Questions about Credit Karma

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paparoach429
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Questions about Credit Karma

Postby paparoach429 » Mon Oct 01, 2012 2:56 am

1.) What is a transrisk score?
2.) What is a vantage score?
3.) What is a auto insurance score?
4.) Why are my scores changing daily and why are my total debts and utilizations not changing? Generally I pay my one credit card that has a balance atleast twice a week. (I get paid twice a week, I have two jobs).
5.) All of my hard inquiries are from March-May of 2011. Does this mean by next May all of my hard inquiries will be removed? Thanks for all of your guys' answers!


Rory
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Postby Rory » Mon Oct 01, 2012 9:11 am

1. Useless fake score made to represent TransUnion score. Dont trust since it is not used by creditors
2. Vantage score is another fake and it is also not used by creditors
3. The auto insurance score is CK's interpretation of your estimated risk to auto insurance companies, pretty much useless
4. They update randomly and your creditors only report usage levels and total debts once a month right when they send you your statement
5. Next may, 2013, your inquiries from 2 years ago will disappear, most creditors dont even factor them in now, they usually overlook all inquiries over 1 year old

I would avoid Credit Karma, its one of the best free score generators, but that doesnt make it any more useful. They dont report or follow FICO scores and those are the ones you want. MyFICO.com is the best reporting agency for scores but you have to pay for them. Dont trust any reports but FICO
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Discover IT- 3500 limit
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21 years old with alot of life to spend ;)
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trumpet-205
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Postby trumpet-205 » Mon Oct 01, 2012 9:37 am

Both VantageScore and Auto Insurance score are useful.

Chase DOES use VantageScore for its credit card applications. When you quote for an insurance rate most insurance company use your auto insurance score to determine your premium rate (unless prohibited by state law like California). More and more lenders are stepping away from FICO and use either their in-house credit score or VantageScore.

CK is useful for TU credit monitoring.
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Daniel
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Postby Daniel » Mon Oct 01, 2012 3:08 pm

1. A TransRisk Account Management Score is a score issued by TU that has the familiar score boundaries of 300-850 . This score is used as a general gauge of a consumer's overall credit worthiness, and is generally assumed to be TransUnion's implementation of the FICO scoring model.
2. Vantage Score is a model that was created by the three major US bureaus. This score has a score range of 500-990. Contrary to what Rory said, this score is indeed used by creditors, but please remember that no creditor uses only a canned score in their underwriting criteria.
3. An Auto Insurance score is a score that is used to estimate loss likelihood and loss severity for an auto insurer; in addition, some auto scores also attempt to predict one's liklihood to non-pay cancel their insurance policy.(Becuase your insurance premium is pre-paid for at least one month at a time, if you stop paying, you still have coverage until your premium equity runs out. At this point you have non-pay cancelled and are now uninsured by your carrier.) These scores are useful because your tier/company placement in insurance rating algorithms are heavily influenced by your insurance credit score as well as your current insurance information(do you have insurance now?Liability Limits?Did you tell the truth when asked what your liability limits were?).
4. Your scores typically shouldn't change daily, however there are cases where this can happen. If you have five consecutive days where new information is updated to your credit report(5 lenders reporting on different days) this is very possible. But if this continues for more than a week or two, I would contact their customer service and ask.
5. Your hard inquiries should be removed then. Make sure you check to ensure the items on your report were handled properly. If not, contact your credit bureaus!

Here is a list of many credit bureaus provided by the FTC. http://files.consumerfinance.gov/f/201207_cfpb_list_consumer-reporting-agencies.pdf

DoingHomework
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Postby DoingHomework » Tue Oct 02, 2012 6:21 pm

Daniel wrote:4. Your scores typically shouldn't change daily, however there are cases where this can happen. If you have five consecutive days where new information is updated to your credit report(5 lenders reporting on different days) this is very possible. But if this continues for more than a week or two, I would contact their customer service and ask.


The OP said he pays twice a week. That will make the score change a bit almost daily. What you said is true that it is unusual to change daily, but I think the frequent payments explains it.

paparoach429
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Postby paparoach429 » Tue Oct 02, 2012 11:02 pm

Actually i get paid 3 times a week. Tuesday and Saturday from one job, and Friday from the other. I usually leave like $50 in my checking account for expenses for the week and then pay my credit card down a little every Tuesday, Friday and Saturday. This method works well for me.

Daniel
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Postby Daniel » Wed Oct 03, 2012 11:19 am

paparoach429 wrote:Actually i get paid 3 times a week. Tuesday and Saturday from one job, and Friday from the other. I usually leave like $50 in my checking account for expenses for the week and then pay my credit card down a little every Tuesday, Friday and Saturday. This method works well for me.


I don't mean to be nosy, but I assume this means you are carrying a balance? If you are, great work paying down the debt quickly. This will save you lots of money in the short run even. Most card issuers use a daily average balance for interest calculations if I am not mistaken, so what you are doing is indeed minimizing your interest expense.

How long have you had the cards you are paying off? Are they all with the same lender? How many times have you applied for credit in the last two years? Depending on the answer to these questions, you may be able to apply for a balance transfer card with a low introductory rate for 12 months or 18 months, or even better(because they have fewer complicated rules) if your score is above 660, it is possible to get personal loans with much lower interest rates than a card would offer on a 3 year payment schedule. It is usually best to speak with a financial adviser before making these decisions though.

paparoach429
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Postby paparoach429 » Wed Oct 03, 2012 2:14 pm

Yes I do carry balances. As of right now all of my cards are at $0 except for my Citi Foward which is at $1100. Credit Karma is showing my score at 658 which has went up from 648 three weeks ago. I havent applied for a credit card in about 8 months and I got approved for that card. The last card I got rejected for was atleast a year ago.

Rory
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Postby Rory » Wed Oct 03, 2012 4:00 pm

trumpet-205 wrote:Both VantageScore and Auto Insurance score are useful.

Chase DOES use VantageScore for its credit card applications.


Are you sure? When i applied for my chase card they checked equifax using the PLUS score. If i am wrong i am very sorry for the misinformation OP
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:

Daniel
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Joined: Tue Sep 18, 2012 6:18 pm
Location: US

Postby Daniel » Wed Oct 03, 2012 4:06 pm

If I am not mistaken, the PLUS score is Equifax's implementation of the Vantage algorithm.



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