- Report: #1059527
Complaint Review: Credit Karma - Not available Internet
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Credit Karma
Not available Not available, Internet, USA
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Credit Karma Be VERY careful when applying for their recommendations Internet
So in my experience CreditKarma.com is a useful tool to monitor your credit report activity. Its true that they are a free service, but as with all businesses, they have to make money somewhere, and from what I can gather, they do this by recommending credit cards, loans etc based on your credit score and then get a referral fee from the relevant financial institution. All well and good you may think but heres the problem. In an effort to build my credit, I have to date applied for 3 of their recommendations where they say I have a good chance of acceptance, all 3 were rejected thereby actually reducing my credit score significantly,
Moral of the story, think hard before you apply for their recommendations, you could be doing yourself more harm than good. Eveytime you apply for credit of any kind, it will generate a hard enquiry which reduces your score by a significant amount, and these "hard enquiries" stay on your credit report for 12 months.
Just for the record, I dont have any bad credit, I just have whats called a "thin" credit profile. I still dont understand the logic of refusing credit to those who, because they dont have much debt, and therefore have more disposable income, just a thought.
2 Updates & Rebuttals
alexis
mchenry,Illinois,
helpful information
#2Consumer Suggestion
Sun, October 13, 2013
Well I was a victim of identity theft. I have had to learn alot more than most people. First off an inquiery stays on your report for 24 months and alot of times if you have anything negative you have to ask them to remove it. I like credit karma because its free and they give you alot of usefull tools its primary function is to update you for changes. However on the part of giving credit to people with alot of debt thats incorrect lenders are not giving out any credit unless they can see you can handle financial responsibility.Your best way to insure that you get approve is to keep your balance to limits at 20 percent trust me I just went through bankruptcy a year and a half ago and I have 2 credit cards one limit is 3900 and the other is 2250. Also as far as not getting approved the only place that can give you an accurate score is when you try to finance a car or purchase a house. I have 3 different companys monitoring my credit all numbers are different from what a mortgage lender or dealership will tell you because alot of times its the minor inaccuracys that people dont bother with or realize should be a different way. take me for example i had several gaps where companys only gave one reporting agency my positive credit information and i have 13 years of good credit history that wasnt applied all over my report. So all you can really do is stay on top of your bills monitor what credit to add up keep them at 20 percent and if you keep it that way eventually your mailbox will be full. Those are the credit card applications you fill out nand you will more than likley be approved because they went looking for you not the other way around. When you go out and look for credit you look desperate. Thanks!
Howard
Ingleside,Illinois,
Credit
#3Consumer Comment
Sat, August 17, 2013
It is far better to just have one or two credit cards, that you payoff each month or just for emergencies. The rest of your purchases should all be cash! It is easy to get into debt, but far harder to get out of it. It is better to put the money away for those rainy days that always happen at the worse possible moment.
