Credit Karma. It offers you a free ability to look at your
credit score to see if you're doing well with your credit or not so well
but is it legit the title of this video is
be careful and i'm going to share with you today in this video
what you need to know about credit karma how it pulls your data
how it reports your data and i'm going to share with you my own
credit score and my own review with credit karma
coming up next stay tuned well hey if this is the first time you and i have
met my name is bob and i help people crush
debt build wealth and live their ultimate sweet life so if you're
into personal finance and learning how you can build wealth and get
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become a sweet lifer right now so let me get started credit
karma i was looking around for the reviews just like you and i want to
start at the beginning of this video and let you know
that i am not getting paid by anybody to do this review
that's not the point of sweet life money in this channel i'm not here to be a
sellout i'm here to give you my own personal reviews on things based
on what i find and i've been hearing a lot of things
about credit karma so i figured okay first let me see what kind of
reviews are out there so i looked around and there's a lot of hate
about credit karma so i said you know what heck with it
it's free i'm just gonna go to creditkarma.com and
sign up so i did and uh you know i i'm gonna give you my
review in just a moment i'll be honest with you you know you've been following
my channel you know and if you haven't i'm a big
follower of dave ramsey and you know papa dave will not be happy
right now that i'm talking about credit scores because credit scores to
him is an i love debt score well but to be honest this is the one
place where i kind of stray away from that piece because
nowadays credit scores are kind of important i mean for your mortgage and
for loans and things like that if you need them
and honestly sometimes even jobs now look at your credit score
so i think it's important to if you're smartly managing
how you handle your money your credit score
will come along as a positive benefit and not a negative benefit
now credit karma what they use is a calculation called
vantage score three vantage score is a just basically a way of taking the
information from the credit reporting agencies such as transunion
equifax and experian and reporting out what that score is based on your credit
history there's also other things like fico you might have heard about the fico
score right they have uh fico one two three right
now fico eight is kind of the main way that a lot of lenders
pull your credit score so fico 8 is definitely something to look at
and coming up soon is fico 10. so really quick
don't want to bore you i'll put another video on this a little bit later but
fico 10 what they're going to do with that
is actually do some trend data so in the last 24 months
did you carry a balance on your credit cards and things like that
month over month over month did you consolidate loans
in any period of time so fico 10 is going to give lenders
an even more deeper look into how you handle your debt and how you handle your
money so credit karma uses vantage 3.0 and i
think right there is why a lot of people get upset
and there's a lot of reviews out there saying that credit karma
is not correct well that's why i say be careful
because you could go into one of those review and just say oh wow looks like
there's a lot of hate toward credit karma
but if you got the hacks if you've got the tips right here from the suite life
money channel you'll know how you can handle this a
little bit better so with the vantage score it's just a different way of
reporting vantage what they do is they basically
take a combined set of credit reports and that's how they
basically assume your calculation on how well your credit is
whereas fico they look at millions of credit reports from millions of
different people and based on your performance with the
top five ways that they look at your credit
that's how they assign you a particular score
so that's the first thing to be careful of is the reviews that say credit karma
is is completely off i i don't think it's
really necessarily that i think it's a
difference between the calculations now i want to give you my personal credit
karma review so the first thing i did credit karma.com as i mentioned earlier
i plugged in my email and signed up i will tell you first of all it was very
quick and very easy that was kind of crazy how fast this
worked literally it was within minutes and all of a sudden i had my
my credit scores i had a little bit of my credit reporting
and it was very clean looking and to the point so a lot of times i use
annualcreditreport.com in fact i'll link that video above if you want to check it
out on how i pull my annual credit report
from the three major reporting agencies but with credit card
i was like wow this was quick another thing i was a little worried
about though is because i signed up with my main primary email
i was like crap why did i do that because now what's going to happen is
credit karma is going to send me an email every week
every day every hour trying to get me to buy
something so they can make some money but i will say now after a month i have
not received any emails from them except for the very first verify your
email that pretty much anybody sends when you
sign up for something so that actually surprised me now you might
wonder well how does credit come and make money i'm getting all this stuff
for free and you can check it anytime you want for free how do they make money
well here's where the catch is here's another thing to be careful of
credit karma makes money based on what you do on their website with
getting a loan or getting a credit card so what they're going to do is they're
going to say here's your credit score here's a little bit of your credit
report and here's the credit cards we recommend based
on your current state so that's where you need to say stop
hold on i don't need any more credit cards i just need to understand what my
credit score is and my credit report the moment that you apply for a credit
card or a loan that's how credit carmen makes their money now of course if you
want to support them by all means do it but i do warn you don't just get a
credit card to have a credit card you got to be smart
with how you manage your credit and your money so
i have over an 800 credit score and i have had an 800 plus credit score which
is excellent for a very long four years okay uh if
you're not aware the highest credit score you can have in the
850. so uh if you want to know how you can get an
800 credit score based on what i've learned
what i want you to do is comment below and say show me that 800.
