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Thread: Credit Karma

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    Credit Karma

    I've seen ads for creditkarma.com to get a free credit score. Does anyone know if this site is legit? I assume they are since they're being advertised on TV, but I'm overly cautious about stuff like this so want to know for sure. Thanks



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    Re: Credit Karma

    Quote Originally Posted by CarlHungus View Post
    I've seen ads for creditkarma.com to get a free credit score. Does anyone know if this site is legit? I assume they are since they're being advertised on TV, but I'm overly cautious about stuff like this so want to know for sure. Thanks
    It's legit. Not a bad service at all.


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    Re: Credit Karma

    Not sure how accurate this site is. I just checked my credit score and it was 60 points lower than it was 8 months ago when I checked it with Experian. The only thing I have done since then is get an auto loan, but I have been current on it every month and have been paying more than the monthly payment, so I don't see how that would drop my score by that much



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    Re: Credit Karma

    Its a great site! It will tell you what your weaknesses are in your credit score and what you should do to improve it. Also has a credit simulator which you put variables such as you pay your remaining debt, decrease your hard inquiries, and etc and it will say what your estimated score would be.


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    Re: Credit Karma

    Quote Originally Posted by CarlHungus View Post
    Not sure how accurate this site is. I just checked my credit score and it was 60 points lower than it was 8 months ago when I checked it with Experian. The only thing I have done since then is get an auto loan, but I have been current on it every month and have been paying more than the monthly payment, so I don't see how that would drop my score by that much

    Not an expert, but I use credit karma...it looks to me like it's an 'estimated' credit score, and it can depend on when you check it. I have one credit card with an intentionally low limit, I use it for everything for the cash back, and pay it off with an autopay for the full amount. I checked my score just before the autopay dropped, it 'dinged' me for using too high of a percentage of my available credit. 3 days later, however, it would have been nearly zero.



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    Re: Credit Karma

    Quote Originally Posted by CarlHungus View Post
    Not sure how accurate this site is. I just checked my credit score and it was 60 points lower than it was 8 months ago when I checked it with Experian. The only thing I have done since then is get an auto loan, but I have been current on it every month and have been paying more than the monthly payment, so I don't see how that would drop my score by that much
    Yeah, so far I've found it to be a little low, but I think it's because it's just an estimate. For example, I had been subscribed for about a year, and it had continually shown one score. I didn't think much of it because I wasn't really doing anything that would affect it. But when we started applying for home loans this spring, I found that my actual credit score was significantly higher. Credit Karma's score adjusted up relatively quickly after that because I think they were able to factor in my recent hard inquiries into their estimate.


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    Re: Credit Karma

    Quote Originally Posted by 00clone View Post
    Not an expert, but I use credit karma...it looks to me like it's an 'estimated' credit score, and it can depend on when you check it. I have one credit card with an intentionally low limit, I use it for everything for the cash back, and pay it off with an autopay for the full amount. I checked my score just before the autopay dropped, it 'dinged' me for using too high of a percentage of my available credit. 3 days later, however, it would have been nearly zero.
    I've never used Credit Karma so I have no idea how accurate it is, but I've looked at a lot of personal credit reports and this is true on real reports as well. Depending on when your company reports each month, your credit cards can look a bit more used than they actually are.



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    Re: Credit Karma

    It's legit. It's been awhile since I started using it but I recall their methodology was to somehow use their own algorithms that mirror your credit score, as opposed to reporting it directly from a credit agency...or something like that. Whether that's changed or not, I don't know

    They've since expanded into real-time credit monitoring and other useful services. As always, I take specific product recommendations with a grain of salt because if they're being compensated it can bias their advice. But the site is useful.



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    Re: Credit Karma

    Quote Originally Posted by CarlHungus View Post
    Not sure how accurate this site is. I just checked my credit score and it was 60 points lower than it was 8 months ago when I checked it with Experian. The only thing I have done since then is get an auto loan, but I have been current on it every month and have been paying more than the monthly payment, so I don't see how that would drop my score by that much
    Soft pull and hard pull will do that with the score. I have a service that monitors mine and the soft pull is always lower for some reason. Then i also have it happen quite a bit every time i pull a customers.



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    Re: Credit Karma

    It's considered a "FAKO" score as compared to the FICO score many associate as their credit score.

    It's a useful site however to use for basic monitoring and general score estimate. But be aware your actual FICO score may be as much as 20-30 points in either direction.

    CreditSesame is another site that pulls Experian score.



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    Re: Credit Karma

    myfico is the only place I know where you can get your real fico score, but credit karma is useful for free monitoring.


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