ED Magedson – Founder
Credit KarmaNot available Internet USA
Credit Karma Be VERY careful when applying for their recommendations Internet
So in my experience CreditKarma.com is a useful tool to monitor your credit report activity. Its true that they are a free service, but as with all businesses, they have to make money somewhere, and from what I can gather, they do this by recommending credit cards, loans etc based on your credit score and then get a referral fee from the relevant financial institution. All well and good you may think but heres the problem. In an effort to build my credit, I have to date applied for 3 of their recommendations where they say I have a good chance of acceptance, all 3 were rejected thereby actually reducing my credit score significantly,
Moral of the story, think hard before you apply for their recommendations, you could be doing yourself more harm than good. Eveytime you apply for credit of any kind, it will generate a hard enquiry which reduces your score by a significant amount, and these "hard enquiries" stay on your credit report for 12 months.
Just for the record, I dont have any bad credit, I just have whats called a "thin" credit profile. I still dont understand the logic of refusing credit to those who, because they dont have much debt, and therefore have more disposable income, just a thought.
This report was posted on Ripoff Report on 06/16/2013 08:08 AM and is a permanent record located here: http://www.ripoffreport.com/r/Credit-Karma/internet/Credit-Karma-Be-VERY-careful-when-applying-for-their-recommendationsnbsp-Internet-1059527. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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