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Wednesday, January 14, 2015

Credit Karma: A Personal Review to Easily Keep Track of your Credit Score


First off, I want to say, amazing app. I've been using it for a year now and can completely keep track of all my credit. Though I only have 2, my car and credit card, I can assure myself I am on the right path every month.
           
Credit Karma works with TransUnion, one of the 3 major credit bureaus. When first signing up, Credit Karma does a soft hit on your credit report to give you your score. Credit Karma will not look at your score again. Instead, monthly, a new estimated credit score is given to you based on your record. 

What's the difference between a soft hit and a hard hit? Hard hits permanently stay on your record for approximately 2 years. I just watched my third hard hit get removed! Hard hits are generated when applying for a new loan such as a car, credit card, or house. It's a hard hit because the banks are about to lend you money. If multiple hits are generated at the same time, it can affect your credit score negatively by reducing the number. Soft hits only check your credit and is similar to a background check.* To view more information about the differences in soft and hard inquiries, visit Credit Karma.

I definitely give the creators two thumbs up for this app and 5 stars! I highly recommend it for everyone to keep track of their personal life and be able to set realistic goals for themselves.

*Be sure to do your own research to make sure certain hits stay off your credit.

3 comments:

  1. I also tried this app, It's really helpful on tracking my credits. Aside from tracking your credit score, you can also opt for a Wealth Protection program. Thanks

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  2. I'm glad you guys liked the article!

    ReplyDelete