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Computerized Investing > August 3, 2013

Credit Karma

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by CI Staff

Credit Karma is a website that gives viewers access to their credit score for free. Based on your score, you can gain access to exclusive offers from companies that value your credit worthiness. These personalized offers based on your credit score are optional, and CreditKarma will never share your information without your consent.

Once you provide your information to Credit Karma, a page will pop up that shows you your credit score from TransUnion. The website gives users their overall credit score, as well as a breakdown of several contributing components that affect your credit: open credit utilization, payments made on time, average age of open credit lines, total accounts, hard credit inquiries and derogatory marks. For each category you are given a grade on a scale from A to F, then an overall credit grade is given on that same scale.

If you click on any of the categories you can get the details of your letter grade Credit Karma will explain what the category represents and how much this particular score affects your overall credit score. Different types of graphs show the information visually. One interesting feature allows you to “See How You Compare.” You can compare your credit score to different types of credit, states or age and income levels. After choosing your preferences, the site will give you averages comparing your credit to your specifications. If there are specific steps to improving your score for a particular category, the site will provide suggestions. At the bottom of the category’s page, Credit Karma lists several recommended articles having to do with the subject.

On the left-hand side of the site you will see all the credit cards or lines of credit that you have open as well as their balances. If you don’t see a card listed, you can connect its account to the site. Credit Karma also provides a link to “recommended savings,” which lists different credit cards that are offering the best terms for users. If you need an auto loan, the site lists the current offers. There are also resources that give users information on home, personal and student loans as well as different types of insurance.

Aside from getting your free credit score and a breakdown of your credit report card from TransUnion, Credit Karma is also a great source for information on loans, credit cards or insurance. Often people don’t shop around enough before choosing their loans or credit cards and miss out on better available offers. This is a great resource to use when comparing your options. In addition, Credit Karma also provides financial tools, calculators, and even credit advice. Viewers can also ask questions and get answers from Credit Karma.

Credit Karma

CreditKarma.com


Discussion

Donald Brown from VA posted 12 months ago:

This is another online scam to obtain our credit information for their own use. It's terms of use, like so many others, makes the user have to check daily to see if they've changed those terms to our disadvantage instead of requiring them to email us automatically when the terms of use are modified.

That's why every online user should check the terms of use for every site and refuse to use any that place the onus on the user to check terms of use.

That should be illegal.


Don Washburn from CO posted 7 months ago:

This is a bogus site. The info it had for me was moostly wrong. The main purpose it seems, is to get one to refinance, change credit cards, etc.

Does anyone at AAII review the links that get put up here??


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