Credit karma?

A place to discuss anything... except credit cards!
13 posts
Grupet
Platinum Member
Platinum Member
 
Posts: 88
Joined: Fri Jan 06, 2012 1:04 pm
Location: New York

Credit karma?

Postby Grupet » Fri Mar 21, 2014 7:20 pm

So for the longest time, my CS has getting better and better, and the last 3-4 month, my CS have been stabile on 772 on Credit Karma. But the last 2 month my score has fallen 8-9 points a month, so it's now down to 755.

NOTHING has change, so why do my CS keep falling?
I don't understand it... anyone?
American Express Platinum
HSBC Platinum Master Card
Citi Diamond Preferred Master Card


daniel2304
Centurion Member
Centurion Member
 
Posts: 198
Joined: Tue Dec 03, 2013 1:53 pm
Location: Dallas

Postby daniel2304 » Fri Mar 21, 2014 7:21 pm

Don't take CK too seriously :)
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

User avatar
nismoZtuner
Centurion Member
Centurion Member
 
Posts: 1105
Joined: Thu Jun 27, 2013 12:39 pm
Location: EARTH -CA

Postby nismoZtuner » Fri Mar 21, 2014 7:39 pm

they say that after i apply for a card that my score will drop from 764 to 699..


well on Wednesday i was approved for a chase sapphire preferred lets see if their simulator is good..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sat Mar 22, 2014 8:10 am

As stated don't worry too much about it. No lender checks your CK score and bases an approval on that and some of their advice is flat out terrible. Also in their score, inquiries affect the score for a full two years, where with a FICO which lenders actually use unlike CK's FAKO it has no affect at all after a year on your score.


Basically it's meaningless and not worth worrying about.

beachminter
Green Member
Green Member
 
Posts: 17
Joined: Mon Mar 24, 2014 11:19 pm
Location: Las Vegas, NV

Postby beachminter » Tue Mar 25, 2014 1:11 pm

Credit Karma uses 1 of the 3 reporting agencies so don't take it too seriously. As long as you are keeping your credit utilization low, paying your bills, and not having hard inquiries into your credit then your score should be on the up and up!

Grupet
Platinum Member
Platinum Member
 
Posts: 88
Joined: Fri Jan 06, 2012 1:04 pm
Location: New York

Postby Grupet » Tue Mar 25, 2014 1:16 pm

beachminter wrote:Credit Karma uses 1 of the 3 reporting agencies so don't take it too seriously. As long as you are keeping your credit utilization low, paying your bills, and not having hard inquiries into your credit then your score should be on the up and up!


Okay, but thats what I don't understand, My credit utilization are low (6-10%) I'm always paying bills on time and I have no hard or soft inquiries at all, so why do my CS keeps going down?
American Express Platinum
HSBC Platinum Master Card
Citi Diamond Preferred Master Card

linuxmachine
Centurion Member
Centurion Member
 
Posts: 309
Joined: Thu Feb 27, 2014 11:10 pm
Location: los angeles

Postby linuxmachine » Tue Mar 25, 2014 5:34 pm

Grupet wrote:Okay, but thats what I don't understand, My credit utilization are low (6-10%) I'm always paying bills on time and I have no hard or soft inquiries at all, so why do my CS keeps going down?


Maybe check your credit report if it seems fishy. But like everyone else said.. CK score is based on a different model. It could change based on the actual amount you own when the statement posts to the credit bureaus. A 20 point shift isn't really much to worry about since it fluctuates constantly. I think you're taking it too seriously, but there's always a way to verify nothing has truly changed, and that's checking on your report. I forget which one CK uses, but get the report for that bureau once you find out

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Tue Mar 25, 2014 7:25 pm

I would say since the score is meaningless, who really cares what it does. Honestly we really have no idea what they do, and because no lender uses it, it really doesn't matter.


Don't invent a problem where none exists. Worry about fixing real issues.

Grupet
Platinum Member
Platinum Member
 
Posts: 88
Joined: Fri Jan 06, 2012 1:04 pm
Location: New York

Postby Grupet » Tue Mar 25, 2014 7:30 pm

Thanks guys...
So if I want my real CS, where should i get that then?
American Express Platinum
HSBC Platinum Master Card
Citi Diamond Preferred Master Card

linuxmachine
Centurion Member
Centurion Member
 
Posts: 309
Joined: Thu Feb 27, 2014 11:10 pm
Location: los angeles

Postby linuxmachine » Tue Mar 25, 2014 8:06 pm

Grupet wrote:Thanks guys...
So if I want my real CS, where should i get that then?


gotta pay up at MyFico. I think you can also get them through Experian, but don't get mixed up by their other products that are NOT classic FICO. The only free ways to get your FICO is the Transunion score, which typically is offered to Discover and Barclaycard account holders.



Return to “The Lounge”

Who is online

Users browsing this forum: No registered users and 2 guests