Credit Card Forum
+ Reply to Thread
Page 1 of 2 1 2 LastLast
 
  1. #1
    Centurion Member
    Join Date
    Mar 2012
    Location
    USA
    Posts
    344

    Default Credit Karma Scam or Reputable?

    Hey, so I was looking at this site called Credit Karma... not sure if it is reputable or a scam considering the government gives you a free report once each year, plus how you can purchase yours from the various reporters and myFICO.

    Anyone try this?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  2. #2
    Green Member
    Join Date
    Nov 2011
    Location
    usa
    Posts
    14
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  3. #3
    Centurion Member
    Join Date
    Mar 2012
    Location
    Virginia
    Posts
    397

    Default

    Quote Originally Posted by bmw1990Z View Post
    Hey, so I was looking at this site called Credit Karma... not sure if it is reputable or a scam considering the government gives you a free report once each year, plus how you can purchase yours from the various reporters and myFICO.

    Anyone try this?
    Credit Karma is officially owned by TransUnion, so they are quite legit.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  4. Centurion Member
    Join Date
    Mar 2012
    Location
    San Francisco, CA
    Posts
    542

    Default

    You should check both Credit Karma and Credit Sesame. They pull TU and experian respectively. basically they both give you a score which is a FAKO and then monitor changes to score over time. Think of it as credit monitoring light, but for free. btw, Credit Karma only has small investment by TU. know the guys in both companies. basically they monitor it for free, but you don't really see your report, but only some score and factors affecting your score.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  5. #5
    Centurion Member
    Join Date
    Mar 2012
    Location
    USA
    Posts
    344

    Default

    but neither give FICO so I would need to goto myFICO to get an accurate score correct?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  6. #6
    Centurion Member
    Join Date
    Mar 2012
    Location
    San Francisco, CA
    Posts
    542

    Default

    Yeah. Myfico has "real" FICO scores. Here is the problem. The only one worth getting, in my opinion, is the Equifax FICO score. You can't get the experian one and the TU FICO score using an old FICO scoring method that is basically hardly used and can be significantly different than the current FICO models in use.

    Your best method is to get all your credit reports and compare. Assuming they all match, you can get your Equifax FICO score and use that as a basis, but variations betweent he 3 bureau's FICO score on the same information of 30 points in either direction isn't unusual.

    Remember a lot of lenders use one or all of the base FICO models from the credit bureaus and then adjust them with their own criteria so even a "real" FICO score might not be too accurate. There are some other sources of getting FICO scores. Some credit unions give them free to their members as a service. Walmart card gives you a quarterly TU08 FICO score as a service although TU04 FICO is the most used TU FICO Score. There is some credit union that gives the Experian FICO score, but Experian is generally very hard to get.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  7. #7
    Centurion Member
    Join Date
    Jun 2011
    Location
    Down South
    Posts
    1,587

    Default

    If I want to know what lenders think of me, I go to equifax and buy their product. If I want to get general information, I go to credit karma and other sites.
    Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
    Plane tickets: CSP
    Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
    Clothes: Express, Amex BCP, Discover IT
    Amazon: Citi Forward, Cash +
    Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
    Hotels and other travel: Discover Escape, CSP
    Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
    Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
    Balance transfers: Kroger 123 rewards
    Bill Pay: Chase Ink Plus, Citi Forward
    Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  8. Centurion Member
    Join Date
    Mar 2012
    Location
    Virginia
    Posts
    397

    Default

    Quote Originally Posted by Crashem View Post
    You should check both Credit Karma and Credit Sesame. They pull TU and experian respectively. basically they both give you a score which is a FAKO and then monitor changes to score over time. Think of it as credit monitoring light, but for free. btw, Credit Karma only has small investment by TU. know the guys in both companies. basically they monitor it for free, but you don't really see your report, but only some score and factors affecting your score.
    Crashem,

    I assure you that you're incorrect. The firm I work for represents a number of blue chip firms with M&A advisory, and corporate transaction services. CreditKarma was 100% sold to TransUnion.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  9. #9
    Centurion Member
    Join Date
    Mar 2012
    Location
    Virginia
    Posts
    397

    Default

    Actually most lenders do NOT use their own adjustments. They setup a structured profile of what they deem an acceptible risk, and then they have manual review provisions for certain persons who fail to meet the entire credit profile but meet portions. This is to avoid them having to comply with FCRA and having to release these "models" for maintaining their own credit reports.

    Obtaining a credit score is not at all that hard, you can get a "FICO" from FICO (Fair Issac Co) but no where else. What you get from TU, EX, EQ is simply a "FAKO" built on their own modeling and scoring. (Ex: Vantage). If you apply for a mortgage and your lender obtains a report from all (3) bureaus and your score from say Experian then you can simply ask for it. Otherwise you simply buy the score from the CRA.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  10. #10
    Green Member
    Join Date
    Apr 2012
    Location
    Oakland
    Posts
    2

    Default

    Quote Originally Posted by JCarter View Post
    Crashem,

    I assure you that you're incorrect. The firm I work for represents a number of blue chip firms with M&A advisory, and corporate transaction services. CreditKarma was 100% sold to TransUnion.
    As a Credit Karma employee, I can assure you that is not true.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

+ Reply to Thread
Page 1 of 2 1 2 LastLast
 
These forum posts are not provided or commissioned by the bank advertiser. Posts have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Advertiser Disclosure: The credit card offers that appear on this site are from credit card issuers from which CreditCardForum.com receives compensation. This compensation may impact how and where products appear on this site, including the order in which they may appear within listing categories. CreditCardForum.com does not include all credit card offers that might be available to consumers in the marketplace.