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 Scores
Profile Image

Question By
virakonethammavong

0 Contributions
0 People Helped
why is my credit score different lower here than other sites?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1884 Contributions
3675 People Helped

Your Scores can vary dy to day

It is estimated that there are over 1000 scoring algoritiums used by American financial institutions today. Each can produce a different score for the same person on the same day.

The scores you see are generated on a specific set of information points that each of the Credit Bureaus, Credit reporting agency's or banks have defined as important to the type of loan or credit they are extending.  FICO, Experian, TransUnion and Equifax scores are used by many lenders that do not have in house finance department as well as smaller business.  Scores for credit cards will be score differently that a mortgage or car loan.  Credit cards look at your more recent history of the last couple of years where larger loans like mortgages look at you long term history.  Thus you have different scores everywhere you look.  

All your scores across the board will be in the same general range if all the information is the same in all your reports. The fact of the matter is that at any given time the information will not be exactly the same. A payment you made last week might be posted to one report but hasn't had time to cross report to others. Your lenders generally only report to 1 CRA, That info takes time to get shared with the other CRAs. Example. I took a new loan, It was reported to the CRA that they pulled my credit report from within days but took nearly 4 months to show up on the other 2 credit reports.  

Don't fret about what your exact score is, It's more important to make sure that you know what range your score is in. 

660-710   711-750   751-800   801+   When you see those credit card offers that show multiple interest rates and the statement that "Your interest rate will be base on your credit worthyness"  That what they are reffering to. The higher your score, the lower the interest rate.  Same goes for your insurance rates too !

Good Luck

Top Contributor
1884 Contributions
3675 People Helped

Forgot to mention...

CK uses the Vantage 3.0 scoring system. From what I can tell it is focused on Credit cards. It tends to be very critical of the smallest changes in your credit report.  For the most part I use these scores to effectively understand what the lowest score I might possible have anywhere, since all scoreing models are different.  My scores tend to be higher on ther websites as well.

Your exact score is not going to be the same everywhere. So don't focus on that number to much. It's more important to know what range your score is in since that's the more important bit of information.   

Results 1-2 of 2Results 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.