thom02099 wrote:AND....to add insult to injury, CreditKarma does not factor in those CLOSED ACCOUNTS in their scoring, while FICO does...as it should. One has a lengthy credit history, full of old, paid auto loans, or personal loans, or old credit cards paid satisfactorily. FICO takes all of that into consideration, for at least 10 years....sometimes beyond. I have old auto loans that are still on my credit reports from the late 90s, factoring positively into my FICO score. CK? Not so much.
CreditKarma and the like are for entertainment purposes only.
CK use TransUnion's 'New account score' which is a score that TU claims predicts default in the first 24 (or maybe 36 months) of account opening. It is a real commercial product that lenders can buy. I do not know if they do, or not.
But outside of the mortgage industry, lenders use a whole lot more than fico scores. They may send you a letter saying they used a fico score, but it's not the only factor (and may not have played any role in the decision). Even if they buy all their metrics from fico, inc, they're not just looking at the classic scores. Fico sell scores that are designed for particular purposes, and many big lenders (citi, boa, chase, amex, probably more) use their own internally developed systems.
As I noted, the CK score is a 'new account' score, so it's measuring risk to a new lender, not to someone you already have accounts with. So it's more sensitive to new accounts, inquiries, and age of accounts than other account review scores are. TU has also decided that closed accounts aren't useful for this. (And frankly, what's your 15 year old auto loan got to do with paying one back today? Very little to nothing, for the most part. An account closed last week might be relevant, though.) FICO sell a pretty similar score, but you'll never be able to find out what yours is....