Nomadre

945 Contributions 508 People Helped Top Contributor

Member Since: March 2014

Most Helpful Contribution

Beware of Credit Karma accuracy for your scores -- Not likely to be true!

Jan 03, 2017
WHAT IS REAL
Helpful to 35 out of 43 people

For the Vantage scoring system that CK uses it is VERY accurate, for anylender using the Vantage system.  Does this mean it gives the same score as a FICO 2 score, no.  Just as the FICO2 and FICO 28 scores are different.

Remeber that TU, EQ, EF are only data bases, they do not give a score.  A scoring system gives a score, and each lender will choose one of the +50 standard scoring systems, or even create their own (auto insurance is an example of non standard scoring systems).  When I went to buy a car the lenders said I had a score 40 points less than what CK showed with Vantage.  When I went to refinance my home the lenders where showing 30-40 higher than what I saw here.

Credit Karama(thereby the Vantage score) should only be used as tool to know if you are making good choices to help your credit rating.  Any imporvement here will help all scoring models, some maybe only a little and some maybe more than.

Activity (945 Total Contributions)

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if I have several inquiries on my Credit history, Should I wait before I apply for a mortgage?

Jan 03, 2017
Helpful to 23 out of 24 people

Hard inquiries lose their negative impact realitivly quickly with most scoring models.  As long as a mortgage lender does not see a lot of pulls in the past 6 months, this should not be an issue.  The underwriter typically looks more at what the pull was for.  If you have many pulls that maybe mortgage related within the near past,  then they will start digging deeper to make sure that you did not get a major loan that is not reporting yet.

Please also remeber that those score you posted may NOT be the ones that a mortgage lender sees.  Every lender may use a different scoring system. TU,EQ,EF are ONLY data bases, and yiou never know if a lender maybe using a FICO 2, FICO 27, Vantage, or even thier own scoring model.  This is why you shop for major loans. Just make sure that when you shop for your mortgage you apply with 2-5 lenders within the same week. This way for the next year or so, while the hard inquiries have an impact, the scoring models will consider all of them as only one inquiry.

Yes even opening an aaccount with a bank causes an inquiry, as they will not give you an account if you have very bad history.

Should I avoid the dealership financing agents every way possible?

Feb 15, 2019
Helpful to 11 out of 11 people

With your score, I would go direct with the car dealership if you are buying new. If not then I would do as mentioned and get a pre approval from your back and maybe lending tree then talk to the dealership.

A few things to consider

1) Do all of your loan shopping within a weeks time frame, this way most scoring models will see all the hard inquiries and count them as one. thereby not hurting your credit. 

2)New Car dealers generally have VERY good rates from the manufacturer that banks have a hard time meeting, even as low 0% if you have very good credit

3) Used car dealers can sometimes work on pricing a bit more if you get finiancing from them because they get a kick back.

How do I find outstanding debt that would not qualify me to purchase a new home

Sep 28, 2017
Helpful to 13 out of 14 people

The are three things to help.  One, gain more income. Two, lower your debt amounts (make sure card is 0 balance and get make extra payments on the car). Three, look for a lower priced home.

Your income to debt ratio is a major thing for a home loan.  It means that if you owe more than a certain percentage of your income that you are a high risk.

Should I avoid the dealership financing agents every way possible?

Feb 22, 2019
Helpful to 21 out of 24 people

I am not in any way associated with car selling or financing.

your comment about credit "thru the ringer" is not true. Yes it might hurt it in CK, but in the real world laws were made to protect a smart buyer for houses and cars to shop for the best loans. Yes if your credit is less than excelent the dealer will shop for you and you will have MANY hard inquiries from them doing that, but again by law anyone pulling in the future MUST treat that as one single pull.

New car dealers, through the manufacture, often give better rates than ANY bank or credit union

With used cars you have to do the math to get the best deal. You are right that a buyer should come armed with pre-aproval. But, if the rate from the dealer are only slightly higher, but they knock off 1k more in price of the car, it is very likely that is a better deal and you pay less interest for the life of the loan.  But it does take some number crunching to know.

Have no credit but want to build credit

Mar 07, 2017
Helpful to 6 out of 6 people

If you have a bank acount anywhere go talk to them about a secured personal loan of 1,000 for a year.  This was the very first step I took to building credit.  They put the 1,000 in a CD which earned a little interest that had both the bank on my names on it.  I paid monthly payments for a year to the bank, then got the CD plus interest when I finished paying.  It cost some money in interest, but not a lot, and after a year you have shown on time payments and it opened the door for me to get my first ucredit card, it was unsecured.

how do I block credit inquiries?

Nov 04, 2016
Helpful to 13 out of 15 people

How hard is it then to get the unfreeze?  So lets say in 2 years I want to buy a new car and start shopping for autoloans?  How hard is the process to unlock your credit, or can you handle for just a one time buy without removing the freeze?

Beware of Credit Karma accuracy for your scores -- Not likely to be true!

Jan 03, 2017
WHAT IS REAL
Helpful to 35 out of 43 people

For the Vantage scoring system that CK uses it is VERY accurate, for anylender using the Vantage system.  Does this mean it gives the same score as a FICO 2 score, no.  Just as the FICO2 and FICO 28 scores are different.

Remeber that TU, EQ, EF are only data bases, they do not give a score.  A scoring system gives a score, and each lender will choose one of the +50 standard scoring systems, or even create their own (auto insurance is an example of non standard scoring systems).  When I went to buy a car the lenders said I had a score 40 points less than what CK showed with Vantage.  When I went to refinance my home the lenders where showing 30-40 higher than what I saw here.

Credit Karama(thereby the Vantage score) should only be used as tool to know if you are making good choices to help your credit rating.  Any imporvement here will help all scoring models, some maybe only a little and some maybe more than.

Thank you Credit Karma!!!

Aug 05, 2016
Helpful to 4 out of 4 people

It is great to see that someone took the time to read and learn!  Seems like you have now a firm grasp on your financial situation, and know what you can do to hurt and help that score in the future.

Being approved for an Income based student loan repayment plan lowered my credit score!!!

Mar 15, 2018
Helpful to 14 out of 17 people

Wow this one is simple.  The score drop is small (less than 5% of total possible from 850) and will fade over a few months.  Your average age of credit went down because this is most likely considered a new loan. They may also have pulled a credit report that would cause a small drop. Also the new loan will be maxed out so credit usage takes a hit.  Overall if the loan helped you, and you continue doing what you are, then this is but a small bump in the road.

How do I connect a 401K plan? I want to connect it to credit karma

Oct 11, 2017
Helpful to 7 out of 8 people

Why would anyone on a free web site that makes money selling you credit cards and loans want to have their assets tied to the free web site?????? With equifax breach it is scarry enough that they can get what information they allready do.

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