Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Karma
Profile Image

Question By
lirpa9983

0 Contributions
0 People Helped
Why does my Credit Karma account say i have a 617 transunion but i apply for loan andi have a 594?
My Credit Karma says my Transunion score is 617 I applied for a loan threw credit Karma and they denied and my notice says I have a 594 why such a large difference?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-7 of 7Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
97 Contributions
131 People Helped

CK not real scores

Helpful to 13 out of 19 people

Hey lirpa9983! This is a question that has left quite a few CK users frustrated (just check out some of the community questions about CK scores vs. actual credit scores). It boils down to this- the credit score you see on CK is not your exact, accurate score. It is CK's estimate of what they believe your score is when taking into changes to your credit profile. They don't use the same algorithms to calculate your score as the credit bureaus (like Transunion) do. Therefore, the scores will be different. CK makes money through affiliate links- they will advertise credit cards/loans to you and if you apply for or open one of these loans through their link, they make money. As such, I would take this service with a grain a salt. Now that you have your actual score of 594, shop around lenders and ask whether they require a minimum credit score. You'll want to avoid applying for another loan (and getting another hard inquiry on your credit report) without being more certain you'll get the loan. Hope this helps!

Top Contributor

Reply by
icuhowie

1787 Contributions
3026 People Helped
Helpful to 7 out of 8 people

Really now?

The Credit Scores you see here on CK ARE REAL Credit Scores,   They come direct from TransUnion and Equifax.   CK does not Roll any type of Credit Score.    At the time they fetch the Data they are also supplied the Vantage 3.0 Score from Transunion and Equifax based on the credit reporting data they have on you. 

The Vantage 3.0 Score is as Real as it gets.

CK does not Estimate any thiing,  they just supply what is given to them.   

The credit bureaus have LOTS of Credit Score Models and the Vantage 3.0 Score is just ONE of MANY!

Top Contributor

Reply by
icuhowie

1787 Contributions
3026 People Helped
Helpful to 3 out of 5 people

Clueless!

Top Contributor

Reply by
icuhowie

1787 Contributions
3026 People Helped
Helpful to 4 out of 10 people

Were do you get "CK's Estimate of what they beliveve your score is" from?

are you kidding,   CK does not estimate anything,  They are supplied the Data and Vanatage Scores from TransUnion and Equifax.  

The Credit Score is a Real.

You say "They don't use the same algorithms to calculate your scores as the credit bureaus"   LOL,  

Again THEY CreditKarma has no algorithms at all,   The Credit Scores are Supplied by TransUnion and Equifx. 

again you are Clueless based on your above post.

1 Contribution
0 People Helped

Hey, icuhowie, it's good you know so much; however, I can't help noticing that, wrong or right, the effort was made, and although you might deem the person "clueless", I'm sure they could use the correction WITHOUT the condescention.

Top Contributor
35 Contributions
126 People Helped
Most Helpful Response

Helpful to 5 out of 5 people

CreditKarma utilizes the VantageScore 3.0 model, whereas most creditors utilize FICO modeling. The most recent verision is FICO 8.0, but a 9.0 is in the works. 

CreditKarma is great for monitoring your credit, and seeing how many accounts are reporting, as well as the other factors affecting your score; however, I would take the score they provide you with a grain of salt. 

You can have your credit pulled by 3-4 different financial institutions, and get 3-4 different scores. 

1 Contribution
2 People Helped

Credit Karma Lies.

Helpful to 2 out of 2 people

CK scores are not true scores as reported by Transunion or Equifax. CK has me at 710 with Transunion. Went to the Bank. They go directly to Transunion which CK does not. 617. Big differance. Lady told me it is not unusual that CK is incorrect. CK is B.S. Those who say CK is correct are either brain washed or just plain stupid. CK is worthless to me.

1 Contribution
2 People Helped

Totally different

Helpful to 2 out of 3 people

I have the same question as lirpa9983. When I applied for credit to purchase a motorcycle, my credit scores from lenders were anywhere from  20- 30 points lower than credit karmas scores. That resulted in shopping for better interest rates, more hard credit inquiries, and an even lower credit score. But the temporary drop in my score was worth it because I lowed my rate by 7% by shopping around. But why the big difference in CK and actual scores?

1 Contribution
0 People Helped

scores

to all that it may concern......CK scores are in fact not exactly the same as the CR companys they post for you. I went to the source itself at the same time and found differances in all the reporting agencys. To which there was,  in some cases a 30 point differance. I know that there are brokers which supply mortage companys and credit repair companys which get there intell from other sources other than the CR bureaus. Its a fact that your FICO score will be different depending on what type of credit is being applied for. IE; CC, mortgage, Car loan ect. each type of loan commands there own scoring system, along with what the creditor wishes to use for the type of loan being applied for.  This is the most compicated system ever divised by mankind. Its all about the score which will affect your loan rate. This is the real reason this was created in the first place, not just to keep records but to justify their rate to us.

1 Contribution
0 People Helped

cbjim45

icuhowie  you r an idiot   karma scores are never the same as your real scores   the only way to use karma it to take away 20 th 50 points and you will have your real score    and thats a fact

2 Contributions
5 People Helped

faco not fico

the truth is you cant know what model the lender will use without asking the lender, but one fact is that 90% of lenders use a version of your fico scoring. any scoring given that is not fico is referred to as faco, like the credit karma provided vantage 3.0 scoring. there is not figuring out your fico by adding or subtracting from the vantage 3.0 scoring. my fico 8 scores are 55 and 25 points higher then then the credit karma provided scores. buy your fico scores if u want them. ask the lender which cra they use and what model they use then u can check ur fico score for that model and really know if you will be approved credit or not

Results 1-7 of 7Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.