Posts Tagged ‘credit karma’

Want to Avoid New Bank Fees? Try One of These 3 Free Checking Accounts

by on October 19th, 2011

Bank customers are not happy. With more big banks imposing new banking fees without improving their services, consumers are becoming more vocal than ever. But how many of those customers will be walking away from their banks? Will you?

If you’re considering switching, but don’t know where to turn, Credit Karma has done some research for you into some of the best free checking accounts. Check out these three suggestions and decide whether or not you should make the switch.

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What’s in a Credit Score: Your Credit Portfolio

by on September 21st, 2011

 

cg score

For the past couple of months, we’ve been brushing up on credit scores. At CreditKarma.com, credit scores are our bread-and-butter and we like to spread the knowledge with all of you Cute Geek readers.

Our first installment discussed how your credit utilization rate affects your credit score. Then we covered what factors in your credit history impact your score. For this final installment, we’ll be talking about how your credit portfolio factors into your credit score.

The two main pieces of your credit portfolio are the average age of your open credit lines and your total number of credit accounts.

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What’s in a Credit Score: Your Credit History

by on August 19th, 2011

 

cg score

At CreditKarma.com, we know credit scores. We know the ins and outs, what keeps them strong and what damages them. We’re sharing some of that knowledge with you CuteGeek readers so that you can take control of your credit life.

Last time, we discussed your credit utilization rate and how important it is in determining your credit score. Today, we’ll talk about how different aspects of your credit history factor into your credit score. The two main pieces in your credit history are your percentage of on-time payments and number or derogatory marks.

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What’s in a Credit Score: Your Credit Utilization Rate

by on July 21st, 2011

 

cg score

At Credit Karma we like to geek out about one topic a lot: credit scores. We get so excited talking about credit scoring and credit score ranges that you’d think we are talking about the latest Harry Potter movie.

Today, we want to share our geekfest with you. That’s why we’re starting this CuteGeek series all about what goes into calculating your credit score. By knowing what makes up your credit score, you’re better equipped to manage your credit health. Let’s break down one of the six key factors that goes into your credit score: your credit utilization rate. We’ll also talk about what you can do to make sure you’re on the road to continued credit health.

First, a quick overview of credit scores.
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Credit Karma Tidbit #6: Buying vs. Leasing a Car

by on June 24th, 2011

It’s time for you to replace the car you’ve been driving around since high school. It’ll be sad to say goodbye to “The Silver Bullet” (or whatever you’ve nicknamed your vehicle), but now you’re faced with your next important decision: Should you get an auto loan or lease a car?

Some people are able to save up the cash to pay for a new or used car outright, but many of us will be paying for a lease or loan for several years. In fact, four in ten of us are currently paying on an auto loan, according to the latest Credit Karma data.

One great thing to note is that both options, whether you lease or buy, can help you build your credit. But there are also several differences between the two financing options. Here are some helpful guidelines to get you started.

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Tips for Paying Back Your Student Loans

by on April 13th, 2011

The average college student is facing some difficult facts:

-          More young people are going to college, which means more young people are taking out student loans. In 2009, more than 70% of graduating high school students enrolled in college, the highest percentage on record.

-          A CollegeBoard report stated that the number of student loans issued in the 2009-2010 school year increased 10% from the previous year. Of the estimated $154.46 billion in student financial aid, 43% came in the form of federal student loans.

-          The latest Credit Karma data shows that the average consumer has $29,151 in student loans.

-          The Class of 2011 will be graduating into an economy with a 9.2% unemployment rate.

Is your head spinning from all the numbers yet? It’s very possible that this generation’s graduates will be in more student loan debt than Americans have ever had to face.

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Credit Karma Tidbit #3: 10 Credit Myths Debunked!

by on October 31st, 2010

Don’t believe everything you hear, especially when it comes to money.

 It’s a shame that financial literacy wasn’t a required class back in school; it may have saved some consumers from being burdened with the national average of $7,526 in credit card debt and a whopping $28,425 in student loans, according to recent Credit Karma data. Most of us figured out how to handle money and juggle our finances thanks to a combination of parent’s advice, friends’ habits, and learning from our own mistakes.

 Along the bumpy learning curve of financial literacy, consumers pick up some misinformed advice and bad habits when it comes to money. Did you ever hear someone tell you that you should keep a balance on your credit card? How about the myth that you’ll hurt your credit score if you check it? Credit Karma is debunking these myths and setting a few facts straight about credit, so you can learn the right way to establish a good financial foundation. Continue Reading…

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Credit Karma Tidbit #2: Choose The Credit Card You Need, Not The One You Want

by on October 1st, 2010

Deciding between the things we need from the things we want is tough—eating the salad over the burger, heading to the bank instead of the mall, studying or going for a night on the town. In the case of credit cards, choosing the credit card you need instead of the one you want could save you thousands (like this savings dashboard shows) and help your credit score.

The key to choosing the right credit card is in finding what benefits your spending habits and encourages responsible credit management. The wrong card for you is the one you choose for its rewards points, retail discount, or promotion offer, and ends up encouraging you to spend more.
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Credit Karma Tidbit #1: Credit Cards Can Be Your Best Friend… Or Just Plain Evil

by on August 31st, 2010

One lesson parents should have taught us is the other golden rule: Treat your money the way you want to be treated. Instead, many of us learn the pitfalls of money management by living it and learning from our mistakes. Case study #1: My friend just learned how credit card interest rates work… and almost keeled over when she realized how much she’s paying in interest monthly. Case study #2: Another friend maxed out her credit card, so her issuer closed her card, which dented her credit score. Maybe a financial blunder you’ve made before is a case study of its own.

So before another trial-and-error lesson in personal finance costs you cash and stress, take money matters into your own hands. That’s what Credit Karma’s column is all about: personal finance lessons to help CuteGeeks get good financial karma. Treat your money and credit the way you want to be treated, so you can save money and build a great credit score. Continue Reading…

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Favorite Website of the Week: CreditKarma.com

by on January 25th, 2010

Living the advertised life comes with a high price in the US. We see nice things & we want nice things. We get nice things & then we want more nice things. Many of us live within our means, but too many of us don’t know what that means.

CreditKarma.com is here to help – not to make you change your style of living or anything, but to help you keep track of your credit score and finances. There are many tools to help you accordingly plan your financial goals through calculators, credit simulators and also special offers from credit cards.

I visit this site at least on a monthly basis to find out how my ‘score’ is doing.

Although it is a weighted average of your score, and while the site does not require the extensive background check that other websites may ask of you, I guarantee it. There is nothing to lose and a piece of mind and an improved credit score to gain.

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