Has there been a change to your credit that isn’t showing up on Credit Karma? This could be due to the fact that Credit Karma only updates their information every seven days.
Credit Karma gives you a free credit score and free credit report that they update weekly. Should there be any change to your credit profile, Credit Karma will upload that information on their website in roughly seven days.
If you’re someone that is constantly checking their credit history or information on Credit Karma, this can be a little bit frustrating. The seven-day period might seem slow, but in the world of credit information, this is relatively quick. Credit Karma does its best to make sure its users have the most up-to-date information about their credit.
However, if you are not satisfied with the seven days it takes to update your information, you can have Credit Karma alert you if there is any change to your credit information so that you can always be on top of your credit score.
Your Credit Karma score may not have changed because the credit bureaus have not reported your information, your changes were not substantial enough, or the negative knocks on your credit have canceled out the changes.
If you trying to increase your credit score to get a payday loan, an auto loan, or any other type of loan, you know it is extremely validating when you make a positive change and your credit score increases as a result. If you have a bad credit score, there are few better feelings than seeing your credit score increase.
However, it can be very frustrating when you make a positive change to increase your credit , but your credit score does not even move a single point. Let’s look at why your credit score on Credit Karma may not have changed, even after you've made steps to increase your credit score.
Credit Karma creates their credit score by compiling your credit report information from two of the three major credit bureaus, Experian and TransUnion. Any time there is a change in your credit report from Experian and TransUnion, Credit Karma takes this information and uses it to give you your score.
A major credit bureau like Experian and TransUnion may have tens of millions of customers with very complex credit reports and credit scores. As such, it is not very easy for a major credit bureau to constantly update information about your credit. Furthermore, most lenders only report the information about their borrowers to the credit bureaus once a month.
Overall, this means it can take a while for the credit bureaus to report your information. Typically, it can take 30-60 days for the credit bureaus to update your information. Once this information is updated, it can take another seven days for Credit Karma to have access to it and to report it to you.
This means that if you just paid a loan or credit card balance off, it could take up to 9 or so weeks for that information to finally show up on Credit Karma’s website. This is very frustrating, but it is the way of the world for credit reporting and it is not likely to change very soon.
If you are looking for your credit information on Credit Karma to change but it didn’t, there's a chance your changes weren’t large enough to make a serious impact on your credit.
If you made one payment on a credit card, your credit score likely wouldn’t change at all. If you made one small payment on a loan, your credit score likely did not change, and your credit information on Credit Karma will not be affected.
If you are far along on your credit journey, it will take a much more substantial effort to make a change to your credit score than if you are just getting started with building credit.
Overall, if you are looking for a change to your credit score but nothing has changed on your Credit Karma account, there is a strong likelihood that whatever change you are looking for was not significant enough to move the needle on your credit score. Building credit does not happen overnight but instead takes a long time to build up. Check your Credit Karma score often, but don’t expect to see big changes from month to month!
If you have made a change to your credit that should be reflected on your credit score but isn’t, there’s a chance your positive efforts have been canceled out by something negative.
Often, this is because of something called hard inquiries. Anytime you apply for a loan or a credit card, your potential lender or creditor will want to check out your credit. A Hard credit inquiry occurs anytime a lender does this pull on your credit score and credit report.
A hard inquiry can drop your score 5-10 points. If you have multiple inquiries at once, your score can drop fairly quickly as a result.
If you made a positive change to your credit score that is not being reflected in your score, there is a chance that hard credit inquiries have caused your score to drop by the same amount it increased from your positive changes.
Checking your credit information on Credit Karma will not directly hurt your credit score, so you are free to check your credit information as you wish.
Again, Credit Karma uses Experian and TransUnion to get your credit information. To get this information, they need to “pull” the information from your account, just like lenders do.
However, anytime a lender does a pull on your credit account, it will likely cause a hard inquiry, and your score will drop as a result. Credit Karma on the other hand, does something called a soft inquiry, which is basically a hard inquiry that does not affect your score at all.
Soft inquiries show up on your credit report but do not affect your credit score. You can freely use Credit Karma knowing your score will not take a hit.
Credit Karma is extremely accurate. As we’ve mentioned, Credit Karma directly gets their information from two credit bureaus, Experian and TransUnion. These credit bureaus are incredibly reliable and are two of the primary sources of all credit information.
Credit Karma is essentially one step removed from the credit bureaus. TransUnion and Experian are very trustworthy, so you can rely on Credit Karma to display accurate information as well.
While Credit Karma uses the same information as the two credit bureaus, they report that information to you slightly differently. The three credit bureaus report your creditworthiness to you through a FICO Credit Score. Anytime you hear the word “credit score,” it is likely referring to your FICO credit score. Credit Karma uses something called Vantage Score instead.
The FICO credit score is by far the most used. Nearly 90% of lenders are reported to use the FICO credit score model. However, this is not the only score that exists. VantageScore is another popular type of credit score that companies like Credit Karma use to summarize their customers’ creditworthiness into an easy-to-understand number.
While FICO and VantageScores credit score are very similar, there are some minor differences that will cause your credit score on Credit Karma to be slightly different than a credit score you might find on one of the three credit bureaus.
One distinctive difference is that VantageScore gives you an accurate score if you have a thin credit history, which FICO does not do too well.
Other than this, your score will almost always mean the same thing, whether it comes from Credit Karma or the credit bureaus. If you have a bad VantageScore from Credit Karma, you will almost certainly have a bad FICO credit score from the credit bureaus.
Anytime you do something that affects your credit, the information goes through many different hands and many different databases.
For example, let’s say you made a payment on a secured credit card. Once you successfully make a payment on your credit card, your credit card provider will report that information to the credit bureaus. The credit bureau then takes that information, puts it into your credit report, and then factor that into your credit score. Credit Karma then takes this information from the credit bureaus to give you your own credit score and your own credit report.
As you can see, the information about one particular payment goes a long way. Now imagine the hundreds of millions of payments that are made every month and are processed. With huge numbers like this, there are bound to be inaccuracies.
Any inaccuracy from along the line of your lender, the credit bureau, and Credit Karma can cause Credit Karma to be reporting incorrect information to you. If this is the case, you can contact your lender, the bureaus, or Credit Karma to fix the issue, depending on where the source of the issue is from.