Seeing A New Score On Your Credit Karma Account? | Refresh Financial
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Seeing A New Score On Your Credit Karma Account?

 Credit Karma Account

Are you a Credit Karma user? You may have noticed recently, that your score just got a little boost. In fact, many users have logged on only to be pleasantly surprised that their credit score improved for some reason. It's left a lot of us wondering, why? What's causing the raise on your Credit Karma account?

Credit Karma is a free credit score service from TransUnion that also offers free credit reports and credit monitoring. Many consumers across Canada have made good use of this robust and affordable platform for accessing their credit information. It offers an in-depth look at where your credit stands. You can log in as often as you want, and updates happen weekly. If you're not a Credit Karma user, you might want to check it out.

In case you didn't know, Credit Karma is powered by TransUnion, so any information you see in your Credit Karma account reflects your TransUnion credit report and score.

A New scoring model

- Recently, TransUnion adopted a new scoring model that they developed themselves. It's called CreditVision Risk, and according to Credit Karma's website, this is how it works:

The new Credit Vision Risk scoring model features a more detailed picture of our members’ credit by using trended data and information over the past 24 months to calculate their score. What that means, is that this helps to create more representative scores for our members as well as scores for those with limited credit history. In addition to helping our members gain more clarity on their scores, the new CreditVision Risk scoring model is also a more widely used scoring model by lenders! This means our members can get a better sense of how lenders view their credit before they apply and therefore help them plot out their financial goals more successfully.

Because TransUnion has adopted this new credit scoring model, your score in your Credit Karma account is going to be new, and likely slightly higher than the last time you checked.

So, you're free to feel good about your new, slightly higher credit score in your Credit Karma account! We hope you use this information as momentum to keep building that score even higher! If you want information on how to increase your credit score, click here.

Did you notice a change in your score on Credit Karma? Let us know in the comments!

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I’ve done pay day loans in the past but didn’t know a whole lot about credit until recently. So I checked into my credit score. I was very disappointed to find that I had a 0 credit score as I have never had or needed any credit cards or lines of credit. I knew I wanted to buy the house I live in so I knew work was needed, but I never thought it would be as easy as purchasing REFRESH!!! I bought it in June of this year, waited or 2 months and was approved for my first credit card. I was so excited. It gets better!!! Then I waited 5 months, and would you believe it. Only 5 months after purchasing refresh my credit score was strong enough to finally get approved for my first brand new car with no down payment, low biweekly payments, no cosigner, and no car trade in. My bank also tells me if everything stays good I will own my home within a year. After years of thinking there was no hope I am only months away from owning my home. THANKS REFRESH!!!! Please share this story with everyone you can! ”

Emily, Truro, NS