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Hello Fellow FW'er,

We are currently applying for a mortgage...
Wife had a erroneous (on both party) collection on her credit report
We called paid the small amt in exchange for deletion letter
we received deletion letter dated Dec 30th, 2010 stating credit agencies were notified to delete
10 days ago, loan officer pulled credit report still showing collection is still there.
was contemplating rapid rescoring (see other post)
today, signed up for Credit Karma and it gave 750+ score...

So my question really is:
-Are we that lucky and the collection had been deleted thus resulting in the higher score?
-Or is it not updated/unreliable???

Thanks!

Member Summary
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These FAKO scores seem to be almost useless unless you have no idea what your score is and want to get an idea of what r... (more)

Arfanbarkler (Mar. 16, 2011 @ 3:11a) |

The scores are based on different scales? One FICO, one Vantage.

Glitch99 (Mar. 16, 2011 @ 3:40a) |

Apparently not, as Sesame says the top possible score is 850, and it puts my 821 at 94%.

Arfanbarkler (Mar. 16, 2011 @ 5:07p) |

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Credit Karma score is not your true FICO score, it is a score based on their own model. In my experience it can give you quite a bit higher scores than your true FICO, but it really depends on what your report looks like. It should be up to date as of the day you pulled your score.

don't put your faith in credit karma. It could easily be off by 50 or more points. If you look around enough you'll probably find something that is offering a 1 month free trial with access to your credit score that you can immediately cancel after peeking (and will cost you a lot of money if you don't cancel). I think you can get 1 month free with any American Express card...or at least you could last year.

ardentazn said:   Hello Fellow FW'er,


So my question really is:
-Are we that lucky and the collection had been deleted thus resulting in the higher score?
-Or is it not updated/unreliable???

Thanks!


Pull a free credit report from annualcreditreport, if it was deleted it would not show up, if it wasn't; it will be there. No need for a credit score to know this specific information.

Each company reports in different manners to the CB, Credit Karma obtains information from Transunion, so it will be as updated as the Trasnunion report.

RE CK: Usually the scores are higher by a few points, not significant difference IMO; 15 to 30 points approximately.

My CK score was 80 points higher.

jkimcpa said:   My CK score was 80 points higher.

I just checked and my CK and Experian scores are off by 20 points from each other. No bad for a free service, it'd get one close to the ball park IMO.

JorgeBurrito said:   Credit Karma score is not your true FICO score, it is a score based on their own model. In my experience it can give you quite a bit higher scores than your true FICO, but it really depends on what your report looks like. It should be up to date as of the day you pulled your score.

My Credit Karma score was 20 pts lower than my myFICO score, both are based on transunion reports

the only 2 places you can get your actual fico score is to buy them on myFICO.com OR have a lender pull them for you (certain CUs give you scores also, but not on demand). if you buy it on myFICO.com use discount code fico25 to get 25% off. it works as many times as you want.

also, if you're wondering how fico scoring works, check out their forum and you'll find more than you thought there was to know about it. the sub-forum 'understanding fico scoring' is the place to start, then move on to the sub-forum dedicated to the specific type of credit you're dealing with.

as for credit karma and all those other scores, there is zero correlation to fico scoring. i've been watching my experian 'plus score' (i use usaa's daily monitoring service) move in relation to my actual fico score and as i've rebuilt my score, i've seen the plus score way lower and way higher than fico. when fico was low, the plus was lower. now fico is midrange and plus is way high.

there are a dozen or so scoring models, but the one that lenders actually use is fico. i could start a website tomorrow with my proprietary scoring algorithm and say you can get your MD Score for 9.95, and plenty of people would sign up and pay me money for a completely useless credit score. sure i gave you a score based on your credit report and that's exactly what CK and others are doing. that's not to say that your CK score is incomparable to other CK scores, because it is, and if you compare your CK score to mine, we can determine who is more creditworthy.... but no lenders are looking at CK scores. they look at fico.

CK is an indicator. It's good for tracking longitudinally (i.e. over time) but should not be used for comparison with other scores.

My score was high about 30 points from actual, or about 4%.

calwatch said:   CK is an indicator. It's good for tracking longitudinally (i.e. over time) but should not be used for comparison with other scores.

that's right, CK is like a home diabetic monitor good at giving close enough measurement and keeping track of changes over time, but to get the most accurate number you go for the lab test

I just did a mortgage refi. last month. My credit karma score was 758. Actual scores from the three credit agencies were 799, 799, and 802. So CK was lower than my actual score.

