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An Interesting Article on How Credit Karma Started

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An Interesting Article on How Credit Karma Started

Message 1 of 3
Senior Contributor

Re: An Interesting Article on How Credit Karma Started

That is an interesting (Forbes) article on CK, thanks for posting.


  • More than 80 million Americans (one in three adults) are now Credit Karma "members"

- Wow, I had no idea that many folks used CK, I thought I was the cleaver one. Smiley LOL


  • Back in 2000, {CK founder Kenneth} Lin learned, E-Loan had tried to give would-be borrowers a look at their FICO credit scores . . . FICO and the credit bureaus didn't want consumers to see their scores, and E-Loan was forced to back off.

The CRAs collect my personal financial info without my consent or knowledge and they didn't want to have access to it???


  • Lenders pay Credit Karma an estimated $100 to $300 each time a member clicks on a recommendation and is approved. Thanks to all the data it has on members, more than 80% of credit card applications suggested by Credit Karma are approved, double the industry rate.

Wow, and we here on MyFico (me included) tend to make fun of CK's recommendations. But I am surprised by that 80% approval rate for their recommendations. Often for me they recommend cards I already have, and they recommend cards from Chase & Citi which since I included them in my 2010 BK7 are automatic denials.


  • Intuit, which owns TurboTax and Mint, with a combined 48 million users, recently introduced a platform called Turbo; the new service will provide free credit scores as well as personalized recommendations by leveraging the extensive financial information it has on users.

That "extensive financial info it has on users" would be years of income, credits & expenses you reported to the IRS if you use TurboTax, and it also mentions that CK has that for CK members that use their tax filing service. I've used TurboTax for years to file my federal & state tax returns and looked at CK's tax service this year and decided "no, you don't get to have both my credit and tax return info". I hadn't heard of the Turbo credit score service and logged into TurboTax and clicked the link to the Turbo credit service. It's right there: "Verified Income from tax filings". No thanks, you don't get to use my tax returns for marketing.


Fico 08: 734/716/734 TU/EX/EQ
Message 2 of 3
Regular Contributor

Re: An Interesting Article on How Credit Karma Started

You are welcome. 


I too was surprised by the number of people signed up at CK, and I was also surprised that their recommendations are 80% approved.  They keep suggesting for me also a card that I already have, and they also suggest cards issued a bank that I cannot even get a pre-approval on. 



Message 3 of 3
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