put that in the comments below show me that 800 and i will make a video on
the exact steps that i used to turn my credit score around and keep
it up in the 800s for years and you can do this as
quick as 30 days so comment below but let me let me kind of go over some
things first of all creditkarma.com you can get that vantage
score if you want to get a fico 8 of course you can go to myfico.com but
that costs money so how might you be able to do this for free
well there are certain credit cards that part of your membership of owning that
credit card they'll actually provide your fico score
for free using fico eight okay so if you want a
difference between the vantage thing that i talked about
earlier and the fico eight that's a great way to do it i have two
credit cards that do that for me my city card and my amex card so citi
card what they use is equifax that's how they get their
information using fico 8 and then amex what they use is experian
again fico 8 so that gives me a chance to
look at that from that perspective and then look over at credit karma which
uses both transunion and equifax and i can
get a whole well-rounded number so i'll link the credit cards i use
below if you want to check those out if you want to get one of those
so let me share the difference okay so with citi
fico eight typically when a lender pulls your credit report
fico is where they're going to go so that's going to be your most accurate
way of knowing it but i will tell you between equifax of
my city card and credit karma credit karma was
actually reporting lower by almost 30
points so right around 809 on credit karma and 833 on city
that's a big difference so a lot of people think that credit card gives you
higher and sometimes it can give you a higher score but in my case they're
actually giving me a lower score based on the vantage 3.0 calculation
method now between amex fico 8 experian and credit
karma's vantage 3.0 under transunion there was only a difference of one point
so again both above 800 but regardless of that you know it was a
fairly good accurate representation now one thing i'll say
that i really like about credit karma is on their website
they give you tips and tricks on how to improve your credit so even if you have
a credit score of 600 or 700 regardless of the bloody calculation
this is a great way to learn more about how you can improve your credit score by
simply going to their website and checking out the information that they
provide you absolutely free so they'll give you tips
and tricks again don't fall for getting more credit
cards what you need to do is focus on the information provided there my credit
karma review is i'm going to give them a thumbs up on this only because if you
go into this free website with the mindset
of knowing the calculation method that i shared with you in this video
you can then be careful about how you understand the process
and then if you do want to get a loan or you do want to get a credit card
take advantage of understanding your well-rounded picture
get a credit card or get something that may give you a free
provided fico 8 or fico 10 score look at credit card to get the vantage
score as well and then you can kind of average that
out and say okay i bet my credit score when my lender
pulls it will be right around this and that is
how you can have a hack to take full advantage of credit karma
i hope this video was helpful give me a like if it was comment below if i missed
anything or if you have any questions about what i
ask about i'm very active on this channel and will reply to you as soon as
i can but most importantly subscribe to get
more great videos just like this coming to you weekly
uh and by the way continue to live your sweet life
have an awesome day and we'll see you next time
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