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How accurate is Credit Karma?

BlueOvalStangGT 635 49 January 5, 2012 at 08:33 AM
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I checked my score yesterday and CK said it was 750, which is significantly higher then the 660 Bank of America told me when I applied for my last credit card a month or so ago. Not sure which to go by.

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#2
Credit Karma uses FAKO scores from what I understand. It's on a different scale, so it won't be the same number, but probably will be proportional in some way. The number given by BoA is most likely your FICO score because that is the one that matters. I would go by the FICO score.
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#3
TransUnion

From the site directly...
Quote :
The standard Credit Score on CreditKarma is the TransRisk New Account Score provided by TransUnion. This risk score represents your likelihood of deliquency or non-payment of credit obligations. This score is based on information in your TransUnion credit report and ranges from 300 (minimum) to 850 (maximum). The score is calculated using TransUnion's proprietary model for assessing the credit risk of existing accounts and was constructed using a selected group of factors drawn from your credit records at TransUnion.
FICO is made up of TU, Experion and Equifax. As far as I've seen, their models are slightly different and your data with each can vary hence your score will vary.
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#4
There is a website called Quizzle that gives you Experian credit score every 6 months for free. It is runned by Quicken, so it is pretty safe from a reputable company. IIRC, when you sign up, they don't ask for your SSN and you can also check your Experian credit report to see if there are any errors.
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#5
Well, based on my experience in the last month, my average score from the big 3 (Trans, Exp and and Equifax) was spot on to that from Credit Karma.
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#6
experian is normally the lowest of the 3 unions. I got the same deal. CK told me 720's, BOA's paper told me a low-mid 600, my quizzle is 670's

remember your score is the average of all 3. The average is used when you asking for big things like home loans. For smaller things like a $5000 credit card, they can just go with a cheaper route and go to one union.


Just noticed BOA's card doesn't report its limit to the credit reports, just how much you owe.
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#7
I mentioned this to the CK developer on the other thread here on SD.net because my 3 scores from the big three agencies was 50 pts higher than the CK score.
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#8
CK is a great way to 'monitor' changes or to track trending.
While their scores they be spot on for some people, they can be 100 points off for another from their actual FICO.

No matter how much talk there is about this subject, people still think their scores from a 'free' website, credit monitoring, or any other non-FICO offering site, will be the same when you go apply for a loan.

Another think to think about is that there are so many different models used nowadays for different types of credit lending, it's hard to judge where you stand unless you apply. CK gives you a basic idea of where you stand for creditcards, but even your FICO score could be way different than a score for an auto loan (auto enhanced fico), etc..

Short answer: It can be close to your fico, but don't fight with your loan officer because the score they are seeing is off by 100 points!
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#9
Quote from KevinM822 View Post :
CK is a great way to 'monitor' changes or to track trending.
While their scores they be spot on for some people, they can be 100 points off for another from their actual FICO.

No matter how much talk there is about this subject, people still think their scores from a 'free' website, credit monitoring, or any other non-FICO offering site, will be the same when you go apply for a loan.

Another think to think about is that there are so many different models used nowadays for different types of credit lending, it's hard to judge where you stand unless you apply. CK gives you a basic idea of where you stand for creditcards, but even your FICO score could be way different than a score for an auto loan (auto enhanced fico), etc..

Short answer: It can be close to your fico, but don't fight with your loan officer because the score they are seeing is off by 100 points!
Basically, you are saying no one knows how the credit score roulette wheel is going to stop.
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