5 - What is a Credit Score, and is Credit Karma Accurate

First Time Home Buyers - How To Buy a Home

Today I’ll be talking about What is a Credit Score, and is Credit Karma Accurate.
See full show notes @ https://fthbpros.com/what-is-a-credit-score-and-is-credit-karma-accurate/
A credit score is a number that represents your creditworthiness. this number is generated from the information in your credit report. the higher your score, the less likely you are to miss payments or default on your loans and obligations.

Credit Karma uses the VantageScore 3.0 model to generate its scores, which is a widely used scoring model for credit monitoring. Because each lender has its own criteria for approving loans, your score on Credit Karma may not perfectly align with the score a lender would use to evaluate your loan application. It's accuracy varies heavily on the type of tradelines on your report, and how long ago they were reported as well as the type of loan you are looking for.

In summary, Credit Karma is a good way to check your credit score and get an idea of where you stand. However, it's not perfect, and your score will be different than what a lender sees. Mortgage lenders usually use FICO Scores, so it's always best to check with them directly to see what they're looking for. You'll need a good credit score to get a favorable interest rate and loan terms on a mortgage, and better credit scores can not only give you better interest rates, but more buying power.

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