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Why hasn't my credit score increased after closing old accounts?
My Credit Karma score hasn't moved in 3 months. With the deletion of several negative accounts and late payments, my TransUnion FICO score has increased by 50 points. Why is this?
Asked by
TheSunKing
1 year ago
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Credit scores are determined by a combination of your personal credit data and a bureau-specific algorithm to score the data; typically credit scores do not match from one provider to another because the credit data and the scoring algorithm are very likely to be different between providers. This natural difference between credit score models may account for the point difference between your Credit Karma and TransUnion FICO score.
However, another explanation of why your Credit Karma score hasn't changed at all is a possible error on your credit report. Check your credit report at all three credit bureaus to make sure the deletion of your negative accounts and late payments were accurately reported to the bureaus. If the report is accurate and up-to-date, your score should (but not guaranteed to) reflect your healthier credit file.
tjarratt 1 year ago
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I thought that the CK score WAS one's TransUnion score. Is this not the case? What is the CK score, exactly?
cordeliaflyt 1 year ago
Credit Karma is using a TransUnion score. However, TransUnion has multiple scores.
CK Moderator
Credit scores are determined by a combination of your personal credit data and a bureau-specific algorithm to score the data; typically credit scores do not match from one provider to another because the credit data and the scoring algorithm are very likely to be different between providers. This natural difference between credit score models may account for the point difference between your Credit Karma and TransUnion FICO score.
However, another explanation of why your Credit Karma score hasn't changed at all is a possible error on your credit report. Check your credit report at all three credit bureaus to make sure the deletion of your negative accounts and late payments were accurately reported to the bureaus. If the report is accurate and up-to-date, your score should (but not guaranteed to) reflect your healthier credit file.
tjarratt 1 year ago
Sometimes closing old accounts can lower your score. Be careful.
hardeight 1 year ago
We recently refinanced our mortgage & were shown that our scores were both over 800+. CK shows their last update as being in 02/10. Why the lag time?
msc1943 1 year ago
You have to hit the "update" button. We only update scores when you request them.
CK Moderator
Question for CK Moderator. I am in the process of moving from one state to another. Will the closing of bank accounts (I have several) negatively impact my credit score?
NickManeck 7 months ago