FICO Score vs Credit Score vs Credit Karma (Why Are My Credit Scores So Different?)

Ever wondered, “Why are my credit scores all different?!” THIS VIDEO will give you the answer (and also help you determine if Credit Karma is accurate) :D Enjoy! Click “Show More” to see Ad Disclosure.

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There are many reasons why your credit scores can be different. Here are a few of them!

1. There are different Credit Reporting Agencies (CRAs, aka 'credit bureaus'). These include nationwide CRAs like Experian, TransUnion, and Equifax. There are also alternative or supplementary CRAs like Innovis, LexisNexis, and others. Then there are Check & Bank Screening agencies, employment screening agencies, tenant screening agencies, and MORE!

2. There are different credit scoring models. These include the FICO Score, VantageScore, proprietary scores that certain banks may come up with, and others.

3. Different credit scoring models weight credit factors differently. That said, your payment history and credit utilization are very important.

4. Different credit scoring models may have different scales or ranges. For example, FICO scores range from 300-850 for base scores and also go from 250-900 for industry-specific scores. The VantageScore models 3.0 and higher go from 300-850 and do not have industry-specific scores.

5. There are different credit scores for different industries. There are credit scores for credit card lending, credit scores for auto lending, and credit scores for mortgage lending.

6. FICO Score models vary BY and WITHIN industries. For instance, there are a variety of models for FICO Credit Score, FICO Auto Scores, and FICO Mortgage Scores.

7. Lenders (e.g. banks) may pull from different bureaus in different regions.

8. Lenders may choose to use different FICO Score models. One bank may prefer FICO 8 while another prefers FICO 9.

9. Some lenders may only report to 1 or 2 CRAs (‘bureaus’).

10. Credit reports may get updated at different times.

Here are some interesting things I noticed when checking my credit scores with different apps on November 04, 2022:

Credit Karma: 809 TU | 826 EX
- VantageScore 3.0 (TransUnion)
- VantageScore 3.0 (Equifax)
- Updated: 11/04/2022

Experian: 766
- FICO 8 (Experian)
- Updated: 11/01/2022

Amex: 809
- VantageScore 3.0 (TransUnion)
- Updated: 11/04/2022

Chase: 789
- VantageScore 3.0 (Experian)
- Updated: 11/01/2022

Wells Fargo: 759
- FICO 9 (Experian)
- Updated: 10/22/2022

Discover: 776
- FICO 8 (TransUnion)
- Updated: 10/10/2022

Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.

#creditcards #creditscore #ficoscore