More details about CreditKarma & recent changes to my credit score

February 27, 2010 at 9:31 am (credit score)

I got my updated credit score from creditkarma today and have started to notice some specific issues with the speed of changes that get reported. Now I am not sure if the problem lies with creditkarma (CK) itself, or if it’s based on how slowly things are reported to TransUnion, the site that it gets them from. Here are a few observations:

  • I joined a credit union in mid-January. It wasn’t until after February 1st that it was reported as opened (the last time I checked my credit).
  • My credit card/debt balance is comprised of only 2 debts and is missing 1 big one. The US Bank balance and the Wells Fargo personal line of credit are both reported. My SBA loan is completely missing. I wonder if it is because this is a business loan?
  • My debt balance is out of date. The US Bank balance is listing as over $6K – it hasn’t been that high since before December, 2008. I wonder if US Bank isn’t reporting it since I am not using it for any transactions whatsoever? Wells Fargo is reporting much more quickly. It shows at $999 balance, which indicates that they reported the total debt within the last 2 weeks. I will need to keep checking back to see how long before that debt shows up as $0 – that will indicate how quickly WF updates and/or how quickly TransUnion shows changes.
  • I get an “F” for having so little accounts open (7 open, 1 closed). Apparently, to have the best score, I should have more like 40+ (that’s what they indicate as having the best result on your credit score). Sorry, not going to open 30 or more credit cards!!!!!!
  • Having a new account opened had 2 effects that I can determine: it reduced the average age of my available credit, since this new one is a newborn (bad) and increased the available credit available (good). Overall, the new account caused my credit score to go from 794 to 790, a drop of 4 points.

I will post more on this subject as I find it out – I am fascinated to be able to tell changes in my score from specific and measurable occurrences (it must be the scientist leanings in me).



  1. Jeremy said,

    Oh! This is perfect! Thanks for countering many
    misconceptions I had heard regarding this as of late.

  2. the Dad, Climbing Out said,

    It’s so bizarre, isn’t it?? As far as The Wife and I are concerned FICO can jump in a creek. 🙂

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