Description: The article is talking about Credit Karma login. The information will show us the first tool people use to track their credit, we can also see the reasons why the author uses Capital One credit card.
Most people use Credit Karma to track their credit score, that’s the reason why you go there, it’s a free service and they track your credit score, but in my experience that score that they show you is inaccurate.
I’ve done thousands of loans at my credit union, I’ll ask the member ahead of time about whether you know where your credit stands, if you know where your credit stands, I can tell you what the rates would be before I submit anything.
If you tell me that you want a car loan, your score is a 646 and you want to finance it for 47 months, I’ll tell you that your interest rate is three point one five percent.
You don’t have to apply for anything, I can tell you what the rates are, if you like it, it is good, if not, you don’t have to do anything, so it benefits people to know what their credit is before they apply for a loan.
When I ask that member do you know where your credit stands, I have to be the one to say that’s not your score, they tend to be off.
I’m talking plus or minus thirty points, that’s a huge swing, sixty points, if your credit score is a 690, that would get you a two point two percent auto loan.
You’re feeling good, what if they’re 30 points off and your scores of 660 well, your rate could be four percent, I originally quoted you, because your credit score was based off credit cards model, they’re typically inaccurate, it’s very rare for me to see them.
When it comes to credit, I’d appreciate it even if they were plus or minus like two or three points, I wouldn’t be a big deal, but when you’re off as much as they are, it doesn’t do you any good.
The whole business models they have don’t cost you anything, but we will monitor your credit and tell you what that is for you, I’m not sure that they do what they do well, because they’re inaccurate, I don’t know if I’m a fan of the institutions.
They’ve partnered up, it is a silver lining, your credit score has gone up or down due to this reason, they’re trying to educate you as to what affects your credit score.
I do appreciate if they say your credit score went down, because you’ve utilized too much of your credit card limit, then they’re teaching you capacity ratio.
Utilization ratio doesn’t spend too much on your credit cards, because it could negatively impact your score, maybe you recently closed out a trade line, they’ll say your score went down, because you closed out a trade language which has been helping you.
You’ve paid off a credit card, your score went up, I do appreciate the fact that they’re educating people on what affect the credit does, they partner up with the main reason why I don’t use them, they’re redundant.
I talk about why I use my Capital One credit card, this is not an endorsement about getting a capital one card, they have a built-in tracking record that does essentially what Credit Karma does, it gives me a snapshot of where my credit should stand.
Even though they’re more than likely a little bit off, when it comes to the score, it’s built in, I don’t want to give another company my social security number, my name, my address, I don’t want anyone else monitoring my credit.
I use this company for my credit card, they do the exact thing Credit Karma does, I might as well stick with them, there’s no point in me using that.
What I’m trying to say is that if you already have a credit card or a car loan with a bank or a credit union, they’ve already got their own credit tracking and you can find out through them roughly where your credit score stands, so find out if there are any other ways for you to find out where your credit stands through any services you already have.
If they offer you that, you would need another service, it doesn’t make any sense to me, but what I would like you to do is that if you use Credit Karma comment below, tell us what your experience has been with them.
I don’t use them for the reasons that I said, if you use them and you’ve had good experiences with them, we want to be fair to every company, we want to grow this community and help each other out, so if you use them, you’ve had positive experiences, you’ve applied for a loan and Credit Karma was exactly right or they were very accurate.
When it comes to your credit score comment below, if you use them and you applied for a car loan and you had a similar experience to what I’ve normally had where they’ve been often inaccurate, we want to make sure people understand what they’re getting into before they sign up for some service that may not be too beneficial for them.
Today we’re talking about Credit Karma. I want to talk about the first tool that people use to track their credit. I will be honest with you. I do not use Credit Karma, it’s not to say that I think it is a bad company, but today I will explain why I don’t use them.
Firstly, 99% of the people use Credit Karma more than likely use them to track their credit score, credit is complicated to be tracked, we will help you monitor your credit scores, we will show you where your credit scores stand.
They will do it for free, you don’t have to pay anything for them so far, that’s a cool business model, everyone should monitor their credit, if you have bad credit, you need to start working on it to get it built up, because it has huge financial ramifications on you, so they help you monitor your credit and they do it at absolutely no expense to you now.
If you go to their site, there’s no cost for you to use the service, you don’t have a credit card at all right and Credit Karma may say your credit score is round here, because you have no cash city ratio, you have no revolving trade lines that could potentially help build your score.
We’ve allied and partnered up with this institution and they will help you get a credit card, that’s how they make money, you don’t have to pay them anything, but at the end of the day, if you get a financial service or product with one of the partners, they make a commission, that’s how they make money, it doesn’t cost you anything.
Look at some of the partners, they use a lot of interest rates that they have, you do not have to pay anything to use them, if you happen to buy a product through one of their partner institutions, they make commissions, that’s how they make money.