Credit Karma shows a score of 780, actual Fico showed 776, pretty accurate, one odd thing Credit Karma shows credit utilization at 0%, and this is a bad thing according to them I got a C grade for: open credit card utilization, I thought it was considered a good thing not having any debt?

TonySpero said:   Credit Karma shows a score of 780, actual Fico showed 776, pretty accurate, one odd thing Credit Karma shows credit utilization at 0%, and this is a bad thing according to them I got a C grade for: open credit card utilization, I thought it was considered a good thing not having any debt?

You want a low utilization, not no utilization. However, just having credit cards and paying off the balance in full every month should at least cause you to have some utilization (because at the time ck takes the snapshot, the balance you haven't paid off yet because its not the end of the month yet effects your utilization). Zero percent is weird, do you not use credit cards at all?

Also remember that anything over 750 is 'perfect' as far as lenders are concerned. With the same exact information reported to all 3 bureau's they will still have scores off by as much as 20 points from each other if you have nothing negative (they tend to be closer for lower scores overall)

jman220 said:   TonySpero said:   Credit Karma shows a score of 780, actual Fico showed 776, pretty accurate, one odd thing Credit Karma shows credit utilization at 0%, and this is a bad thing according to them I got a C grade for: open credit card utilization, I thought it was considered a good thing not having any debt?

You want a low utilization, not no utilization. However, just having credit cards and paying off the balance in full every month should at least cause you to have some utilization (because at the time ck takes the snapshot, the balance you haven't paid off yet because its not the end of the month yet effects your utilization). Zero percent is weird, do you not use credit cards at all?


Mine shows 0% also, but it is because of rounding.

Utilization: 0%
Open CC Debt (w/ limits reported): $682
Credit card limit: $301,385
Open CC Debt (w/o limits reported): $388

So, I've got high limits, but am not a huge spender and get penalized for it (by CK anyway). Unless you have a borderline score, I wouldn't worry about it (I don't). Even if you do, I wouldn't recommend charging more just so CK gives you a higher grade. It is just a quirk of the system.

I recently applied for a mortgage and got copies of all 3 reports:
Credit Karma was 778
TransUnion: 759
Equifax: 778
Experian: 774

Pretty accurate in my situation!

downhillskier said:   
So, I've got high limits, but am not a huge spender and get penalized for it (by CK anyway). Unless you have a borderline score, I wouldn't worry about it (I don't). Even if you do, I wouldn't recommend charging more just so CK gives you a higher grade. It is just a quirk of the system.


Seems like the same situation I have, there is a balance there, but it's nothing when compared to the credit available, so they round it off and show a utilization of 0%, it's not a big deal, I was just surprised that this was a looked at as being a negative thing.

credit karma is not accurate ever when it comes to my score.

I just paid for my real scores and reports from myFICO.com discount code "tweet25" for 25% off. My Transunion score was +27 points higher than my creditkarma score. My Equifax score was +52 points higher than creditkarma's score.

credit karma is good for free. If you know how much higher your actual score is than you can check creditkarma for free daily or weekly and adjust + or - vs your real score to know daily updates for free.

These FAKO scores seem to be almost useless unless you have no idea what your score is and want to get an idea of what range you fall into. In my case, based on the last real FICO I saw a couple years ago, the Credit Karma is probably pretty close, if not just a tad low.

Credit Karma gives me a 778
Quizzle gives me a 725
Credit Sesame gives me an 821

Since Quizzle and Sesame both use Experian, I don't see how there can be such a huge variation.

Arfanbarkler said:   
Credit Karma gives me a 778
Quizzle gives me a 725
Credit Sesame gives me an 821

Since Quizzle and Sesame both use Experian, I don't see how there can be such a huge variation.
The scores are based on different scales? One FICO, one Vantage.

Glitch99 said:   Arfanbarkler said:   
Credit Karma gives me a 778
Quizzle gives me a 725
Credit Sesame gives me an 821

Since Quizzle and Sesame both use Experian, I don't see how there can be such a huge variation.

The scores are based on different scales? One FICO, one Vantage.


Apparently not, as Sesame says the top possible score is 850, and it puts my 821 at 94%.



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