But My Credit Karma Says…
Your app and a lender can show different scores because the scoring model, credit bureau or reporting date differs. One number does not represent every lender’s view.
“Scott, that isn't the score on my app.” That can happen without either number being a mistake.
Credit Karma explains that its scores use VantageScore 3.0 with Equifax and TransUnion data. A lender may use a different scoring model, a different bureau, or a report pulled on a different date. The app's score is not automatically higher or lower.
Compare the labels, not just the numbers
Look for the model, the bureau and the date beside the score. Also look at the underlying accounts. A balance or payment may have reached one report before another.
If an account is wrong, that is an accuracy issue to address. If the reports are accurate but the models differ, disputing the score itself does not make the models identical.
Then look beyond the score
For a boat loan, we also have to consider the borrowing experience behind the number, repayment capacity, the boat and the requested loan. A great score on any app is not a commitment from a marine lender. That is why I ask questions beyond “what is your score?”
Keep reading
Sources and further reading
Have a boat in mind? Send me the listing through YourBoatMoney, or ask ScotBot to help you get started. You do not need every answer before we talk.
Educational information, not a loan offer or guarantee of approval. Requirements depend on the lender and transaction.