Jason Rich's Featured App of the Week

Use the Credit Karma Online Service and Mobile App to Check Your Credit Scores and Improve Your Credit Rating...For Free

April 07, 2020 Jason R. Rich Season 1 Episode 7
Jason Rich's Featured App of the Week
Use the Credit Karma Online Service and Mobile App to Check Your Credit Scores and Improve Your Credit Rating...For Free
Chapters
Jason Rich's Featured App of the Week
Use the Credit Karma Online Service and Mobile App to Check Your Credit Scores and Improve Your Credit Rating...For Free
Apr 07, 2020 Season 1 Episode 7
Jason R. Rich

Discover how to use the Credit Karma online service and mobile app to better manage  and potentially improve your overall credit rating and credit stores, plus obtain free weekly credit scores and utilize Credit Karma's credit monitoring service...all for free!

During these difficult and uncertain financial times (due to the COVID-19 pandemic), the Credit Karma service offers a free toolkit that's both extremely useful and highly informative. It's also easy-to-use, and you don't need to be tech-savvy or a financial wizard to understand that information that's provided.

Like all editions of the Featured App of the Week podcast, this edition is neither sponsored by or endorsed by Credit Karma. The goal of this podcast is to offer unbiased information about useful mobile apps for your iPhone.

To learn more about Credit Karma, visit www.creditkarma.com. To learn more about this podcast, visit: www.iPhoneAppoftheWeek.com. To access Jason R. Rich's podcast, please visit: www.JasonRich.com.

Show Notes Transcript

Discover how to use the Credit Karma online service and mobile app to better manage  and potentially improve your overall credit rating and credit stores, plus obtain free weekly credit scores and utilize Credit Karma's credit monitoring service...all for free!

During these difficult and uncertain financial times (due to the COVID-19 pandemic), the Credit Karma service offers a free toolkit that's both extremely useful and highly informative. It's also easy-to-use, and you don't need to be tech-savvy or a financial wizard to understand that information that's provided.

Like all editions of the Featured App of the Week podcast, this edition is neither sponsored by or endorsed by Credit Karma. The goal of this podcast is to offer unbiased information about useful mobile apps for your iPhone.

To learn more about Credit Karma, visit www.creditkarma.com. To learn more about this podcast, visit: www.iPhoneAppoftheWeek.com. To access Jason R. Rich's podcast, please visit: www.JasonRich.com.

Featured App of the Week – Episode #7

Welcome back to another edition of the Featured App of the Week podcast. I’m Jason Rich. 

Did you know there’s an online service, called Credit Karma, which has its own mobile app, and that allows you to quickly and easily monitor information that’s included within your credit reports and obtain your up-to-date credit scores – all for free? 

This same Credit Karma mobile app and website will also provide free advice about how to improve your credit scores and overall credit rating, plus help you find different types of loans and credit cards, for example, that you’d quality for based on your current financial situation.

In today’s financial world, every American’s credit rating is tracked on an ongoing basis by three separate credit reporting agencies – Experian, Equifax, and TransUnion.

 Based on information that’s collected within each of your credit reports, the credit reporting agencies calculate your credit score using a proprietary formula that takes into account things like whether or not you pay your bills on time and your overall credit utilization.

The information within your credit reports and your credit scores are then used anytime you apply for a mortgage, car loan, student loan, home equity loan, or credit card, for example, to help the lender make an approval decision.

In other words, your ability to obtain credit and the lending terms, and interest rate you receive from the lender or creditor, depends directly on your overall credit rating and credit score.

Every American consumer is entitled to one copy of their credit report, from each of the three credit reporting agencies, once every 12 months. These credit reports do not include your credit score. If you want more frequent copies of your credit reports, or your credit scores, you’d typically need to pay extra.

The easiest way to access free copies of your credit reports from Experian, Equifax, and TransUnion directly is to visit the www.AnnualCreditReport.com website.

While there are many other websites that are similar, wwwAnnualCreditReport.com is operated as a joint venture between The Federal Trade Commission and the three credit reporting agencies. Beware of similar or imposter websites.

The Credit Karma online service and mobile app is not government-operated, nor is it affiliated with any of the report reporting agencies. It is, however, a legitimate way to obtain information within your credit reports, your credit scores, and accurate information about how to improve your credit rating.

The Credit Karma service gets paid by lenders and credit card issuers anytime you apply for one of the loans or credit cards recommended to you by the service. However, you’re not obligated to apply for any of these offers. You can still obtain your up-to-date credit scores every week for free, plus take advantage of the free credit monitoring service that Credit Karma offers.

This free credit monitoring will inform you, almost immediately, anytime someone tries to apply for any type of loan or credit card in your name, using your Social Security Number and identity information. 

It’ll also alert you of any changes to your credit report that will positively or negatively impact your credit score and overall credit rating.

You’ll find the free Credit Karma mobile app available from the App Store. Simply launch the App Store, tap on the Search icon, and then within the Search field, type Credit Karma. That’s C-R-E-D-I-T K-A-R-M-A - entered as two words within the Search field.

Tap on the listing for the app, and then tap on the Get button to download and install it onto your iPhone. You can also visit www.CreditKarma.com. 

You’ll discover that the Credit Karma app has a 4.9 out of 5 average star-based rating, based on 1.3 million responses from users like you. The Credit Karma service boasts having more than 100 million members overall.

The first time you launch the mobile app, you’ll need to provide personal information about yourself, including your name, address, date of birth, and your Social Security Number, in order to set up your free account and verify your identity.

After you do this once, you can access the app anytime without having to re-enter this information. For quicker access, you can set up a 4-digit PIN or use the FACE ID or TOUCH ID feature that’s built into your iPhone.

Every week, the Credit Karma app will obtain your free credit scores from TransUnion and Equifax, show you how you’re currently utilizing your available credit, display what’s recently changed within your credit reports, and allow you to see a listing of your open loans and credit card accounts.

Based on your credit rating, the app will then recommend ways to improve your credit rating and credit scores, plus provide a lot of valuable financial information that’ll help you understand why your credit rating is so important.

From the app’s main menu, you can learn about managing your credit, individual accounts, credit cards, loans, auto financing, and home financing. There are also free tools that’ll help you prepare your tax returns. Tap on the My Offers icon to see what loans and credit cards you currently qualify for, based on your credit rating.

During the COVID-19 pandemic, the Credit Karma app added a new section related to managing your finances during this difficult financial time. 

This section of the app offers information about unemployment benefits, government benefits, and how to manage your loan, mortgage, and credit card payments, especially if you need to delay those payments and don’t want to be penalized.

You’ll discover that the free Credit Karma service offers a lot of useful information that can help you protect and improve your credit rating and credit scores. The service offers many tools that other independent services charge a monthly fee to access.

Even if you already subscribe to a credit monitoring service from another company, the tools and information offered by Credit Karma provide an addition to your financial toolset that every consumer should definitely consider utilizing. 

What’s great about the Credit Karma service and mobile app is that all of the information is presented in a straight-forward, easy-to-understand way, so you don’t need to be tech-savvy or a financial wizard to understand the information that’s presented to you.

Regardless of your current financial situation, I definitely recommend taking advantage of the free tools that the Credit Karma service offers, and using the Credit Karma mobile app, you can use these tools anytime and almost anywhere with ease.

That’s it for this edition of the Featured App of the Week podcast. If you’ve found this information useful, please tell your friends about the podcast, post a review, and don’t forget to subscribe!

I’m Jason Rich. Thanks for listening!