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Credit Monitoring
Old 08-14-2019, 09:23 PM   #1
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Credit Monitoring

I am in the process of rebuilding credit after my divorce in 2012 knocked it down...

A month ago I pulled a transunion report so I see what is on it. In general, a short sale on a house with two mortgages in 2012, plus a few joint loans my ex was late on in 2012-2013 are holding the score down. I opened my first credit card about 18 months ago, so the length of time for account on my current credit report is likely about avg of 13 months.

Here are my questions
1) Credit Karma is showing my scores fluctuating frequently
example 1- two bills had their balance decrease and it said score went DOWN 50 points (I think this was experian). In same time period transunion showed one of the old accounts from 2012 being removed and that score went UP 7 points.
2) Credit Karma does not show the 2012 accounts as open, those accounts do appear as closed/settled when I looked at the transunion report.
3) Does anyone here know a way to see SCORES for free? Not just what is on report, but what the calculated score is. I applied for a home equity loan (I own my house), was denied, and the score credit karma showed was 50 points off what the bank told me it was. This was in March 2019.

Any feedback on the above points (other data I need to review, or an app to try)

FYI app grades
Credit Karma I give a 3/10
Credit Sesame- similar to credit karma, slightly more helpful 6/10
Capital One credit app- quite buggy, would not work on my android 0/10
Transunion- app only lets me lock credit, not see my credit 1/10
Experian- shows me my score, shows many of of the 2012 accounts as being there, with avg account open at 9 years (from 2012-2017 I had no active credit accounts open). 6/10

I am trying to look at the sources of truth and to fix (or wait until April 2020 when most of the 2012/2013 stuff hits 7 year mark and is removed).
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Old 08-14-2019, 10:06 PM   #2
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Credit Karma doesn't show FICO scores. It shows Vantage scores, which is a competing credit scoring system that uses slightly different algorithms than FICO.

I like Credit Karma for the free monitoring, but I view their scores as little more than entertainment value.

https://www.creditchecktotal.com/ lets you check your scores for $1 if you cancel your trial within 7 days. It's what I do when I want accuracy.
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Old 08-15-2019, 05:31 AM   #3
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Check with your bank. Wells Fargo ad Penfed both provide a credit score anytime you want, although you have to note the effective date, not updated every day. DW Credit union not only provides her score but complete access to one report to include all accounts and status, balance, etc.
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Old 08-15-2019, 06:06 AM   #4
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Quote:
Originally Posted by RetireBy90 View Post
Check with your bank. Wells Fargo ad Penfed both provide a credit score anytime you want, although you have to note the effective date, not updated every day. DW Credit union not only provides her score but complete access to one report to include all accounts and status, balance, etc.
Several of my credit card issuers (banks and credit unions) generate monthly credit scores. So when I go look, occasionally, I see a graph, not just the latest score.
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Old 08-15-2019, 07:12 AM   #5
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Credit Karma, American Express, Capital One - I have free services with all, and get alerts on any changes (inquiries, new accounts, etc.) via Karma.
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Old 08-15-2019, 08:46 AM   #6
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Quote:
Originally Posted by FIREflower View Post
Credit Karma doesn't show FICO scores. It shows Vantage scores, which is a competing credit scoring system that uses slightly different algorithms than FICO.

I like Credit Karma for the free monitoring, but I view their scores as little more than entertainment value.

https://www.creditchecktotal.com/ lets you check your scores for $1 if you cancel your trial within 7 days. It's what I do when I want accuracy.
This would explain differences when I applied for loan- thank you
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Old 08-15-2019, 09:13 AM   #7
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In addition to the difference between Vantage and FICO, there are also many different FICO score formulas. If your scores are pulled by a mortgage lender, they'll be different than if they're pulled by a credit card issuer or for an auto loan because each industry uses a different set of formulas to evaluate your credit history. This short article gives a pretty good explanation: https://www.moneyunder30.com/different-fico-scores

The generic scores you get from various online sources are quick indicators that can show whether your score is going up or down, but they aren't sufficient if you want to know the exact number a lender would use to make a decision.
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Old 08-15-2019, 09:34 AM   #8
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Quote:
Originally Posted by cathy63 View Post
In addition to the difference between Vantage and FICO, there are also many different FICO score formulas. If your scores are pulled by a mortgage lender, they'll be different than if they're pulled by a credit card issuer or for an auto loan because each industry uses a different set of formulas to evaluate your credit history. This short article gives a pretty good explanation: https://www.moneyunder30.com/different-fico-scores

The generic scores you get from various online sources are quick indicators that can show whether your score is going up or down, but they aren't sufficient if you want to know the exact number a lender would use to make a decision.
That article is a good read, I learned A LOT. Special thanks!!
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