Credit Karma Credit Score Monitoring Service
I wrote a lengthy review of CreditKarma back in March. At that time, I thought I could use the free service to monitor my credit score because, though it isn’t really the FICO score, I can still use the relative changes to have an idea on how my credit score moves. Now, after six months, I have a little doubt about the usefulness of the program.
There are a few signs that make me come to this conclusion. First, my CreditKarma score almost didn’t change, only four points from March to September.
When I raised the question to CreditKarma on Twitter, I was told that my score didn’t change because my credit is very stable. While I believe that’s the case, there are things happened in the last three months that could affect my score, though maybe only slightly. When I got my FICO score back in January, it was 792, but in June, the score dropped to 780. But the CreditKarma score didn’t change at all since April. But when I checked the Credit Report Card from CreditKarma, it showed that I had a hard credit inquiry recently, which I believe should have a negative impact on my score, but it’s not showing in the score.
Then the Credit Report Card, a new service from CreditKarma. It shows that I have an average credit length of 6 years and 5 months. However, the Equifax credit report I got early this month (I got a free credit report every four months from one of the three agencies) showed the average length as 7 years and 5 months. That’s a significant difference, though both reports have the oldest credit as 11 years and 8 months. My understanding is when credit score is calculated, the average credit history matters a lot as it accounts about 15% of the total score. If CreditKarma, or the credit agency it uses to provide the score, can’t get the credit length right, the score will very likely be wrong.
BTW, the Equifax report showed I have to hard pulls, all from real state agencies when I was searching a place to rent in August. CreditKarma reported only one.
Are you using Credit Karma too? Have you seen your score changed?
Update: A new website site, Credit Sesame, now offers free Experian credit score as well. See Credit Sesame review for details.
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