How it works It provides users with updated credit reports and scores on a weekly basis. These are usually from national credit bureaus Equifax and TransUnion.
It also offers credit monitoring and this is facilitated by TransUnion. It also provides credit tools. For instance, it provides credit score simulator and this simulates the effect of possible financial actions that can happen to the credit score of a user. Another credit tool it offers is financial recommendations that are tailor-made according to the credit profile of each user.
Furthermore, it offers a My Spending Tool via Yodlee the account aggregation service. This permits users to track their loan transactions, balances and credit card on the interface of Credit Karma. In the end, you will be able to know how your loan is performing.
It has numerous advantages. For instance it provides calculator tools for amortization, debt repayment, simple loans and home affordability.
Others include free access to an individual’s credit information, it does not require a physical credit card, getting TransUnion credit and Equifax credit scores and reports, free credit monitoring, free tracking of credit card spend, getting credit factors report card and a credit score simulator.
Without a doubt, this is one of the best ways to monitor your credit and ensure that you are in total control of your credit score.
The main disadvantage of Credit Karma is their lack of provision of an actual FICO score, what it usually provides is a facsimile of one. They have an ad intensive site in general because of their free service.
How to apply
A person can apply for Credit Karma in the following simple steps:
- Step 1: Visit the credit Karma website. Open a browser and type in the address bar http://www.creditkarma.com and then hit enter.
- Step 2: Search for the sign up button. When the main page of Credit Karma has successfully loaded, scroll down to find a blue link that reads sign up now for free. Click on it in order to load the sign up page.
- Step 3: Enter your email address and create a password for it. These should be typed in the text field that opens up. The password will have to be confirmed through a second prompt to re-enter it.
- Step 4: Pick a question from the displayed list and use it to secure your account. Write the secret answer to the question selected in a text box that is located below it.
- Step 5: Enter your personal details. These include full names, appropriate boxes, address together with the ZIP code and a date of birth. The state and birthday will be selected from a drop down menu and therefore do not have to be typed.
- Step 6: Enter the last four digits of your social security number. The first five will automatically be hidden from view. Once you are through click on the next button to load the final page.
- Step 7: Provide pertinent information about yourself through multiple choice questions. Go through the entire list checking off each and every correct answer.
- Step 8: Click on the submit button.
How to use it
After signing up, you can now get your free credit scores and reports. Credit Karma offers several ways of viewing credit. These include the following:
This enables you to see your scores and when it got recently updated. Your credit scores will automatically update (if it has been more than 7 days since your last update) when you login to your account.
Credit score details – This enables the user to view their VantageScore 3.0 credit scores. In addition, home and auto insurances can also be viewed. On can track their scores from the very first month they got Credit Karma membership.
Full credit card report
It enables you to check your Equifax and TransUnion credit reports anytime and update them to weekly. Complete credit reports come in a simple format together with related reading and educational blurbs.
This enables you to discover essential factors that affect your credit score.
Full credit reports
This feature enables you to simulate actual financial actions and investigate how they affect your credit score. For instance, you will be able to see how a recently acquired loan will affect your credit.
The next step is to connect your account. This will enable you to view your bank accounts and credit lines via Credit Karma. This effectively facilitates a wholesome view of your financial health so to speak. You will also get to utilize other magnificent features of the site such as:
My spending – This tool is used track where your money is coming from and finally going to. This can be useful in helping you work on your budget.Email alerts – This is suitable for forgetful individuals. It can send bill reminders, credit limit changes and low balance alerts.
How to reset password
The following are easy to follow steps of resetting your Credit Karma login password:
- Step 1: Visit the Credit Karma reset page to enter the email address linked to your account.
- Step 2: Check your email. You should get an email with a URL, copy paste the link to the address bar of your browser or click to open it. Promptly use it as it has an expiry timeline of 24 hours once sent. If it expires you will have to repeat step 1.
- Step 3: Verify your identity by either answering a security question you chose when creating an account or entering your full birth date or the last 4 digits of your social security number.
- Step 4: Enter your new Credit Karma login password and once the reset is successful you are free to login to your account.
How to cancel
Your Credit Karma account can be easily cancelled or deactivated through the following steps:
- Step 1: Visit https://www.creditkarma.com/myprofile/security
- Step 2: Scroll down the page listed above and select Deactivate.
Credit Karma offers faster credit updates and many benefits with its free program. It has its merits especially since it gains access to different data to produce a user’s credit report. It is worth signing up for.