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Started By
Message
How accurate is credit karma?
Posted on 1/23/15 at 9:01 am
Posted on 1/23/15 at 9:01 am
Title says it all, credit karma scores fluctuate big time for me, and noticed they added equifax to the website now...has it been pretty spot on for y'all?
Posted on 1/23/15 at 9:06 am to GeauxMariners
No clue. I do know it matches the score that a credit card also gives me.
Posted on 1/23/15 at 9:14 am to HeadyMurphey
When we run credit at the dealership...the customer often come in with their credit Karma score printed out. I find CK to be on an average about 20 points lower than the actual score.
Posted on 1/23/15 at 9:29 am to Coach Guidry
Can I ask which scoring system y'all use? That is encouraging though...I was thinking mine seemed 20-40 points lower.
Eta: I want to buy a house in prolly 12-18months...so am just working on my score.
Eta: I want to buy a house in prolly 12-18months...so am just working on my score.
This post was edited on 1/23/15 at 9:31 am
Posted on 1/23/15 at 9:33 am to GeauxMariners
I've found that CK is typically lower than the actual. My current CK score is 752. My FICO I ran yesterday was 792.
Posted on 1/23/15 at 9:35 am to GeauxMariners
We use Equifax. In fact, I do not know of any dealership that does not use them.
Posted on 1/23/15 at 9:53 am to GeauxMariners
Credit Karma was pretty inflated for me compared to an actual pull. By about 35+ points.
Posted on 1/23/15 at 10:08 am to GeauxMariners
My understanding is that there are different "blends" of FICO depending on the use? For example, the one that Discover and Barclay's gives is a CC FICO, which is always within 3 points of my CK score.
I've also heard that (Coach G may be able to confirm) that there is a blend for auto loans. I have not applied for an auto loan since I began using CK, but a friend of mine did and so did his wife, and his and her CK scores were about 15 points lower than the score the dealer pulled.
I did recently apply for a mortgage, and the mortgage score was about 40 points lower than my CK score (and lower than my Discover FICO). The mortgage officer told me that a mortgage FICO looks at different things.
I've also heard that (Coach G may be able to confirm) that there is a blend for auto loans. I have not applied for an auto loan since I began using CK, but a friend of mine did and so did his wife, and his and her CK scores were about 15 points lower than the score the dealer pulled.
I did recently apply for a mortgage, and the mortgage score was about 40 points lower than my CK score (and lower than my Discover FICO). The mortgage officer told me that a mortgage FICO looks at different things.
Posted on 1/23/15 at 11:13 am to GeauxMariners
quote:
Eta: I want to buy a house in prolly 12-18months...so am just working on my score.
My recent mortgage lender's score came back 10 points higher than CK. A couple years ago, my CK score was 20 points higher than what the auto lender ran.
I've been led to believe that Credit Karma is fairly worthless, although all scores are in the same range.
Posted on 1/23/15 at 11:15 am to LSUFanHouston
quote:
I've also heard that (Coach G may be able to confirm) that there is a blend for auto loans
That could be the deal if said dealership is doing its own finance...like these smaller used lots. What I use is the same program larger banks use. Most larger dealerships run a simple bureau simply because we are submitting it to the larger banks anyway.
Posted on 1/23/15 at 11:41 am to anc
quote:
I've been led to believe that Credit Karma is fairly worthless, although all scores are in the same range.
I don't place a lot of value in the raw score itself. I use it to keep tabs on my credit report, and changes in the score. If the score jumps up or down by more than a few points, then I know I need to look into it. Plus I can check the report to make sure nothing is popping up that should not be.
Posted on 1/23/15 at 11:49 am to LSUFanHouston
quote:
I don't place a lot of value in the raw score itself.
Neither do we or a bank. There are many instances a 680 can be stronger than a 720.
Its all how you got there...
Posted on 1/23/15 at 12:06 pm to GeauxMariners
Not accurate. FICO score is the most accurate that I get with my credit card statement.
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