Credit Frame Review – Get free credit score enhancement tools
Unfortunately, there are too many companies that want to charge you money to find out what your credit score is and help you improve it. While I remain steadfast in the fact that I absolutely refuse to pay for what I think I have a right to know, these companies continue to switch those who do not know the channels available to get this information.
That’s why I like Credit Karma, a website that helps you maintain a good credit score for free. It gives you 24/7 access to your VantageScore 3.0 from Equifax and TransUnion, as well as your TransUnion and Equifax credit reports. You can choose from credit cards, auto financing, car insurance, banking, mortgages, and personal loans that are designed to help you save and improve your credit score. There is also a blog, a discussion forum, and a tool & calculator section to help with all your financial issues.
How it works
First of all, Credit Karma is 100% free to use. Setting up an account requires minimal personal information and using their service does not affect your credit score in any way. Once logged in, you will be able to update your credit score, view past scores (as long as you have had an account), explore offers designed to improve your credit and review personalized recommendations just for you.
1. Credit points
Credit Karma gives VantageScore 3.0 credit points from Equifax and TransUnion, two of the three largest consumer credit reporting agencies.
2. Credit report card
The report card is a newer feature at Credit Karma that I absolutely love. The report card is divided into several sections that contain a total rating, use of open credit cards, percentage of payments on time, average age for open credit lines, total accounts, hard credit requests, total debt, and income debt ratio. If you can not get your actual credit reports, the credit report card at Credit Karma is easily the next best thing.
3. Compare credit
With the credit comparison tool, you can view your profile compared to other Credit Karma users, others in your home country, others in your age range, and even those who use the same email domain as you do. This feature is really just to show how you do compare to most of the public, but beware, credit comparisons may just surprise you!
4. Credit Score Simulator
Of all Credit Karma’s improvements in recent years, this one is my favorite. The points simulator lets you see an estimate of what will happen to your points if you get a new card (eg Discover More credit card), a new loan, have more credit requests, increase a credit limit, transfer balances to a new card, or close your oldest account. This is a great tool for seeing firsthand what hurts and affects your credit score.
Disadvantages of using Credit Karma
Although Credit Karma was a paid service, I’m not sure I would stop visiting there. The fact that they provide all these services at no cost is just the icing on the cake. That said, I have four issues with the service.
No comprehensive credit score
The points you provide on Credit Karma, VantageScore, and TransRisk points are useful, but should not be completely relied upon to get the best information about your credit. While these are great tools for seeing a total score, they are not intended to replace the score offered by each of the three major credit reporting agencies, as these scores may contain other information that may require attention.