How Credit Karma Helped Me With My Credit Score and Finances

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I’m excited to bring this sponsored post to you from Credit Karmaâ„¢ because credit scores are a topic that not too many people know about. There are so many things we are taught growing up; from learning our colors and number to desire to go to college so we can get a good job we’re prepared for how to become grown ups in many ways but often how to keep up with our finances is neglected. In many families having a good credit score doesn’t even seem like a possibility and some are entrapped in a vicious cycle of learning all the wrong things to do financially. When I was younger I had a banking system where I would loan relatives money and have them sign contracts in blue crayon, lol. I always knew I wanted to not be in debt, try to manage my money and save for my future. When I got older, I knew that I needed to build credit but nobody really explained to me how to build it or how to even find out what my credit score was. One day I had a conversation with my brother Dante about it and he told me to check out Credit Karmaâ„¢, so I started my credit building journey there… keeping 4 questions in mind.

4 Questions That Helped Me Start My Credit Journey

1. What is my credit score?

2. How is my credit score calculated?

3. How do I build more credit?

4. How can my credit be effected negatively?

According to a survey done in 2013, only about 42% of Americans actually know their credit score. This is crazy to think about because your credit score is the most defining metric of your overall financial health. It determines whether you’re approved for a home, apartment, car, credit card, loans, and can even be used to evaluate whether or a not a company should hire you. When you have an excellent credit score, you will get the best interest rates and best benefits… at the end of the day, it will literally save you money.

Upon signing up for Credit Karmaâ„¢, I was able to get my 1st question answered. Credit Karmaâ„¢ provides your weekly credit score and report, credit monitoring and more. The best part is it’s all completely for free! Check out the image below to see how it looks when you sign in.

My 2nd question is a bit more complicated but I was still able to find a great amount of information using the Credit Karmaâ„¢ site. Did you know there are more than 50 FICO branded scores from each of the major credit bureaus? Crazy and confusing, I know. The score offered by Credit Karmaâ„¢ is not just an educational score, it’s a real score. Credit Karmaâ„¢ provides you with your TransUnion credit report which is one of the three credit reports used to evaluate consumers when it comes to lending decisions. This gives you a great idea of where you stand and how much more you need to build… which leads to my 3rd question.

Credit Karmaâ„¢ offers an abundance of tools and resources that you can use to fully understand your credit data and what impacts it. One of my favorite tools is the credit score simulator and then I also love the credit card recommendations. In order to build credit you have to establish and maintain credit. Credit Karmaâ„¢ makes credit card recommendations based on your credit score and report, they also provide you with information letting you know your chances of being approved or not.

Now that we know how to find out our credit score, how to keep up with it and how to build it… you have to think about how your credit can be effected negatively. With the credit score simulator, you’re able to plug in different variables; such as if you let a credit card bill be paid late, if an account goes into collections, etc and it will simulate how each action could effect your score. One thing to notice about your credit score is that it may take a lot to build it, but it only takes one or 2 things to destroy it… and even longer to build it back up.

My advice is to never take on more than you can handle, live within your means, and always check your reports. With the handy alert system Credit Karmaâ„¢ has, seen above, you can get notifications on any changes that happen to your credit report and different accounts. The journey to good credit is proactive one but in the end I’ve been quite pleases with #MyCreditKarma!

What Do You Think The Hardest Part

Is When Dealing With Credit Scores?

 

 

This is a sponsored post written by me on behalf of the Credit Karmaâ„¢

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