EXPOSING Credit Karma's BIGGEST SECRET! 🤯 #shorts

This is one the biggest and most shocking secret that Credit Karma will never tell you! If you are a user or know of someone who is, you MUST WATCH NOW!

#creditkarma #credit #creditcard #creditrepair #creditscore

Credit Karma is a popular financial platform that provides consumers with access to their credit scores and credit reports. While it offers a useful service, it's important to understand that the credit scores provided by Credit Karma may not be the same as the scores that most lenders use when evaluating your creditworthiness. Here's an in-depth explanation of why this is the case:

Credit Scoring Models:
Credit Karma uses a proprietary credit scoring model to generate credit scores for its users. This model is often referred to as a VantageScore. While VantageScore is a legitimate credit scoring model, it is not as widely used by lenders as the FICO score.
FICO (Fair Isaac Corporation) is another major credit scoring model, and it is the most commonly used score by lenders in the United States. Lenders typically rely on one of the various versions of the FICO score when making lending decisions.
Differences Between VantageScore and FICO:
VantageScore and FICO use different algorithms and scoring methodologies to calculate credit scores. This means that the same individual may receive different credit scores from these models.
VantageScore and FICO score ranges may also vary. For instance, a good credit score in VantageScore might be different from a good credit score in FICO.
Lender Preferences:
Lenders often have specific preferences for the credit scoring model they use. Many lenders have long-standing relationships with FICO and rely on FICO scores to assess credit risk.
Lenders may also customize their scoring models or use industry-specific scoring models that are not available to consumers through platforms like Credit Karma.
Scoring Factors:
Credit scoring models consider various factors when calculating credit scores, such as payment history, credit utilization, length of credit history, types of credit accounts, and recent credit inquiries. The weight given to these factors can vary between VantageScore and FICO.
Timing and Data Sources:
Credit Karma obtains credit data from two of the major credit bureaus, Equifax and TransUnion. However, lenders may use data from all three major credit bureaus, including Experian, to assess creditworthiness.
Additionally, the data used by Credit Karma might not always be up-to-date or comprehensive, which can affect the accuracy of the scores provided.
Score Version:
Both VantageScore and FICO periodically update their scoring models. Lenders may use different versions of these models, which can lead to variations in scores.
In summary, while Credit Karma provides a valuable service by giving consumers access to their credit scores and reports, it's essential to recognize that the scores they provide may not be the same as those used by most lenders. When applying for credit, such as a loan or credit card, it's wise to check your FICO score, as it is more likely to align with the score your lender will use. You can obtain your FICO score from various sources, including your credit card issuer, some financial institutions, or directly from the FICO website.

Disclaimer:
The content of this video is for informational and entertainment purposes only and should not be considered as financial or investment advice. Any financial decisions you make should be based on your own research and consultation with a licensed financial professional. The creators of this video and its contents will not be held liable for any financial losses incurred as a result of following the information provided in this video. Always conduct your own due diligence and seek professional advice before making any financial decisions.

Видео EXPOSING Credit Karma's BIGGEST SECRET! 🤯 #shorts канала Jelfri Torres