Why Is Your Credit Score Different On Credit Karma?
I get this question frequently, why is my Credit Score higher on Credit Karma?!
Whether it’s a different score from a bank, an auto lender, or another Credit source, it’s not unusual to see many different credit scores. Here are the top 2 Reasons why you’re seeing different scores…
#1 Credit Karma reflects your Vantage Score versus your FICO score. A vantage score is good for assisting you in seeing what is being reported on your credit report but in working with clients the on Credit Karma scores are typically 15 to 20 points higher than their FICO score. It’s a different scoring model than what a mortgage or car lender will use.
#2 Credit Karma only reflects your scores from TransUnion and Equifax. When you have a major purchase like a home or car in your 3 to 6-month goals it’s best to look at all 3 of your Credit Reports this way you can confirm accuracy on all 3 reports and dispute any dollar discrepancies across all 3 reports.
#3 What’s more Cash confusing is Experian and Equifax provide 16 different FICO credit scores to lenders , while TransUnion has 21. More are added each year. Industry-specific scores are optimized for specific credit products like auto loans or credit cards. It’s best to track your Credit Report with the entity that will be lending you money for the home or the car, this way you are improving your scores based on their matrix.
To take a closer look at why your Scores are higher on Credit Karma than they are on your actual 3 Bureau Credit Report, book a free 15min session #linkinbio
