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Posted on 10/2/12 at 6:14 pm to KG6
My Credit score is 761. It was like 800 last year... I don't know why it went down.
I did open a new credit card recently.
I did open a new credit card recently.
Posted on 10/2/12 at 9:44 pm to KG6
More than likely most of the drop is due to you new home and car debt... Doubt paying off that card is going to affect it much 
Posted on 10/4/12 at 10:21 am to KG6
quote:
Is credit karma accurate? I don't really understand what's happening with my score. I bought a house in December and had a score of 789. Just bought a car a month ago and it was 712. I attributed that to keeping ~33% balance on a 0% credit card and buying a car for the wife in March. I've paid the credit card down to get my score back up. Checked today, and credit karma says I have a 660!!!. I'm hoping that I can just continue to pay everything for the next year and my score shoots back up. But I don't know what the hell caused it to drop so much.
CreditKarma is a good free way to see what's on your credit but it isn't always accurate. My FICO score (which is what lenders use) is about 30 points higher than my CreditKarma score right now. The scoring models weigh the variables differently. Your FICO score will be maximized if you pay that card down to less than 10% but still keep a small balance on it. I use MyFico.com and have played around with my score, leaving different balances on my cards just to see how it affects the score. I keep a 0 balance on all my credit cards and less than 10% on one. That seems to be the sweet spot for most people.
Posted on 10/4/12 at 12:59 pm to KG6
quote:
Is credit karma accurate?
Here is a real life scenario from this past month. Scores don't differ too too much:
Myfico:
Transunion 776
Equifax 763
Identity guard:
Transunion 778
Equifax 754
Also get Experian
Credit Karma (i think that is Transunion?):
754
Credit karma seems to be 22-24 points off from what everybody claims to be the "gold standard" with Fico scores. So it is a pretty good estimator of what creditors look at. It is a really good site to prevent fraud and being able to simulate a score if _______ happens.
Have been trying to determine whether myfico or Identity guard is better and they both seem to be very close to each other. Like ID guard better because you can get all 3 scores and reports as opposed to only 2 from Myfico.
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