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Question By
Chase84

12 Contributions
33 People Helped
Has Credit Karma helped anyone improve their score?

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5 Contributions
7 People Helped

CREDIT HELP

Helpful to 1 out of 1 people

I was thinking of applying for a bankruptcy form because i have no other options, I’m on a fixed income and cannot afford new things like auto loan, mortgage loan. My insurance premiums increased and the interest rate has hindered me from getting some benefits and securing a job I wish. I came across a comment of a man on a blog giving kudos to Alan ( TREAT YOURSELF )for job well done in clearing off his debts and fixing his bad credit report. I took a risk by hiring him to fix my credit. I’m happy to tell you that my credit was fixed within 9-10 days by this exceptional credit expert. I was impressed by his work and that’s the reason I’m recommending him as well. You can reach him at treatyourself016 @ g m a i l . c o m

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138 Contributions
510 People Helped

Raised 100 points

Helpful to 8 out of 9 people

I started using CK in May 2012 when I filed for Chap 7 BK.

My CK score at the time was around 518.

My most recent scores:

CK 613 (I've had lots of inquiries over the past couple months)

TU 705 per credit union Feb 2014

TU FICO 657 per walmart card April 2014

EX 625 per cap 1 April 2014

Credit Karma has been great helping me track and improve my credit.

1 Contribution
6 People Helped

Helped / Informed

Helpful to 6 out of 6 people

Yes! My credit has not improved yet, but I have a much better understanding about how my score is calculated. Knowing what affects my credit score (such as percentage of exteneded credit in use) enables me to make more informed decitions about improving my score. I combine common sense and critical judgement of the advice for money management.

1 Contribution
9 People Helped

Helpful to 9 out of 10 people

Their foundation is solid, but the site needs to improve on projections - they currently have me at a 712 Credit Score.  Just refinanced and bank advise I have 791 score - excellent versus good credit. The best advice they give is to pay bills timely and try to keep your credit utilization ratio lower.  Keep it simple with finance - spend less than you make. 

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73 Contributions
101 People Helped

Helpful to 43 out of 44 people

If you follow the advice they give and improve on the areas of your report card, sure.  Why wouldn't it?

They basically tell you where you as a consumer are lacking in your credit file and give you basic advice on ways to improve your score. 

If people can claim this site don't help them, then there just not applying the info they receive here.  You can lead a horse to water.. but you can't make him drink so..

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Reply by
BungalowMo

117 Contributions
869 People Helped
Helpful to 14 out of 16 people

Personally, I would use much caution before simply following the advice they offer in your personal credit section.

If I followed their advice, I would "save" money on my auto loan by paying less each month, but for 72 months rather than 36, at 6.6% instead of 5.6.  Hmmmmm

Next, I could also "save" by apping for a capital one card at 17.9% interest, instead of keepint the ones I have which are 9.9, 11.3 & 12.9.  That sounds like a hell of a deal!  (not)

If you follow the basic rules of keeping your credit card balances low, not applying for credit that you don't need, and keep an eye on your reports to be aware of any unknown charges on your cards & ID theft....then your reports will be looking great & in time, even any negative marks will age & fall off.

I get my credit information from a broad range of places.  Mostly from the myFICO forums, Suze Orman & Clark Howard.  Here...not so much.  CK even says my insurance score is just "medium".  I have full coverage w/geico...100/300k coverage, towing, loaner car, all the bells & whistles with a $250 deductible... $225 per 6/mo.   That sounds a lot better than MID to me!

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Reply by
nbirnbaum2

244 Contributions
456 People Helped
Helpful to 2 out of 3 people

they said I would save money balance transfering 3k from my navy fed 8.9 apr to a chase 15.9 apr card plus transfer fees after rewards.......right.....pass

Reply by
BonnieBlueBonnet

2 Contributions
1 Person Helped

You can edit the details on your current cards, to show the correct interest rate.  That will help them in comparisons for savings.  The interest rates are not reported to them.

Reply by
maryjeanc7

1 Contribution
22 People Helped
Helpful to 22 out of 23 people

You realize those are simply ads, not advice. There advice is in the articles. The ads are what makes their service free.

Word to the wise to all on this site, Credit Karma is GREAT for advice, but any time you apply for something via an ad on here, you are probably going to regret it because you are likely permissing a hard inquiry on your credit. Don't apply for more credit cards if you have a substantial number of inquiries already. If you have a CRAZY APR... then maybe do it if it can save you substantial $$, but that does not mean your credit will be helped. If you are loking for Cost/Benefit anaylsis help in the whole credit balance transfer idea, I'd suggest you use the "Snowballing" calculator on whatsthecost.com

Credit Karma can't help you save so much as they can help you hone in on the weak areas of your credit score. When you "Update" your credit score report on Credit Karma, it is a soft inquiry and will not hurt you.

Reply by
kkuhl861

1 Contribution
1 Person Helped
Helpful to 1 out of 1 people

100% Agree with Klien. One thing that Credit Karma adds in value is a constant, FREE snapshot of your score and accounts all the time and going with you anywhere. Before I got credit karma I was just doing my 1 free credit report per year and making decisions based on that. Now, my wife and I can always make informed decisions on purchases and other big decisions by just logging in and having a look.

The community (which you have discovered obviously) also adds considerable value because many people are asking the same questions you are.

CK simply makes information more readily available to you when before, at least in my case, it was not. If you use the info, it can help considerably. If not, its no different than NOT knowing.

Reply by
dukegison

1 Contribution
0 People Helped

And as I just found out, Credit Karma is NOT 100% accurate or even close, so even following the basic advice may not improve your score after all.

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