Credit Karma invited more than 1,000 of our more than 60 million members to take a quiz designed by our own Chief Consumer Advocate, Bethy Hardeman, to see how many understood how credit works. Some financial concepts are better understood than others, we discovered.
We’re approaching a decade since Apple launched the first iPhone in 2007, a massive leap in the evolution of smartphones that led to handheld, internet-connected computers ending up in the pockets of the vast majority of mobile phone users in America. So what is standing in the way of throwing away our wallets in favor of mobile payments?
A new survey by Credit Karma finds that contrary to trending criticisms, young people really are interested in “adulting” in pretty traditional ways. They are getting married and buying homes and cars in large numbers. Urban, suburban and rural 18-34 year-olds are starting families and using credit cards.
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.
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. Where are millennials doing the best job maintaining financial health today?
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.
Consumer debt breaks down into a few different areas. People can borrow to study, buy a home, finance a vehicle, or make everyday purchases. An analysis of Credit Karma data from our member base of more than 40 million consumers reveals the 15 cities in the US where our members have the highest average amounts of consumer debt.
In July 2015,Credit Karma surveyed 500 Millennials (ages 18-34) and 500 Baby Boomers (ages 50-65) in America to compare their beliefs and behaviors toward getting married and building a future. What do you think we found?
The two most popular questions answered: How often do credit scores change and why haven't my credit score changed?
A quick guide to the actions that will negatively impact your credit and those that don't. Spoiler alert: checking your own credit is considered a soft pull and will not affect your credit score.