March 31st, 2016
Your credit card utilization rate – your collective credit card balance divided by your collective credit card limit – is an important factor used by most credit scoring models to calculate your score. Generally, lenders see that if you’re using a greater amount of available limit, there is an indicator of a greater risk of not being able to pay your debts. In general, a credit card utilization rate of less than 30 percent is recommended.
March 10th, 2016
In Credit Karma’s recent Credit Fumble research, almost half of all people surveyed (47 percent) said that they had missed one or more payments on a credit card or loan before they entered their 30s. Missing payments have a myriad of potentially negative run on effects: you can incur a missed payment fee, your interest rates might rise, and it could end up on your credit report and potentially cause your credit score to fall. Banks and issuers consider how reliable you were in the past in paying your debts as an indicator in how reliable you will be repaying future debts.
January 21st, 2016
At Credit Karma, we define a “Credit Fumble” as being the phenomenon where young adults, new to credit and many without any financial education, make largely avoidable financial mistakes. When we finished our recent research into this pattern, even we were surprised to find out that more than two-thirds of young adults we surveyed experienced at least one Credit Fumble before they turned 30.
November 12th, 2015
According to an FTC study, one-in-four consumers have an error on their credit report that could affect their credit score. A credit report error, such as a fraudulent account or incorrect account details, can have a powerful impact on a consumer’s financial health.
September 8th, 2015
August 19th, 2015
A lot of people are embarrassed to talk about their finances. At Credit Karma we want to change that. That’s why this week we’ve launched a new video series, which will run through the next few months, featuring real people talking about their journeys with finances, credit and debt.
August 7th, 2015
July 13th, 2015
March 20th, 2015
At Credit Karma, every month is credit education month. So we’re fully behind celebrating March for actually being credit education month, and we’ve launched a new website in its honor.
January 13th, 2015
A Credit Karma member needed some advice on how to help a friend who had a credit mishap while he was traveling.