Credit Karma is soul sucking

[JennaD075]

I have Credit Karma along with a few other credit sites I visit.  I really have no idea why I use Credit Karma.  It is very deflating to see what they think about me.  On their website I have to look at what is listed below. It has been like this from the start and never changed.  

Recommendations: Consider Bankruptcy

Because: Your finances could benefit from a fresh start.

I do have a low credit score.  According to Credit Karma it is a very poor credit rating.  I understand this and have been working the past few months to get it better.  I unfortunately have some of the main accounts that the creditors won't do anything about on your credit report.  Capital One, Comentiy bank...etc.  I have paid off the credit cards and am working on collection accounts now.  I have not been able to get anyone to PFD or Goodwill.  That is fine I owe it I messed up I need to pay.  It is just hard when I have been trying do have 2 (new) good open accounts and working on getting a couple more. I need to delete Credit Karma. They take all the fun out of life by giving bad advise.

Sorry just wanted to vent.  Thank you!

[seruby]

I use it just for the alerts and to see changes on my TU report.   My score on there is 587 and has been there since August.   Meanwhile my TU score from myfico is currently at 623, and was at 617 in Aug.  

The score it tells me means nothing at all to me.

[JennaD075]

I guess that is why I keep using it also.  I do like the alerts.  It alerts me to thing's that the account I pay for does not alert me to.

[Anonymous]

Depending on your situation it may or may not be 'bad advice' - it just may simply not be what you want to hear.

If you have large, relatively recent debts, and they total a signifigant portion of your annual income, BK-7 may indeed be an option to consider. Yes, it stays on your reports for ten years - but with careful planning and execution many people come out of BK-7 with 700+ scores in 24 months time. If you are in situations with creditors that refuse PFD's, are threatening to sue, have already sued, have multiple collections that will not drop off anytime soon, have multiple recent 60, 90 120 day lates, it can take far longer than 24 months to dig out.

I appreciate that you want to make good on your obligations, but sometimes its just not possible.

[Anonymous]

I've seen Credit Karma FAKO scores to be very close to TU 04 scores.  Most TU scores nowadays are TU 08 and gerally about 30 points higher than the CK score.

So I just add 30 points on and I have a fairly accurate score for me

My CK says 662 + 30 = 692  My actual TU FICO 08 = 697

Close enough for me.

Their advice might not be the greatest but I find I can't have enough credit monitors/checking systems to gauge my progress throughout a month

I find myself looking forward to my CK updates, of course it's not always good news but I wouldn't give up my CK for the world.

[-NewGuy-]

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@Anonymous wrote:

I've seen Credit Karma FAKO scores to be very close to TU 04 scores.  Most TU scores nowadays are TU 08 and gerally about 30 points higher than the CK score.

So I just add 30 points on and I have a fairly accurate score for me

My CK says 662 + 30 = 692  My actual TU FICO 08 = 697

Close enough for me.

Their advice might not be the greatest but I find I can't have enough credit monitors/checking systems to gauge my progress throughout a month

I find myself looking forward to my CK updates, of course it's not always good news but I wouldn't give up my CK for the world.

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Credit Karma scores shouldn't be used at all for credit decision making, lenders don't use them. Having said that, having a free service where you get weekly updates is actually very nice. I agree with the above, free credit monitoring is a good thing, even if the scores aren't.

OP, talk to a financial counselor / advisor ect before BK. It's a massive step to take, but sometimes it's the right step. But you need to talk to someone about it.

[JennaD075]

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@Anonymous wrote:

Depending on your situation it may or may not be 'bad advice' - it just may simply not be what you want to hear.

If you have large, relatively recent debts, and they total a signifigant portion of your annual income, BK-7 may indeed be an option to consider. Yes, it stays on your reports for ten years - but with careful planning and execution many people come out of BK-7 with 700+ scores in 24 months time. If you are in situations with creditors that refuse PFD's, are threatening to sue, have already sued, have multiple collections that will not drop off anytime soon, have multiple recent 60, 90 120 day lates, it can take far longer than 24 months to dig out.

I appreciate that you want to make good on your obligations, but sometimes its just not possible.

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That is not my situation but I appreciate your input. 

I feel that a lot of what got our country in this mess is the canned advise like what Credit Karma gives out. 

It would not be in my best interest to file bankruptcy.  I have paid off most of my debt and within the next 3 years everything will fall off.

Just because it not what I want to "hear" doesn't mean it isn't also bad advice.

And yes I also do want to make good on my obligations...for the most part.  There is 1 large collection item that is past the SOL and will fall off mid next year. I am not paying on that one...although I have been feeling guilty and might just go ahead and offer a relatively small payment after it falls off.

[JennaD075]

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@-NewGuy- wrote:

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@Anonymous wrote:

I've seen Credit Karma FAKO scores to be very close to TU 04 scores.  Most TU scores nowadays are TU 08 and gerally about 30 points higher than the CK score.

So I just add 30 points on and I have a fairly accurate score for me

My CK says 662 + 30 = 692  My actual TU FICO 08 = 697

Close enough for me.

Their advice might not be the greatest but I find I can't have enough credit monitors/checking systems to gauge my progress throughout a month

I find myself looking forward to my CK updates, of course it's not always good news but I wouldn't give up my CK for the world.

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Credit Karma scores shouldn't be used at all for credit decision making, lenders don't use them. Having said that, having a free service where you get weekly updates is actually very nice. I agree with the above, free credit monitoring is a good thing, even if the scores aren't.

OP, talk to a financial counselor / advisor ect before BK. It's a massive step to take, but sometimes it's the right step. But you need to talk to someone about it.

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Thank you for your input I really appreciate it but I am not going to be filing BK.  That is not what I intended to convey with my post.  I have no intention of doing that.  I have been paying off my debt and have almost all of it paid just not yet reflecting on my credit reports.  Also since I didn't get PFD they will stay on that I went delinquent until they fall off.  I really am surprised at the responses I have been getting that maybe I should file bankruptcy.  I'm not saying anyone is wrong I am just surprised.  I don't want to "waste" all the good I have been doing by opening new accounts paying them on time and also paying off past debt. 

[js0319]

Use CK ONLY for the data points it contains from your CR. Pay no attention whatsoever to the score, as it means nothing. 

[JennaD075]

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@js0319 wrote:

Use CK ONLY for the data points it contains from your CR. Pay no attention whatsoever to the score, as it means nothing. 

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I will continue to use them just for the data.  I think that is why I have continued to log onto them almost daily because I do really like the info they give.  I will just try to stop looking at the "Recommendation."