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A place for Get Rich Slowly readers to ask questions
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It is currently Tue Jul 29, 2014 11:57 am




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 Post subject: Credit Karma
PostPosted: Fri Nov 30, 2012 9:07 am 

Joined: Mon Nov 26, 2012 10:18 am
Posts: 30
Does anyone use Credit Karma? I downloaded the app to my iphone and I'm really liking it. I would never consider it as a replacement for getting an official bureau report and score, but it does update your balances pretty quickly and accurately. It mis-categorized my credit union accounts (my auto loan and credit card are lumped under personal loan), but these are reported accurately on my official credit reports.
One other thing is that it gives you a grade on average age of open accounts, but it's my understanding that the 3 main credit bureaus use the average age of all accounts. I think that causes confusion for some of the users.

Anyway, overall I really like it. Any thoughts?


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 Post subject: Re: Credit Karma
PostPosted: Fri Nov 30, 2012 11:08 am 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1120
I've never used it but it seems to get positive reviews.


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 Post subject: Re: Credit Karma
PostPosted: Sun Dec 02, 2012 11:15 am 

Joined: Mon Oct 08, 2012 10:03 am
Posts: 19
This app sounds interesting. Thanks for the tip. I will have to check out Credit Karma.

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 Post subject: Re: Credit Karma
PostPosted: Sun Dec 02, 2012 3:33 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5293
I like credit karma and use it all the time. I can say that the scores it produces have been very accurate when compared with actual score I had pulled when I refinanced a couple of years ago. CK is affiliated with Transunion so it will generally be as accurate as they are.


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 Post subject: Re: Credit Karma
PostPosted: Tue Dec 04, 2012 8:20 am 

Joined: Thu Oct 23, 2008 9:57 am
Posts: 47
Location: Chevy Chase, MD
I use it, and also have IdentityGuard, which is at a discount from Costco. CK isn't quite as good as the paid service, but seems to estimate some of the other related credit scores pretty well, and is close enough on FICO that it's a good ballpark.

Definitely worth a try if you're just curious, and not actively in the middle of trying to get a loan or something where you'd want very accurate results.


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 Post subject: Re: Credit Karma
PostPosted: Tue Dec 04, 2012 8:53 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5293
TripleE wrote:
I use it, and also have IdentityGuard, which is at a discount from Costco. CK isn't quite as good as the paid service, but seems to estimate some of the other related credit scores pretty well, and is close enough on FICO that it's a good ballpark.


I don't disagree with this...

But, people need to realize that their FICO or any other score will change daily, sometimes by 10-30 points or more depending on various factors that might change. Each creditor also creates their own score based on the underlying data.

A few years ago we had an "incident" that we dealt with. Long story short - a very large national collection firm placed a fraudulent mark on our credit - not a mistake or anything that had anything to do with us. This was an outright criminal act by an executive officer of the firm in retaliation for a complaint we filed that cost his firm big bucks and him his job.

In the process of getting it cleared up...which ultimately took about 3 days because my wife was tenacious about it and we were in the right AND had evidence of bot a crime and a civil infraction that went way beyond just a violation of the Fair Credit Reporting Act...we were having credit pulled every 2-3 hours with the assistance of one of the bureaus. I think it was Experian but basically they could do an administrative pull which is just like a hard pull but does not create any record that is visible to anyone except the firm itself. It is the kind of thing used for investigations and for quality checks. I will say that the bureau was extraordinarily helpful with this. At first they sort of gave us the brush off but when my wife got a letter from a judge asking for their help they because very cooperative.

Our credit scores changed by almost 100 points both up and down over the 2 days while the bureau made the corrections needed to purge the illicit information. Most of the variations were minor as they adjusted outstanding balances, credit access, and that sort of thing. But, still, these are things that normally happen every day to everyone depending on when changes to your accounts post. So basically, 20-30 points on your credit report is noise that is not worth worrying about. And CK has, at least for us, always been more accurate that 20-30 points. I'm sure it could be different for others but if you are just looking to get an estimate of whether your credit is good or needs improvement, I think CK is an excellent resource.

(I have no affiliation with CK and am only expressing my person opinion.)


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 Post subject: Re: Credit Karma
PostPosted: Sat Dec 08, 2012 10:13 am 

Joined: Sat Jun 09, 2012 5:04 pm
Posts: 8
I very much enjoy credit Karma, but I do know there can be quite a discrepancy between the score they generate and my actual score. The past 3 times credit karma has been 50 points higher than my experian score (which my credit union uses). I realize this is different from the Transunion score but in my experience few places use Transunion.


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 Post subject: Re: Credit Karma
PostPosted: Wed Dec 12, 2012 7:20 pm 

Joined: Tue Dec 30, 2008 6:22 pm
Posts: 18
I have been using Credit Karam for years. I update my score once a month. After purchasing a home and a new car I have noticed credit karma has been almost 100 under what my actual score was that was used to purchase my home and car. so everytime I veiw it on credit karma I typically add 100 more points to it.


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 Post subject: Re: Credit Karma
PostPosted: Tue Dec 18, 2012 6:41 am 

Joined: Tue Dec 18, 2012 6:00 am
Posts: 21
I've been using it for 2-3 years now. I like that it emails me alerts when things change on my credit report. I check it once per month to see if the credit cards I paid off are showing PAID, and if they are closed after closing them.


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 Post subject: Re: Credit Karma
PostPosted: Tue Dec 25, 2012 11:35 pm 

Joined: Tue Dec 25, 2012 11:27 pm
Posts: 1
Location: Mumbai
It think this app is of my great use to check my karma score. At least i will be notified every time i get a score whether it is good or bad.


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 Post subject: Re: Credit Karma
PostPosted: Wed Dec 26, 2012 2:02 pm 

Joined: Tue Apr 15, 2008 6:48 am
Posts: 526
Location: Arkansas
I signed up for it a while back, but it's not very user friendly. I tried to get them to allow me to change my email addy but kept running into problems with them. Something else I noticed.. they don't have all the facts and figures (at least not in my case)... some of my accounts weren't even showing up.

In short... I walked away from them because the email that I signed up with was my old business email addy and I no longer have access to it.

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