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.