Intuit Credit Karma
A similar report by credit card tracking site CreditKarma.com that included data from more than 300,000 consumers of all income levels found that the average credit card balance for 2011 was $6,576, down from $7,404 a year earlier.
The average Californian owes less in credit card and mortgage debt than they did last year, according to a new report, but credit scores still dropped a little.
Now that you know why a credit score might be useful, don't pay for something you can get for free: I recommend using CreditKarma.com — signing up on their secure form took me only a minute, and within a few clicks I had access to my actual credit score
You can go for those bonus miles and cash-back cards, but not all at the same time. One inquiry for new credit can knock as much as 25 points off a very high score, says Kenneth Lin, CEO of Credit Karma. Even so, the ding from a single new account isn't likely to change the interest rates you'll pay.
When consumers pay with their cards, they'll be offered discounts at the store where they're shopping or at other stores. There's no actual coupon -- consumers just have to pay with their card at the designated store within a certain time frame to automatically get the deal, says Ken Lin, CEO of Credit Karma, which provides credit scores and credit-card reviews.
So imagine my skepticism when I stumbled upon CreditKarma.com. What I learned, however, is that this site provides far more than your credit score and really is "free" to the user.
The average household has nearly $6,000 in credit card debt, more than $15,000 in auto loans and $29,500 in student loan debt, according to CreditKarma.com. That refund could make a significant dent in a debt with a high interest rate, giving you a little breathing room on monthly payments going forward.
Credit Karma allows you to view your credit score for free. A healthy credit score is above 650, and an exemplary score is over 700.
Once you’ve decided to buy, you’ll want to do what you can to improve your credit. That’s because it’s one of the biggest factors in determining your future mortgage interest rate that you have some control over.
It's no exaggeration to say your credit score can change your life. It can determine whether you get a job or own a home. It affects how much you pay for insurance. It influences how much you pay when you borrow, which determines how long it will take to become debt-free.