Post # 1
I’ve got good credit (low 700’s) but little to no assets and quite a bit of debt from student loans, car loan (upside down since we had to trade in a pos vw), and credit cards (from moving cross-country). I am looking for ways to pay off that debt in order to start reducing my debt & upping my savings as all my income is now spent on bills (only putting away like $100 each month which isn’t much). I signed up for Credit Karma a while back to see how my score would be affected by making larger payments on certain cards, which would be best to try to payoff first, etc. so I could make better decisions with how my savings should be spent.
I just noticed their “savings” tool that offers you mutliple offers from third parties for things like reconsolidating your car (something I’ve been wanting to do- my interest rate is 7% so not high but not low either), consolidating credit card debt at a low APN… Anyone use any of these offers before? I’m wondering if they are really worth looking into more or if they are just sponsors of the website made to look like third party “savings”.
Post # 3
I’ve not used them but I’ve used Credit Karma. My guess is that they’re likely third-party sponsors. Maybe someone else knows a bit more?
Post # 4
The ones that have appeared for me have always been credit cards. For example, it was a balance transfer offer that would give me a low starting APR. However, it showed me how much I would “save” by opening a Discover card, and I already have a Discover card… some of them seem just like general advertisements. I personally would avoid and debt consolidation or new credit cards from banks that I am not familiar with.
That at is basically how the site makes money, those are paid ads.
Post # 5
However let me add, I do think some of their savings offers could actually be good for different people. I think you just have to look at it carefully!
Post # 6
@BeckyS0: I’m looking to refi my auto and I’m on credit karma every week. I have not used their auto refi vendors yet. (i have a 24% apr BUT its the first car in my name only)
I also have been meeting with Ayco who told me about bankrate.com so you can compare different aprs and refi optios.
I applied to one bank, didn’t get approved (ugh)….if nothing else comes along I’ve decided to resort to the credit karma companies.
PS-they did suggest a secured card through capital one….so i opened an acct, and my credit rating increased about 50 pts….i guess i can also take out a similar loan through my bank to increase my credit. (been working on my credit for YEARS and finally progress lol)
Post # 7
thanks ladies! I figured they were third-party paid ads, and yes, they are all for more credit cards really, no bank loans…. I’m just annoyed that what they show me is super low interest through a company I already have an account with =(
Post # 8
I agree with PP’s, I LOVE credit karma and since I’ve been using it, my score has gone up almost 50+ points!
I’ve looked at their recommendations for re-fi or credit cards, and even called one just because I was curious. Basically if you use them right, they will work.