CreditKarma Accuracy (by Ray-N-Pa [PA]) Feb 9, 2019 10:21 AM|
CreditKarma Accuracy (by Martin [CO]) Feb 9, 2019 12:29 PM
CreditKarma Accuracy (by Larry [TX]) Feb 9, 2019 12:39 PM
CreditKarma Accuracy (by WMH [NC]) Feb 9, 2019 12:42 PM
CreditKarma Accuracy (by Vee [OH]) Feb 9, 2019 3:13 PM
CreditKarma Accuracy (by Jim In O C [CA]) Feb 9, 2019 4:59 PM
CreditKarma Accuracy (by Robert J [CA]) Feb 9, 2019 10:53 PM
CreditKarma Accuracy (by WMH [NC]) Feb 10, 2019 5:12 AM
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CreditKarma Accuracy (by Ray-N-Pa [PA]) Posted on: Feb 9, 2019 10:21 AM
I tend to find that credit karma does a pretty job with getting accurate scores in and around 650 or so. I have had people show me a credit karma score of 525 to actually have a 580 and I have had someone with a 790 credit karma score come back with a 730. 730 is still a solid score.....but it upset the applicant
But in and around the 650 range, the scores might be only be 5 points off.
Any other observations from others?
CreditKarma Accuracy (by Martin [CO]) Posted on: Feb 9, 2019 12:29 PM
I had a friend who was applying for her first home purchase. She knew that it was going to be close, credit wise, and she may have to do some work to shore it up. Credit Karma said she was at 480, and the lender's minimum to even consider her was 500. But when she went to talk to the mortgage company, it was only 420. It basically torpedoed any hope of buying a home. She let me look at her report to try to help her out, and based on the defaults, I could see why the score was so low. But neither of us understood why Credit Karma would give her a 480, which gave her hope that she could get a mortgage now, or very soon with a few fixes. Instead, she had years of fixing, and didn't have the cash needed to correct the problems. That was about 3 years ago. She is still renting, and I don't think it will change any time soon.
Again, not criticizing the bank - she had horrible credit. But Credit Karma was off by 60 points, or 15%, right at the level where she needed something close to help her out. Credit Karma was basically useless at that level (400 - 500).
I have never used it, so I can't say what it is for my credit. --75.166.xxx.xx
CreditKarma Accuracy (by Larry [TX]) Posted on: Feb 9, 2019 12:39 PM
Credit karma is a joke. It was almost 200 points off on my equifax report. Credit Karma says its 602 the banks say it is 827. Itís been like this for years.on the other score they give they are off but not so bad. .. about 30-40 points. --73.166.xxx.xxx
CreditKarma Accuracy (by WMH [NC]) Posted on: Feb 9, 2019 12:42 PM
Credit Karma is a tool to monitor your credit life. It is NOT an official score and says it is not an official score.
It does know when accounts are opened or closed and it lets you know what issues are affecting your scores overall.
You can delve deeper and get your Transunion score and a separate Experian score.
But if the bank happens to use the other big agency, or an average of all three or something, it's going to be off. --50.82.xxx.xx
CreditKarma Accuracy (by Vee [OH]) Posted on: Feb 9, 2019 3:13 PM
It is a cute tv advertising ploy, the score is likely 2-4 months old, if the tenant relies on this for any identity theft they are lost like a small ball in tall grass.
CreditKarma Accuracy (by Jim In O C [CA]) Posted on: Feb 9, 2019 4:59 PM
The Credit score my bank provides me is 100 points lower than my Karma score. Since Iím not in the market to buy anything the discrepancy doesnít really bother me. --99.23.xxx.x
CreditKarma Accuracy (by Robert J [CA]) Posted on: Feb 9, 2019 10:53 PM
When I run tenants credit checks using different services (Experian, Trans Union or others) I get different FICO scores. Why? Because they use different date to compile their results.
For example one service cars about past due medical bills. Others don't care because insurance company's and hospitals often double bill or fail to bill a patient and it prematurely goes to collection.
For this reason I never use my applicants CreditKarma or credit reports, I run my own. --47.156.xx.xx
CreditKarma Accuracy (by WMH [NC]) Posted on: Feb 10, 2019 5:12 AM
In fact, CK doesn't even give a FICO score, it issues what it calls a "VANTAGEScore" and it says this:
"VantageScore 3.0 is a credit scoring model. It takes the information in your credit report and turns it into a score. There are many scoring models out there, including ones from FICO and other companies. Each one calculates your score a bit differently, but they all use information from your report." --50.82.xxx.xx
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