credit score dropped 100 points

[Backpacker]

Supposedly over 80 million people use Credit Karma. They must be doing something right.

The real value of credit Karma is being able to see all your accounts and just check everything in a few minutes. Its pretty amazing.

The score is ballpark.

It is ok, in that you can track a trend line of the score. The flaw is when I was a front line lender the client would expect that the karma score was the same as used in the industry. Their scoring range is artificially high leads to false hope for those on the fringe. If you want to see accounts and payment history you can get one FREE report per year, if you get one from each of the big 3 you can look every 4 months, which has been frequently enough for me.

 

[kgtest]

I've checked my score weekly for probably the past six or seven years. What I've learned is... nothing lol. I do have a credit monitoring service that tells me when a change occurs and it's always coincided with something I've initiated.



I volunteered once and they pulled a sexual offender report on me, I was surprised and didn't realize who would run something like that against me until I realized it was the company I volunteered with and had agreed to that check in the paperwork I signed.


I use CreditKarma, Chase FICO score, AmEx Fico Score and BarclayCard's FICO checks. Haven't ordered the actual report in years.



I recently noticed they changed their tiering and raised the "number" that would qualify someone for "Excellent" score. So it now takes a higher FICO score to be considered Excellent, but they did not raise the ceiling of the best possible score of 850 from my understanding.



That to me essentially makes it harder for someone to qualify, and also forces most to pay higher rates as less are qualifying for the "excellent score" tier.


I've never been late on a payment so I don't know what it would take to drop 100 points, but perhaps a late payment or delinquency?



Did your reported SS earnings drop signifigantly? I noticed the years my wife was off for maternity with lower SS earnings reported, but still maintaining same level of credit has reducer her score temporarily. Similarly I was laid off one year and my score dropped the next year once SS income was reported.



My score also dropped when I closed out both of our vehicle loans this year. It's my understanding that score is related to the amount of credit one can consume efficiently.



I play the CC game, with a few new CCs every couple years, and also closing CCs here and there. Each time I do that it drops my score a few points but slowly rebounds.



I've noticed if I push the balance higher than like 10% of the total credit cards available balance it drops the score. I do carry a balance on 0% cards. Since I have the money to pay it off, I am fine with that and prefer to use someone else's money for those short term high dollar purchases as long as its 0% interest.


One final thought... Does anyone else have joint credit with you? A mortgage, a car loan, an authorized user on a credit card? They could perhaps be impacting your credit if that's the case.

 

[kgtest]

Oh, I also laugh because if you compare my score to my wife's she has a better score and always has. The reason being is I never had a credit card until I was about 26, she had one since she was 18.

I've consumed about 4x more credit than her in my life and paid all that off, so you would THINK I would have the higher score, nope. She earns less, she uses less, and she qualifies for less, yet they give her the better score.
It makes absolutely no sense to me.
Even bought and sold a few $250k+ homes, never with her on the deed, yet she is the one with the higher score.

 

[Chuckanut]

I've got zero use for kredit karma. Their scoring model is way different than what is used in the lending industry.

By all means then, don't use it. However, I think for many people it's a good idea in these days when most of our personal information is out in the wild, the Dark Net and wherever else the bad guys go to steal our identities.

While not the same as other things in the industry, it is a good indicator of the trends in one's score. And, it will show things like an account opened in one's name that is not legitimate. It's a tool to be used where appropriate.

If my Kredit Karma scored dropped by 50 points in a few weeks or a month or two, I would be very curious to say the least.

 

[king smoothie]

I didn't see if you said where you went to get your free report, it should be able to be done by going to each bureau's site. If you have them frozen and you are trying to use a commercial site to get your report, sometimes they won't release the report even if it is for you and a soft inquiry- until you unfreeze. I usually recommend going to the government approved site, annualcreditreport.com and go through there to get each report - although you do end up going to each bureau's website.

 

[Release The Hounds]

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[Release The Hounds]

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[REWahoo]

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Sorry, just have to ask - WTF?

 

[kgtest]

Sorry, just have to ask - WTF?

+1 Keep 'er between the ditches lol.