Credit karma

[Anonymous]

Hello,
I’m working on fixing up some of my debt. I have about 10,000 in credit cards and have been using credit karma app to keep track of my scores. Has anyone utilized this app and found it successful? How about the offers of personal loans to help pay off the credit cards?

Thank you!

[dynamicvb]

Hello, welcome to the forum. Credit Karma uses Vantage 3.0 scores so what you get there probably won't be close to what your real Fico scores are, but this varies, for some people its close, but for me when my file was dirty Credit Karma was a 100 points higher than my Fico 8 scores. Now that I'm clean its 50_ points lower. Best thing is to get one of the trials like creditchecktotal.com and get your fico scores for a benchmark.

CK is good for seeing the items on your TU and EQ reports, but don't pay much attention to the scores. Also, don't pay attention to the You have excellent approval odds for this card or loan. They provide your score free by making commissions off anything you may sign up for on their site so they are not unbiased when it comes to advising of what you should do to improve scores. Spend some time reading this forum and the Rebuilding forum. It will give you a better education and actionable items to really improve your score.

[Anonymous]

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@Anonymous wrote:

I’m working on fixing up some of my debt. I have about 10,000 in credit cards and have been using credit karma app to keep track of my scores. Has anyone utilized this app and found it successful? How about the offers of personal loans to help pay off the credit cards?

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Ignore their scores and offers.

Their scores are not Fico scores, so they aren't what the majority of lenders care about and use.  Their offers are just there to make them money from people taking the bait, so stay away from those too.  As mentioned in the previous reply, using CK for your reports is about all they are good for.

[FlaDude]

As the others have mentioned, the scores on CK are not the scores that most lenders use, but the credit report info can be helpful.

I've had good luck with the pre-approved offers. Over the last couple of years I got three loans totalling $40k at 6-7% interest, at least two were through CK offers, the other I'm not sure if it was via CK or Nerdwallet. These low interest loans have been hugely beneficial in helping me pay down my debt.

[Anonymous]

Just echoing what others have said already. I use CK, etc... to monitor inquires and other reporting data. Though, at this moment, my scores between Vantage and FICO are less than 10 points apart, I do not use CK to monitor my scores. I have never applied for any of their credit card or loan offers.

Which credit cards do you have? Many of the major banks offer a FICO score with their credit cards free of charge. You may have access to your FICO score without knowing it.