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Question By
loosy

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0 People Helped
Why has my credit score as reflected on credit karma decreased 40 points?
My score has gone from 734 to 687 within days. There has been no activity other than on time payments. So after 30 years of good credit, the score card changes ?

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Don't Worry

Helpful to 7 out of 8 people

I use this site strictly for the purpose of tracking my credit. The score is not going to be accurate compaired to a score pulled by a financial institution. Previously, I had the score of 725 and immediately after seeing this score from my financial institution I viewed CreditKarma and my score was approximately 40 points less. Also, CK may miss something. For example, I have a credit card (CC) through a small hometown bank and this card does not show up on Credit Karma. I would recommend using this site to monitor entries, not necessarily as a resource for an accurate credit score.

6 Contributions
31 People Helped

This site has ZERO credibility!

Helpful to 3 out of 4 people

Use strictly for credit monitoring.  The best features are its updates to the activity on your credit and the advice of people in the advice chats.  The WORST features are anything involving the credit score. and using it as an indicator on your actual score.  For instance, this site had me with a 705, rising to 723 with all activity being involved with paying down $10,000 off in debt.  Two months ago, my score drops 38 pts....FOR NOTHING!   Meanwhile, my credit lines have increased, and futher debt payoff. 

I no longer rely on this site for anything dealing with the credit score has I found out what my actual FICO was (713) while beginning a refinance on my existing mortgage loan.  Of course, my score here dropped again because of the hard inquiry.  The last 2 inquiries on my credit report are over a year ago (1=1.5 yrs ago, 1=1 yr 2 mo ago).  In my opinion, the credit bureau's have captialized on making it a profitable business for them so that they use carious scales and models to help them out with their financial interests.  Credit card referrels, suggestions and offers.  All of the other sites that I use all at least give me a score around mid 700's (757 Credit Sesame, 757 Credit.com, 763 Quizzle, 771 Vantage score from experian credit bureau,  MyFICO 734 *which doesn't even give the same actual score that you may receive*).  The ONLY way to find out your FICO is by applying for a loan of some kind.  I don't have any of the credit cards that offer FICO scores so I cannot state whether or how accurate those scores are.  My guess, is that its still some variation of some kind.  So take the average of the main free sites and figure that you're in some 30-40 pt range.  Again, this site SUCKS for scoring.  

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1 Person Helped

Low score ????

Helpful to 1 out of 1 people

I pay off cc in full at end of month, one cc I opened because I was told I needed more cc to build my history so I pay that one double requested amount early each month. Yet my cr score has gone down. I think this is poor system with no rhyme or reason for scores. For 7 years we had zero debt and only bought what we had the cash for and we were penalized with a poor score because we didn't owe anyone - it cost us by disqualifying us for 2 apartments we applied for.  Now we have the cc they said we needed and still have a poor rating. Something is very wrong with this system!!!!!!!! 

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Reply by
Olfar

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43 People Helped

You are dead right.  The credit score is actually a "I love Debt" score. 

If you pay off your card every month and never pay any interest to the issuing bank, you don't make them any money so there is no reason for them to keep you.  If you carry a balance for a couple of months before paying it off, you will find your score increases exponentially.

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13 People Helped

Pay no attention to the score.

Helpful to 3 out of 5 people

I just refinanced my rental property and the bank gave me my Experian score of 709. On this site it is 649. I think this site is waste of time, quite frankly. I also refinanced my main house this past summer at a lower rate. I also exteded a personal bank loan for a small amount. So I have had not problem getting financed anywhere, despite what this site says is a somewhat dismal score.

1 Contribution
0 People Helped

on times payments

Helpful to 0 out of 3 people

I make all my payments on timll I have a couple of things on my collections, but I make all of payments on all my bills, I am never late on car payments, cc payments, and all dr bills or uti;ity payments. and I still have a low score. Why??? I mean it is never a significant jump on more score. It is really frustrating. I dont understand

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Reply by
Olfar

15 Contributions
43 People Helped
Helpful to 0 out of 1 people

Collection are probably the hardest hit against credit.  It will stay on your score for seven years after it is dismissed and hurt most of the time.

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