How Reliable is Credit Karma Score?

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13 posts
Mrm-na
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Location: California, US

Postby Mrm-na » Fri Oct 25, 2013 10:52 pm

There are services where you can buy a credit score, but I don't know much about them. The only one I know of is myfico which sells a FICO 98 score, or whatever it's properly called. As the name implies, it's an old score model. I don't know where you can buy a score that's more relevant to what most creditors actually use nowadays.

I get a "FICO 08 Bankcard" score through a credit account with Merrick (pulled from TransUnion, same as where CK gets their data). I'm relying on that to compare the usefulness of Credit Karma.
In my case, I've found that Credit Karma scoring isn't nearly as sensitive to my utilization as the FICO 08 BC seems to be.

The first time I looked up my scores, I got this:
Credit Karma - 739 (TU based)
Credit Sesame - 734 (EX based)
FICO 08 Bankcard - 740 (TU based, real score provided by Merrick)
so for that month, the scores look pretty decently accurate.

But then I lowered my utilization, and got this the next month:
Credit Karma - 749 (up 10pts)
Credit Sesame - 735 (up 1 point)
FICO 08 Bankcard - 784 (up 44 points)
Equifax FICO - 777 (provided by Discover when I applied with them in same timeframe)

The CK score was repeated more than a week after the FICO score, and the CS score came even later than that, so they definitely had the updated utilization taken into account. So it looks like CK and CS don't weigh the utilization nearly as heavily as FICO does, at least with my profile. They were close one month, but way off track the next.


SClay
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Postby SClay » Fri Oct 25, 2013 11:11 pm

It's a good guide per say, But don't use it as a guide to apply for a new card. For some people it can be as accurate as 10 points off, and others nearly 100 points off their actual scores.
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thom02099
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Location: Colorado, USA

Postby thom02099 » Sat Oct 26, 2013 9:29 am

[quote="Mrm-na"]There are services where you can buy a credit score, but I don't know much about them. The only one I know of is myfico which sells a FICO 98 score, or whatever it's properly called. As the name implies, it's an old score model. I don't know where you can buy a score that's more relevant to what most creditors actually use nowadays.

I
The TU score from MyFICO is indeed the TU98 model, which is an old model not used by many lenders. For many, it's not a lot better than a FAKO for score purposes, but the reports are accurate.

If you're interested in all three scores, and you should be, one can get all 3 from MyFICO. They normally cost $19.95 but there are a variety of discounts available to knock a few bucks off the reports. If one Googles "FICO discount code", the most recent ones will come up from several reliable sources. The trick to use is to input your reports singularly, rather than a tri-pull, to get the proper discount.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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