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.
March 8th, 2016
The number eight is a symbol of good financial fortune and prosperity in Chinese culture. When you consider Credit Karma’s impact on American consumers over the last eight years, there may be some significance to the number eight.
February 26th, 2016
Student debt is fast becoming a fact of life for Americans: research has estimated that by 2020 as many as two-thirds of jobs require post-high school education or training, tuition continues to rise in all sectors of the education market, and students are taking on debt at an alarming rate. Student debt has more than doubled in the last 10 years and, according to MarketWatch, it grows by $2,726 each second in America.
February 18th, 2016
We’re very pleased today to announce the launch of Credit Karma’s new app redesign, available now on both Android and iOS.
February 3rd, 2016
Missing a utilities bill or credit card payment happens more than we’d like to admit. Letters requesting payment can be tossed in the recycling bin, caller ID can make it easy to avoid phone calls, but the debt does not disappear. After a few months it may be sent on, or sold, to a collections agency for payment, leaving a derogatory mark on a credit report that may stay there for seven years or longer.
January 28th, 2016
We’re honored today at Credit Karma to announce that our product now serves more than 50 million members.
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.
January 14th, 2016
December 17th, 2015
A recent University of Michigan study showed that car ownership was declining in America, but with over 90 percent of households still owning a vehicle, it clearly still plays a major role in most people’s daily lives.