Does anyone know how the credit score is tabulated? I have a difference of about 30 points between my bank of America FICO( which is higher) score vs what is reported on credit karma(lower). Which one is valid? And why is there such a huge discrepancy?
Credit Karma uses VantageScore (similar to FICO), but is useless and cannot be used for any loans or getting good rates. Use CK to check credit profile not credit score. I have a 100 points difference between CK VantageScore & Amex FICO score.
Are you sure? I think lending tree uses vantage score and CK uses FICO score.
I am a heavy CK user.
We don't use FICO at CK.
Scores shown at CK are not your actual credit scores. Your financial history can be drawn using different methods and credit bureaus have 20 models. CK & other banks show just one of the model.
All of these scores are “your credit scores” because they are scores algorithmically derived based on your credit and personal data by credit reporting agencies or CRAs. Saying the Credit Karma score is not your actual credit score is a bit like saying TransUnion and Equifax don’t exist as companies. CK pulls your data directly from TransUnion and Equifax. FICO scores are from FICO (Fair Isaac Co) and weight things differently so it’s going to give you a different score. My FICO score is generally higher and is likely what a mortgage lender will look at. Some credit card companies and certainly plenty of landlords (myself included) are perfectly happy to use TU and the like to make credit-based decisions. That means for most of America, having 24/7 access to this non-FICO credit data — FOR FREE, I might add — and all your accounts/balances in one place is a massively useful service. This is also why CK has such amazing consumer scale.
Oh and best I can tell anecdotally, FICO weighs heavier length of credit and maybe income, while Vantangescore seems extremely sensitive to even one missed payment, your usage of available credit and hard inquiries. I haven’t had a hard inquiry in a year, no missed payments and with every bit of debt I pay off, my Vantage goes up, usually within 45 days or less. FICO fluctuates less but always moves directionally the same. Again, this is all just anecdotal.
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Not sure if this is the issue, but there are three credit issuing bodies and each service might use a different one. As there is always a spread between the different bureaus.