sgip
Well-known member
Quick answer: Not very.
I'm running into more and more customers with a 785 "credit score" from Credit Karma, only to get a 750 credit score on our Residential Mortgage Credit Report (RMCR). Customers are expecting best rates and terms because Credit Karma says their score is higher but experience a .25% rate push once their real scores are in hand. Why such a wide differential between score models? Here's a solid article on how these scores are generated and how they relate to the scores lenders use to price loans:
[url]http://www.investopedia.com/articles/personal-finance/103015/are-credit-karma-scores-real-and-accurate.asp[/url]
The bottom line - use Credit Karma to get an indication of what your credit might look like in a general sense and don't expect those scores to mirror the ones lenders use.
My .02c
Soylent Green Is People.
I'm running into more and more customers with a 785 "credit score" from Credit Karma, only to get a 750 credit score on our Residential Mortgage Credit Report (RMCR). Customers are expecting best rates and terms because Credit Karma says their score is higher but experience a .25% rate push once their real scores are in hand. Why such a wide differential between score models? Here's a solid article on how these scores are generated and how they relate to the scores lenders use to price loans:
[url]http://www.investopedia.com/articles/personal-finance/103015/are-credit-karma-scores-real-and-accurate.asp[/url]
The bottom line - use Credit Karma to get an indication of what your credit might look like in a general sense and don't expect those scores to mirror the ones lenders use.
My .02c
Soylent Green Is People.