- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Is Credit Karma even worth a darn?
Posted on 7/14/22 at 5:42 pm
Posted on 7/14/22 at 5:42 pm
I've had it for awhile and it sends some alerts and such... but the scoring seems to be so off.
Recently did a credit line increase and Karma said I was 793 but the CC company said it was 720. It didn't hurt, but that's a MASSIVE difference.
Anyone know if that is typical? Woulda shite myself if I went for something I thought might need 750 or higher, thinking I was in great shape, and them finding out Karma was so far off.
Recently did a credit line increase and Karma said I was 793 but the CC company said it was 720. It didn't hurt, but that's a MASSIVE difference.
Anyone know if that is typical? Woulda shite myself if I went for something I thought might need 750 or higher, thinking I was in great shape, and them finding out Karma was so far off.
8
Posted on 7/14/22 at 5:43 pm to Meauxjeaux
Different scoring agency probably
Posted on 7/14/22 at 5:55 pm to Meauxjeaux
There are so many different scoring algorithms.
It's good for tracking your credit history.
It's good for tracking your credit history.
Posted on 7/14/22 at 5:59 pm to LSUFanHouston
I should add those were Transunion scores.
I mean I could understand 793 -> 787 or something. But 70 points difference? That's insane.
I mean I could understand 793 -> 787 or something. But 70 points difference? That's insane.
Posted on 7/14/22 at 6:25 pm to Meauxjeaux
I use it as an early warning system. The alerts are pretty good in letting me know when something on my credit report has changed.
If I really need my score (for a purchase, etc), I bite the bullet and order one from myfico.
If I really need my score (for a purchase, etc), I bite the bullet and order one from myfico.
Posted on 7/14/22 at 7:31 pm to Meauxjeaux
I think it’s good for a free service to get a sense of one’s credit scores and the things reported to 2/3 of the agencies.
If you want the most comprehensive report with pretty much every credit score possible, MyFico (I think, I used it before I bought our house) that will provide it for a cost (like $30 a month when I used it).
The one thing I learned is how absurd the models are. Mortgages are based on far more flawed and outdated models from before the Great Recession even though better models have been crafted since then. I think there were like 27 FICO scores as well as newer vanguard scores.
Overall they are similar, and some make more sense for certain credit than others. But after having to correct an incorrect, $60 medical collection record (the hospital my aunt/grandma worked at switched payment systems, and incorrectly reported a bill 6 years after I was last seen), I saw how poor the old models were. After I got it corrected, my credit score used for the mortgages jumped like 70 points, from the upper 600s to 750+, and that mistake could have costed me 1000s each year. The newer models weren’t so sensitive to something like that.
Anyways, I’m just rambling and well beyond your question, but credit scores are very frustrating and hard to somewhat nonsensical. And seeing changes firsthand was even more frustrating when the stakes were high.
If you want the most comprehensive report with pretty much every credit score possible, MyFico (I think, I used it before I bought our house) that will provide it for a cost (like $30 a month when I used it).
The one thing I learned is how absurd the models are. Mortgages are based on far more flawed and outdated models from before the Great Recession even though better models have been crafted since then. I think there were like 27 FICO scores as well as newer vanguard scores.
Overall they are similar, and some make more sense for certain credit than others. But after having to correct an incorrect, $60 medical collection record (the hospital my aunt/grandma worked at switched payment systems, and incorrectly reported a bill 6 years after I was last seen), I saw how poor the old models were. After I got it corrected, my credit score used for the mortgages jumped like 70 points, from the upper 600s to 750+, and that mistake could have costed me 1000s each year. The newer models weren’t so sensitive to something like that.
Anyways, I’m just rambling and well beyond your question, but credit scores are very frustrating and hard to somewhat nonsensical. And seeing changes firsthand was even more frustrating when the stakes were high.
Posted on 7/14/22 at 8:12 pm to Meauxjeaux
Mines the opposite. Credit karma always has me scored lower than any of my 6 credit cards or even when I bought a truck and they showed me my score it was 36 points higher than CK. AMEX says I’m at 790 scored 9 days ago and CK says I’m at 763/758. Lol
Posted on 7/14/22 at 9:10 pm to Meauxjeaux
Is it worth zero dollars as long as you understand it's value, absolutely
Posted on 7/14/22 at 10:20 pm to HeadyMurphey
We’ll you got a point there.
Posted on 7/15/22 at 12:29 am to Meauxjeaux
transunion, equifax and fico....
I think its ok to get a ballpark range but thats about it.
I think its ok to get a ballpark range but thats about it.
Posted on 7/15/22 at 5:07 pm to Meauxjeaux
They (CK) have 2 scores, and sometimes if a large transaction just happened, and one has it on their report and the other one doesn't yet, Credit Karma will show a variance of that much between the 2 scores they report.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News