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What is the difference between what CreditKarma calls credit score vs FICO Score
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ChuckChuck
5 months ago
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CK uses the Transunion credit report but has there own guidelines as far as the CK Transrisk score. The three major credit bureau's ( Transunion, Equifax and Experian ) provide three scores based what is reported to each bureau and they have there own guidelines. Please note not all creditors report to all three credit bureau's.
nandog 5 months ago
My understanding is that each credit bureau has it's own mathamatical equation which assigns or subtracts points to each section of the credit report they build on you. The mathamatical equation spits out the fico score from your credit report. Creditkarma developed their own mathamatical equation which they base on your transunion credit report. It's supposed to be very close but will vary slightly from your actual ficos, however each fico varies from bureau to bureau so its a moot point.
joburocks 5 months ago
I just ran a Transunion Credit score today and it shows as 814 yet my updated CreditKarma shows as 687. If Credit Karma uses the Transunion model why are they so different?
brymanks 4 months ago
Credit Karma uses their own scoring algorithm. TU uses their own. Experian and Equifax both use their own as well. Just like all those free report sites...they all have their own. The difference with the FICO score...First, it is the only scores used by lenders. Fair Isaac (developer of the FICO scoring system) was hired, for lack of a better term, by EQ TU and EX to develop a similar but different algorithm for each of these 3. So even if your 3 reports were exactly the same, your 3 FICO scores will be close, but not exactly the same. Any score out there that is not a true FICO score, is whazt we call a FAKO. That is why you should never apply for credit based on scores that are not true FICO's
BungalowMo 4 months ago
because the numbering system is different with the new transrisk
diggersan 4 months ago
I understand the numbering system is different but the Transunion score is "Excellent" while CK is considered only "Fair". My CK has gone from Excellent to Fair in just 9 months while Transunion has remained Excellent.
brymanks 4 months ago
The only thing that matters is what your FICO score is....Transunion et al are trying to develop a competitive scoring system. Not gonna happen in the near future. Don't get your wig all crooked because two entities have different numbers for you. Happy New Year
BigPoppaK 4 months ago
To avoid confusion It looks like one should go directly to the three major credit reporting agencies to get their true Credit Score? Credit Karma does a good job of giving a ball park estimate.
rajah7 4 months ago
I wouldn't say that a 127 point difference from a credit reporting company to CK is 'a good job'.
family81 4 months ago
What is th Vantage Score? Why are the numbers different fom the credit score?
ozarkoco 4 months ago
I went to Myfico.com two days ago and have a 715 from Equifax. I went directly to Experian for that trial $1 deal that I can cancel in one week, and my Experian is a 718. My Transunion is 730. Yet my CreditKarma places me at 678 (and 850 for Vantage). Is CreditKarma usually lower than the true scores? Thanks.
jonald11 2 months ago