Credit Karma What Is A Good Score – 6 Essential Tips For Finding The Best Company

Want to see my credit score? In this video I’ll reveal my Credit Karma account to show you my credit scores, underlying credit factors, and more! Learn how to improve your credit score with some helpful tips, too! Click “Show More” to see Ad Disclosure.

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Credit Karma is a GREAT TOOL to view an estimate of your credit score and the credit factors that make up your score.

I say ‘estimate’ because Credit Karma uses the VantageScore 3.0 scoring model, so it’s not your true FICO credit score.

However, it’s still a great way to gauge your overall credit health and to understand (a) what’s keeping your score down, (b) what you’re already doing well at, and (c) how to increase your credit score.

Credit Karma shows you the following:

1. Payment History: Percentage of payments you’ve made on time
2. Credit Card Use: How much credit you’re using compared to your total limits
3. Derogatory Marks: Collections, tax liens, bankruptcies, or civil judgments on your report
4. Credit Age: Average age of your open accounts
5. Total Accounts: Total open and closed accounts
6. Hard Inquiries: Number of times you’ve applied for credit

When you click on the tiles of each of these 6 main credit factors, you can then see additional levels of detail.

There’s also a really helpful link called ‘View All Accounts’ (which can be found under ‘Credit Card Use’). There you’ll be able to see a TON of detail for each of your credit cards and other types of loan-based financial products.

As of the filming of this video, here were my scores and underlying factors for both TransUnion and Equifax…

TRANSUNION CREDIT SCORE = 810
– Payment History: 100%
– Credit Card Use: 0%
– Derogatory Marks: 0
– Credit Age: 3 years 6 months
– Total Accounts: 45
– Hard Inquiries: 4

EQUIFAX CREDIT SCORE = 826
– Payment History: 100%
– Credit Card Use: 0%
– Derogatory Marks: 0
– Credit Age: 3 years 6 months
– Total Accounts: 45
– Hard Inquiries: 0

WHAT I CAN DO TO IMPROVE MY SCORE

a. Stop applying for new personal credit cards: This will prevent new accounts from being opened and driving down my average age of credit history. It will also prevent new inquiries from hitting my report.

b. Keep my current credit cards open longer: This will increase my average age of accounts and continue building a longer track record of positive payment history.

c. Wait: Inquiries take 2 years to fall off your credit report. I have 4 on TransUnion, so those simply need time to fully fall off my report, although their effect has already begun to decrease.

Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.

#creditscore #creditkarma #creditfactors

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