once a month. Although creditors get a different score so one told me this.

MemberSince99
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Postby MemberSince99 » Thu Sep 20, 2012 8:34 am

Yes you can check your TU credit once per day.

No it will not lower your score. You can check your score as often as you like it is not considered a hard inquiry.

Just keep in mind that the score you get there is not necessarily going to be anything like your true FICO score - my TU FICO is 764 but my CK score as of today is 717. And some of the advice, well let's just say it's worth what you pay for it. But it's a good service which is free and does not hurt you in any way.

Grupet
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Postby Grupet » Thu Sep 20, 2012 1:51 pm

MemberSince99 wrote:Yes you can check your TU credit once per day.

No it will not lower your score. You can check your score as often as you like it is not considered a hard inquiry.

Just keep in mind that the score you get there is not necessarily going to be anything like your true FICO score - my TU FICO is 764 but my CK score as of today is 717. And some of the advice, well let's just say it's worth what you pay for it. But it's a good service which is free and does not hurt you in any way.


So can I do the same thing at myfico.com? If i pay to get my Fico score, can I then check it everyday if i want, without it's gonna hurt my score in anyway? Is myfico.com the best place to go to get your real credit score?

Thanks
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Rory
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Postby Rory » Thu Sep 20, 2012 4:56 pm

you can check it every day, but it will only change once a month, you have to pay an extra 10$ on the month fee of 15$ to get unlimited updates to your score. Nothing you do will affect your score in terms of looking it up
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Amex BCE - 12000 limit
Amex BCP - 4200 limit
FIA Rewards Amex- 3500 limit
Chase Freedom - 2000 limit
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BoA Cash Rewards Privileges- 3000 limit
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t528491
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Postby t528491 » Thu Sep 20, 2012 7:43 pm

Rory wrote:you can check it every day, but it will only change once a month, you have to pay an extra 10$ on the month fee of 15$ to get unlimited updates to your score. Nothing you do will affect your score in terms of looking it up


I'm not sure that's true....I've been updating my CK score about every day for the past month and it's been updated three times (once at the beginning of the month, and twice since then for my new Zync and Discover accounts).
[size=80]
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
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Chase Freedom 2014
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Rory
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Postby Rory » Fri Sep 21, 2012 1:17 am

sorry i wasnt being specific. myfico charges those amounts for access and then 10$ more for unlimited pulls per month. Credit karma is always gonna be free, its just not very accurate.

Its like choosing between a sniper rifle and a automatic pistol. One is always gonna be on mark and the other one, is well uselessly inaccurate.
Amex Zync - NPSL (Cleared up to 25k)

Amex BCE - 12000 limit

Amex BCP - 4200 limit

FIA Rewards Amex- 3500 limit

Chase Freedom - 2000 limit

Chase Slate - 2000 Limit

BoA Cash Rewards Privileges- 3000 limit

Barclaycard Rewards MC - 3000 limit

Discover IT- 3500 limit

Marriott PR- 5000 limit

21 years old with alot of life to spend ;)

Its not about the ending, its about the journey,

just as long as the ending is just as good :cool:

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t528491
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Postby t528491 » Fri Sep 21, 2012 4:58 am

Ahh, I gotcha. That's what I get for not reading the whole thread. :ppp
I agree that CK is of limited use - once I saw that my score dropped 51 points for simply opening a new account, I knew something must be screwy with their algorithm.
[size=80]

02/12 Authorized user on Chase Freedom ($5000)

08/12 Discover It ($1500)

08/12 American Express Zync (NPSL)

12/12 NFL Visa ($500)[/size]



[size=60]Future cards:

Citi Forward for Students 6/13

American Express Blue Cash Everyday 1/14

Sallie Mae World Mastercard 2014

Chase Freedom 2014

Penfed Platinum Rewards Card 2015[/size]

MemberSince99
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Postby MemberSince99 » Fri Sep 21, 2012 12:41 pm

The score CK gives you is not FICO and honestly doesn't mean a lot except that's what their scoring system determined. No lender uses it, so in practical terms it's meaningless (the score part).

But you can at least pull your credit and see some key metrics daily for free so that is worthwhile.




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