Credit Karma Review

Credit Karma Review 

credit Karma has a reputation for offering free credit scores and being one of the first websites to offer them. Credit Karma used to offer free credit scores, but this was a scam to trick people into signing up for credit monitoring services. Credit Karma did offer credit scores for free, although there were no strings attached.Credit Karma Review

Credit Karma requires too much personal data before it can provide you with your free credit score. Before giving Credit Karma too much information, we suggest that you explore other methods to obtain your free credit score (including FICO Scores). These days, there are tons of options.

Credit Karma makes money by referring customers to financial companies. Credit cards are the biggest. Credit Karma may have just provided you with your credit score. This could indicate that you are in the market to get a credit line. Credit Karma is a company that can provide free credit scores. You can be certain they are making enough money on the backend to make those scores just a marketing cost. It is best to obtain as much information about you as possible in order to sell you financial products. But that’s another story.

Credit Karma Review

Let’s first talk about these scores. Credit Karma gives you Vantage Score credit scores, based upon data from Trans Union and Equinox. Credit Karma doesn’t offer scores for Experience. These scores do not necessarily reflect the actual scores used by lenders. First of all, RICO scores are used by many lenders to determine loan approvals. However, these scores are not FICO. FILO has a formula that is different from Vantage Score. Vantage Score is a different credit score created by credit reporting agencies. Second, every lender uses different credit scores in making approval decisions. For example, some lenders might place greater emphasis on your timely payments, while others could be more concerned with how much debt you have.

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All of this doesn’t mean that Credit Karma scores have no value. They do. This value comes from understanding how your credit score changes over time. For example, is it increasing or decreasing? If so, why and how can it be improved. Understanding at least a rough idea of how you will likely do in the eyes a lender is more important than knowing the exact number. Nobody can tell you what your credit score to a particular lender. Don’t take Credit Karma scores or any other credit score as the final word. Lenders are the ones who decide which credit score and what credit score you need to be eligible for a credit card or mortgage. However, it’s a good idea for you to track your progress so that you can get an idea of how likely you are to qualify for loans.

Now let’s get back to Credit Karma. They require a lot information about you before they can give you your free credit score. The most frustrating thing about this is the fact that they ask for your cell number and your annual income before you can get the goods. This is excessive and aggressive. With basic name, address, Social Security and income information you can receive a free credit score.

Bottom line: Credit Karma credit score are completely free but they will ask for something in exchange. It is up to you to decide what amount you are willing and able to give.

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