Welcome to the updated Slickdeals redesign beta. Learn more and give us feedback. Or, return to the classic view.

Search in
Forum Thread

Can someone explain Credit Karma in a nutshell?

Parachute07 1,167 October 20, 2012 at 10:35 PM in Finance (4)
Deal
Score
0
29,313 Views

Thread Details

Hello,

In glancing at a thread about a CC, I noticed that a bunch of people listed their credit scores and what they got approved for. I made a lot of mistakes when I was young and dumb, so I know my credit isn't good - but seeing the scores made me wonder where I am. I paid for my score from one bureau from MyFico.com. . . but then I noticed everyone mentioning their scores from CK, which I realized meant Credit Karma. From what I can gather, the score they give isn't anything official, but I'm curious about how it might relate to the score I purchased. However, I don't really understand how they operate. How do they get my information for free? Does obtaining a score from them give my credit reporta hit?

The main good thing on my FICO score was that I haven't had any inquires in the past year. Since my score is pretty low, I don't want to do anything to drop it - hence my concern about credit karma.

Also, since I currently have no credit cards, the my Fico report suggested that I get one (and obviously be responsible with it) to boost my score. My girlfriend and I are contemplating buying a house in five or six months (more of a long term partnership than a fleeting relationship). She has absolutely excellent credit. I know my credit score isn't going to help, so I'm trying to think ahead and do what I can to improve it. I have no current need for credit - and our house timeline is very fluid - but like I said, I'm looking to do what I can. I figure that part of that is arming myself with information.

So how does Credit Karma work and does it make sense for me to check and compare?

Thanks for your wisdom.

18 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

#16
Quote from DevonS4086 View Post :
I was just denied credit at the bank based on late payments and derogatory remarks on my credit. CK doesn't reflect either of those. So I am questioning the accuracy.
Pull your free Transunion credit report and see if they have your late payments noted on it. As mentioned early CK uses Transunion, so if they don't have the late payments and Experian does that could be the issue.
Reply Helpful Comment? 0 0
#17
I've been trying CK for a year and there are some things that make me suspect its accuracy. My FICO score has been in the 840 range, but my CK score is significantly lower and rates me several Cs and several Bs in their categories. Second, I am only rated in the fair to good range for the auto insurance score at CK, which is purportedly only based on your credit report.
Reply Helpful Comment? 0 0
#18
Quote from DevonS4086 View Post :
I was just denied credit at the bank based on late payments and derogatory remarks on my credit. CK doesn't reflect either of those. So I am questioning the accuracy.
So you brought a post back from 2012?

CK is from Transunion. NOT ALL LENDERS REPORT TO EVERY BUREAU.. Your late payments may be sent to Equifax.

This is why you should get a free credit report from each bureau every year to verify accuracy.

CK is not designed to give you all of your information, it is a general guide from one bureau with only their information to give an estimate based on their information...

Not all credit scores are the same. There are many different scores out there and lenders may all use different ones.
Reply Helpful Comment? 0 0
L8: Grand Teacher
1,167 Reputation
Original Poster
#19
Quote from eekthecat View Post :
So you brought a post back from 2012?

CK is from Transunion. NOT ALL LENDERS REPORT TO EVERY BUREAU.. Your late payments may be sent to Equifax.

This is why you should get a free credit report from each bureau every year to verify accuracy.

CK is not designed to give you all of your information, it is a general guide from one bureau with only their information to give an estimate based on their information...

Not all credit scores are the same. There are many different scores out there and lenders may all use different ones.
Total blast from the past here - I'm the OP and just happened to be lying in bed browsing the finance forum and I saw this got bumped....LOL.

Well, to weigh back in on it, I've found CK to be wildly out of whack with my true TU score - consistently 60-80 points lower. I have had a Walmart CC for several months now and their FAKO is significantly closer (7 points off today). It's been interesting. I update my CK every week and keep an eye on it. It's a good tool for that - but it doesn't seem to have a scoring system in line with my "true" TU FICO score.
Reply Helpful Comment? 0 0
Page 2 of 2
1 2
Join the Conversation
Add a Comment
 
Slickdeals Price Tracker
Saving money just got easier.
Start Tracking Today
Copyright 1999 - 2015. Slickdeals, LLC. All Rights Reserved. Copyright / DMCA Notice  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)