Credit Karma

[walkinwood]

Someone mentioned Credit Karma in a thread on keeping your credit locked

I am interested in using Credit Karma's free credit report monitoring service.

Do you use it? find it useful? Any gotchas?

I know there was an FTC inquiry some years ago about the security of their mobile app, but other than that, I haven't found anything negative (that I could trust and verify)

[Gotadimple]

I do use it. It gives you a good read on your credit score, and suggests ways to increase it. The price: registration, but you are not on an email list with your registration, so one bonus point just for registering!

- Rita

[Another Reader]

I use it. I was informed within two minutes that Elan pulled the credit when I applied for the Fidelity card a few days ago. The credit scores are Vantage scores and they are not particularly reliable. For me, they are consistently lower than the same scores obtained elsewhere. Their credit card offers used to be decent, now very limited. I have never gone through the Credit Karma site to apply for one.

However, I'm not going do do anything involving financial accounts on the phone. Not going to expose my information to thieves in the parking lot of McDonalds or wherever. Heck, my printers are hardwired at home, not on wifi.

[COcheesehead]

I had my credit score pulled at a car dealer and it was about 30 points higher than what Credit Karma said it was. I thought I read somewhere that the score they post is actually just an estimate.

[Gotadimple]

Quote:

Originally Posted by COcheesehead I had my credit score pulled at a car dealer and it was about 30 points higher than what Credit Karma said it was. I thought I read somewhere that the score they post is actually just an estimate.

It depends on who the dealer uses for the credit score. Credit Karma uses Vantage 3.0 which is a compilation of Transunion and Equifax.

" VantageScore was created collaboratively by the three major credit bureaus: Equifax, Experian and TransUnion. It’s part of an effort to make information more uniform between the three bureaus so consumers have a better, more consistent picture of their credit health. Credit Karma provides VantageScore 3.0 credit scores that are calculated by TransUnion and Equifax."


https://help.creditkarma.com/hc/en-u...0-Who-uses-it-

[2035]

I use it...free no gotchas and updated weekly. My scores also match what discovercard shows


Sent from my iPhone using Early Retirement Forum

[JOHNNIE36]

I really don't know enough about how Credit Karma works but I get free reports now and then. I read where they use TransUnion and Equifax for their information. I recently froze our credit at all three agencies and was wondering how this affects your credit score including that info from Credit Karma?

[Sunset]

I get my credit score for free from a couple of Credit cards. They each use one of the big 3 reporting agencies.

I don't bother with credit reporting services like Karma, as being reported someone opened a CC in my name is too late. If I was worried, I'd do a freeze at the agencies.

[Sunset]

Quote:

Originally Posted by JOHNNIE36 I really don't know enough about how Credit Karma works but I get free reports now and then. I read where they use TransUnion and Equifax for their information. I recently froze our credit at all three agencies and was wondering how this affects your credit score including that info from Credit Karma?

Should have no effect, as your credit score is determined by how you pay your bills on time (mostly).

Might raise it as it would cut down on hard pulls (which should not be happening anyhow unless you cause it).

[aja8888]

Recent check on Credit Karma a few minutes ago revealed:

TransUnion - 835
Equifax - 830

I just checked on my Capital One site and got - 837

My PenFed site says: - 834

So Karma appears to be pretty accurate.

I have my credit locked also.

[walkinwood]

Thanks for all the feedback.

Currently, I have a "free" subscription to AllClearID from Home Depot (or some other retailer) because they got hacked. It works very well, but I'm not inclined to pay for the service once the freebie ends. I'll just use Credit Karma.