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Started By
Message
Credit Karma is useless for a mortgage
Posted on 9/8/17 at 10:40 am
Posted on 9/8/17 at 10:40 am
Besides having inaccurate information on my bureau, Credit Karma showed my score as a 761/751, and Yesterday when I pulled my Fico for a mortgage it was a 678/684. The Vantage score they use is incredibly inaccurate for installment lines.
Just a heads up so maybe someone else doesn't make my mistake and believe that useless fricking trash.
Just a heads up so maybe someone else doesn't make my mistake and believe that useless fricking trash.
9
Posted on 9/8/17 at 10:58 am to Retrograde
There are different credit scores for different types of debt. Mortgage lenders value certain parts of your credit portfolio others, so they use a "blended" score suited for their business. Same with auto loans and credit cards. There can be considerable variations between the different blended scores.
Posted on 9/8/17 at 11:14 am to ATLdawg25
Right. Credit Karma scores are geared towards credit cards because that's what they sell. It is basically useless for anything else.
Posted on 9/8/17 at 12:30 pm to Retrograde
That's interesting......I found that our credit karma scores were pretty close to the one the bank pulled up when we got our mortgage this spring. I think it was within 10-15 points
Posted on 9/8/17 at 12:58 pm to Retrograde
quote:
Credit Karma is useless for a mortgage
Of course, Credit Karma doesn't use the mortgage score models
-Here is my long explanation to how this process works for people who don't know LINK
-Link to what score models are used by type of lender: LINK
-Link to where you can pay to have the official FICO score for each FICO model LINK
quote:
Besides having inaccurate information on my bureau
Credit Karma gets this information directly from the credit bureaus, if they are wrong it is wrong in your report or a lag in updating. What exactly was wrong?
quote:
I found that our credit karma scores were pretty close to the one the bank pulled up when we got our mortgage this spring. I think it was within 10-15 points
I imagine you have a credit history of more than a few years, a few different credit lines potentially a previous mortgage?
Newer scoring models like FICO 8/9 that places like Credit Karma uses and/or simulates have different weighting and treatment. The simplified outcome was that Fico 8/9 doesn't "punish" younger lenders who have limited credit diversification and history like the FICO 2 /Mortgage models do
This post was edited on 9/8/17 at 1:10 pm
Posted on 9/8/17 at 1:11 pm to GenesChin
There was a 582$ collections account from 2011 that appeared on all of my bureaus, and not on CK. That is pretty much the only thing negative on my credit, and it must have been enough to drop it 80 points.
Posted on 9/8/17 at 1:38 pm to Retrograde
Free credit report, what do you expect for free? 90% believe credit karma is within 5-15 points, but like some users have said here, that is not the case. Pay to get an exact score, it is worth it if it cost you apr/etc
Posted on 9/8/17 at 1:55 pm to Retrograde
quote:
There was a 582$ collections account from 2011 that appeared on all of my bureaus, and not on CK. That is pretty much the only thing negative on my credit, and it must have been enough to drop it 80 points.
If time is on your side, the best course of action is likely to dispute the collection with all 3 bureaus. Then the owner of the debt must verify the debt and respond within 30(?) days. Don't do this if you are already in the mortgage lending process though. Could really screw things up
Absolute worst case is that it should fall off your report after 7 years (2018) if you have followed the rules. You can then refinance at that point and get an improved rate
If you want to take a risk, doing a 5year ARM or something similar for a low initial rate then refinance, will be in your interest (you then are at a risk of increasing rates up until refi)
This post was edited on 9/8/17 at 1:57 pm
Posted on 9/8/17 at 5:30 pm to Retrograde
I use CK not for absolute scores but for trends. Is my score trending up, trending down, etc.
Posted on 9/8/17 at 9:11 pm to Retrograde
We just refinanced at 20yrs my credit scores from Quicken were pretty close to what credit karma showed them to be
Posted on 9/8/17 at 11:37 pm to Retrograde
My mortgage score was about 30 points higher than CK a few years ago
Posted on 9/11/17 at 10:17 am to Retrograde
I use NerdWallet to check mine and it's fairly accurate (though sometimes it takes a while to post a card payoff).
Posted on 9/11/17 at 1:04 pm to Retrograde
I heard myFICO mortgage scores are spot on.
Posted on 9/12/17 at 8:48 am to GenesChin
I am trying to advise a young couple on building their credit up. Is a debt consolidation loan for their credit cards a good idea? Is the interest rate for this type of loan usually low?
Posted on 9/12/17 at 9:21 am to Retrograde
(no message)
This post was edited on 3/3/25 at 7:00 am
Posted on 9/12/17 at 9:25 am to Retrograde
I canceled my Credit Karma and Quizzle free "membership" as I found the scores (for me) were underreporting vs. my actual FICO score.
I get a monthly FICO score from my Discover Card and that's good enough for me. Also, my bank, USAA, provides a free credit report and score through Experian, but I don't think it is an actual FICO score (FAKO), so I feel as if I am covered.
About to place a credit freeze on my account at all three bureaus since the Equifax mishap.
I get a monthly FICO score from my Discover Card and that's good enough for me. Also, my bank, USAA, provides a free credit report and score through Experian, but I don't think it is an actual FICO score (FAKO), so I feel as if I am covered.
About to place a credit freeze on my account at all three bureaus since the Equifax mishap.
This post was edited on 9/12/17 at 9:27 am
Posted on 9/12/17 at 12:00 pm to ATLdawg25
quote:This. Credit scores are fluid based on the entity pulling them and product being applied for.
There are different credit scores for different types of debt. Mortgage lenders value certain parts of your credit portfolio others, so they use a "blended" score suited for their business. Same with auto loans and credit cards. There can be considerable variations between the different blended scores.
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