It has been a while since I have written a post about your credit score, but I have partnered up with Credit Karma™ and had the opportunity to sit in on a webinar provided by the Credit Karma™ team so I jumped at the chance to share updated information with you!
I have been a member of Credit Karma™ for several years and during the webinar I still learned more about the service. So, I want to share some of those things with you, but first I want to explain why you should care about your credit score and why you should sign up for Credit Karma™. (And, no, I don’t get paid if you sign up.) But it is free for you to sign up so head over and get started.
You all know, because I’ve talked about it in depth, the financial struggles I have faced as a single mom. Many of you have faced, and continue to face, those same financial struggles yourselves. It is tough to juggle it all and pay the bills. On time, no less. There was a time when I didn’t make enough money to pay all of my bills and my credit score suffered.
Your credit score matters because it is how financial institutions judge your financial stability and how they decide whether you are worthy of a low interest rate or a high one. Did you also know that insurance companies use your credit score too and your credit data is predictive of whether or not you will file a claim!? Credit Karma™ offers four different credit score numbers and two of them are insurance numbers.
I had had enough of struggling and turned to managing to a strict budget and staying on top of my credit score. And that is how, and when, I found Credit Karma™.
Credit Karma™ is a great solution to monitoring your credit because:
- It really is FREE and you will never be asked for a credit card.
- With Credit Karma™ you can update your credit report weekly with no adverse effects on your credit report.
- Your credit information is in real time.
- Be sure to take advantage of their credit monitoring by setting alerts.
- You can use the credit score simulator to figure out how certain events like paying off a credit card, or even adding a new one, will affect your credit.
- Credit Karma™ can also be accessed via their mobile app so you can always be in touch with your credit score. As you should be.
- With more than 30 million members, Credit Karma™ is able to conduct in-depth analysis of the likelihood you will receive credit approval.
- If you are in the market for new financial products Credit Karma™ is able to match your credit and personal profile with products that make sense for you.
I have finally been able to improve my credit score to excellent, but if I use the credit score simulator and simulate adding a new credit card my “portfolio” my credit score will drop almost 100 points!!! What I realized long ago was that when stores offer you 20% off to open up a store credit card that I needed to consider the immediate ramification it would have on my credit score. You can simulate all sorts of scenarios and you should be doing it every time you make a change to your finances.
Here is a screen shot of an example of the Credit Karma™ credit report.
The most important pieces are at the top. You can see how many accounts, if you have any accounts in collections, how many accounts you have and how many missed payments you might have. And all of this allows you to monitor, and stay on top, of how the moves you make affect your credit. If you’re coming back from a low credit score you can use this weekly to keep making positive steps toward a high credit score. I am proof that monitoring your credit works.
Here is another screenshot example of the type of details it will show you on your accounts. You can see each account in detail and which months you might have had a late payment and/or how many. Or if you have not missed any payments you will see that too!
Be sure that you download the app so that you can access Credit Karma™ on your mobile phone from anywhere you have mobile access. This way there are no excuses for not checking in on your information regularly because did you know that 25% of Americans have errors on their credit report? You should not be one of them.
This is a sponsored post written by me on behalf of Credit Karma™. All opinions are my own.