Credit Karma Reviews: Is It Legit or a Scam?

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takeshi
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Re: Credit Karma Reviews: Is It Legit or a Scam?

Postby takeshi » Wed Jun 10, 2015 9:46 am

MichelleC1026 wrote:I accessed my 3 most recent reports from their respective places and my scores are higher than what credit karma reveals even though they claim to be updated. I'm not sure I trust their "updates".

You can't rely on a score generated by one model to determine a score generated by a different model. You should expect different algorithms to produce different results. As stated above CK uses VantageScore 3.0. If you're comparing that to any other score then there will obviously be differences. As with any comparison you need to understand the two things you're comparing. Most creditors use a FICO model but even the FICO models can vary in the numbers generated.

CK is certainly a useful resource for monitoring your TU and EQ reports as they offer access at no cost with weekly updates. The VantageScores are only of use if you have creditors that use that specific scoring model.

If you got reports and scores from the CRA's you need to keep in mind that, IIRC, Experian is the only one offering a FICO and it is specifically a FICO 8. While many creditors use the FICO 8 model, not all do. AFAIK EQ and TU do not provide FICO's but you need to verify this. Be very careful relying on numbers and make sure you understand the CRA and model behind the numbers you're referring to.


retired2me
 
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Re: Credit Karma Reviews: Is It Legit or a Scam?

Postby retired2me » Thu Jul 16, 2015 8:22 am

Major scam. You can get your credit report but beware you credit score is nowhere near close to what it is in reality. We have been watching our score for weeks since we closed on our home before we went to apply for a mortgage for a new home. Credit karma had us posted at 730 after we paid off existing mortgage and credit cards. However, when we applied for our mortgage they told us we had a 585 mid range score. The mortgage lender told us that Credit Karma is not a good source for your credit score, just for your credit report. So keep that in mind.

darkguy2
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Re: Credit Karma Reviews: Is It Legit or a Scam?

Postby darkguy2 » Thu Jul 16, 2015 11:27 am

retired2me wrote:Major scam. You can get your credit report but beware you credit score is nowhere near close to what it is in reality. We have been watching our score for weeks since we closed on our home before we went to apply for a mortgage for a new home. Credit karma had us posted at 730 after we paid off existing mortgage and credit cards. However, when we applied for our mortgage they told us we had a 585 mid range score. The mortgage lender told us that Credit Karma is not a good source for your credit score, just for your credit report. So keep that in mind.


CK does not give you your FICO score and they have never said they would. They give you the credit bureaus unique scores that they offer. The way they are calculated is not the same as a FICO score. Most likely there was something on your report that was considered a bigger risk to FICO than the other scores. The only thing those scores should be used for is to monitor your credit and see when a big change happens so you can be proactive.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)



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