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Question By
cdsomb

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Why has my credit score changed so drastically?
Six months ago on Credit Karma, I had a score of 668. Nothing has changed since then and I have not taken out any loans. I was checking because I was going to apply to my states first time home buyers programs and you have to have a score of at least 640. Imagine my surprise when I checked two weeks ago before filling out some paperwork to find out my score was now 597! I wrote to Credit Karma twice asking why would it drop like 70 points and received an answer that did not help. I checked my reports and everything. Also, if everyone uses a different model to check your credit, how do you know which ones they are using? If you have different scores with each site you go on, how do you know? Especially if you get turned down for something you applied for. I went on Mint.com and my score is 659 there so I am confused. Thanks!

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Score Changed Also

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My score went down 112 points and I didn't do anything differently.  I wrote creditkarma and got a lame excuse as to why my score went down.  I'm going to report them because I think they are a hoax.  My score use to change every Wednesday and now it changes whenever.  There is no consistency with the scores and for that I have to report them for false advertisement or at least have them investigated.

Reply by
24hoursago

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I'm with you.  There is a lot of sketchiness to their reports.  Also they recommended cards saying that people have Good chances of getting, when you go to the website for the cards those same scores will disqualify them.

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This happened just this month

Transunion and Equifax both show the exact overpayments I made last session, show the same decrease in credit card balance, shows same # of cards, shows same information.  But Transunion went up 4 points and Equifax decreased 10 points.  I have researched and find no rhym or reason as to this discrepancy!  Any ideas?

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Identity Theft

I would not only look at your score, but your credit report in detail.  Simply make sure no one has opened an account in your name or a creditor has reported wrong payment information.  This free service does the very best they can to keep you informed of your credit score; however, their model makes corrections on the information received.  Something given to the model, recorded data from your creditors, changed your score.  The explanation is there, you just have to find it.  I know it is frustrating, but we cannot rely on this service to give us the answer.  On the other hand, being denied a loan based on credit score will drive that very score down.  These questions aren't easily answered.  I hope some of this rambling helped.

Reply by
frustratedchic

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I was told by my bank that they run all three scores and simply take the one in the middle-this has to be over 620 for them even to look at us.
So here we are with ANOTHER hard hit on our score and nothing to show because the bank denied on that factor. My husband and I actually make pretty decent money and have both been at our jobs for over a year respectively. This was even with no collections recently (last one was a small med bill that had slipped under our radar 18 months ago). This is EXTREMELY frustrating! It feels truly like we can't get ahead no matter how hard we try! 

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score

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i have the same delima...karma shows scores to be low ,i signed up to a credit monitor company and was shocked my score was higher then  thought...650,,,karma show  567...like you say who knows our real scores?

Reply by
frustratedchic

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Enter Your Reply

I think we should petition (but who?) to be able to have full disclosure that 'here is your number and here is EXACTLY how we came to that number'. ENOUGH with the vagueness of 'here are some general ideas as to how the different companies may or may not come up with a number that can alter your financial and personal future forever'.

My husband and I went to apply for a home mortgage and our banks information was SHOCKINGLY lower than ANYTHING I pulled up through Transunion, Equifax or Experian or Credit Karma. I FREAKED a little bit and demanded to see exactly what was against us and I found the bank was using old information. The bank loan officer actually told me that I would have to dispute it independently, but I told him that I had a printed credit report which stated that the 'collection account' he had shouldn't have even showed up(it had been paid off two years before)! Both statements were through Transunion. I think that there is a different level of disclosure Transunion gives to banks than the consumer. It is COMPLETELY strange! 

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Help me understand

ABSOLUTELY NOTHING HAS CHANGED IN THE WAY I PAY BILLS.  I WENT FROM 817 TO 786; AND IT'S DROPPING EVERYDAY.  I PAY OFF ALL CREDIT PURCHASES IN FULL EVERY MONTH AND INCUR NO INTEREST CHARGES.  THIS SEEMS TO UPSET THEM.  THIS SITE PUSHES CREDIT CARDS, AND THEY MAKE MONEY OFF OF DOING SO.  I HAVE NEVER BEEN TURNED DOWN FOR ANYTHING.  I JUST GET A LAUGH OUT OF HOW THE SCORES CHANGE.  CREDIT CARMA IS FOR ENTERTAINMENT PURPOSES ONLY.

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I know what you mean!

Helpful to 1 out of 2 people

I am in the same boat! I have scoured the site and can find no information on why my score dropped 43 points in 2 months time! This entire thing is confusing! My husband and I have been struggling to monitor our credit and make sure that we have a firm grip on what exactly is being reported and happening-to the tune of paying through Transunion each month to have them monitor recent activity for both of us. This is SO FRUSTRATING! It's almost like no matter what we do we will never get ahead. Of course we are trying desperately to get this fixed so that maybe we can get some crazy bank to give us a home loan-FAT CHANCE! Just when things were looking good to feel confident enough to go to the bank to reapply-WHAM! Down it goes again---inexplicably! When you figure yours out, can you drop me a line? 

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I'm in the same boat!

My utilization dropped by 2% and my revolving account balances decreased by almost $600, yet my Equifax score dropped 50 points in a week!!! Transunion is the same. WTF is going on here???

Reply by
kitobear

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Also, I get free credit monitoring because my information was compromised when I worked for the military years ago. I haven't received any alerts. 

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Credit

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Its hard to tell. Generally most banks will pull from TransUnion and Equifax. Sometimes Experian. However there different models of each these out there in use. And the same person's credit score can change greatly based on the model. There really is no way of know way of knowing which model the creditor is actually going to use before hand. As for why your score change that can also be hard to answer. Seeing as you said nothing had changed in the last six months i assume your not paying on a form of credit. If that is correct that could affect your score. You have to be paying on some form of credit regularly or have a form of credit open that reports regularly. If not your score will drop. You have to be be payments on something to show your current borrowing habits.

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