5 Tips to Improve Your Credit Score

5 Tips to Improve Your Credit Score

Your credit score plays an important role in your life that can help put you on the right path towards financial success, or veer you off course. It can affect everything from whether or not you get approved for an apartment to getting a low interest rate on a car loan. If you have a poor credit score, you can end up paying hundreds or even thousands more in interest over time.

Fortunately, there are a variety of easy steps you can take to start building good credit. Here are five ways you can improve your credit score starting today.

    1. Pay bills on time

One of the biggest things that affects your score is a record of timely payments. When you are juggling bills and expenses, it can be easy to lose track and end up missing one, which can negatively impact your credit score.

To avoid missing payments, set up automatic payments for your recurring bills, like rent, electricity and cable. For other bills that do not occur monthly, such as car insurance, put reminders on your calendar to remind you to pay before the bill is due.

    1. Use less than 30% of your available credit

Another factor credit companies use to determine your score is your credit utilization ratio. This is the amount of credit you use compared to the amount you have available. For example, let’s say you have a credit card with a limit of $10,000, and you have a balance of $3,000. That means your credit utilization is at 30%.

Use less than 30% of your available credit to keep your score high. If you rack up too much of a balance relative to your limit, your score will go down.

    1. Monitor your credit

There are a variety of services that give you a free credit report, so there’s no excuse to not know your credit score and monitor it. Regularly review your credit report for any errors, such as unauthorized accounts or credit cards that do not belong to you. Erroneous charges can end up bringing down your credit score.

You can sign up at creditkarma.com to get free access to your credit scores and reports, with weekly updates.

    1. Ask for a credit increase

Because credit utilization plays a big role in your credit score, you can increase your score quickly by asking for a credit line increase. If you are in good standing with your credit card company, meaning you have not missed payments, you can call and ask them to raise your credit limit. With a larger amount of credit available, your score will go up.

If you do increase your credit limit, it can be tempting to spend a little extra, now that you have more credit available. Don’t fall into that trap! Remember to use 30% or less of your available credit to keep your credit score high.

    1. Consolidate credit card debt

If you have high-interest credit card debt, consider consolidating it with a personal loan. 74%1 of Lending Club customers reported an increase in their FICO scores within three months of taking out a personal loan for debt consolidation, with an average increase of 19 points. Credit cards are a form of revolving debt, while personal loans are installment debt. Having a variety of different types of debt on your credit report can help boost your score.

By consolidating, you can also pay off your debt faster while saving money. Borrowers who used a personal loan through Lending Club to consolidate debt or pay off high-interest credit cards reported that their new interest rate was an average of 30%2 lower than what they were paying previously on their outstanding debt or credit cards. Over the length of your repayment term, that means you may save hundreds of dollars.

Building your credit score

Building your credit score can take time, but if you consistently apply these five tips, you can improve your score and take control of your finances.

If you have decided that a personal loan for debt consolidation is right for you, check your rate today with no impact to your credit score!

10 Key Steps To Getting A Small Business Loan

Small business loans are up to date from a huge range of traditional and opportunity up to daters. Small commercial enterprise loans can help your business grow, fund new studies and development, assist you enlarge inup-to-date new terriupdatedries, decorate sales and marketing efforts, up to date lease new people, and much more.

this article sets forth 10 key steps up-to-date take in getting a small business mortgage, with some sensible recommendation and perception at the lending manner.

1. understand the one-of-a-kind kinds of Small commercial enterprise Loans up-to-date

There are a couple of styles of small enterprise loans up-to-date. The alternatives range depending up-to-date commercial enterprise desires, the duration of the loan, and the specific phrases of the mortgage. right here are some of small business mortgage picks:

Small commercial enterprise line of credit. under a small commercial enterprise line of credit, your commercial enterprise can up-to-date budget from the lender as needed. There could be a cap on the amount of finances handy (e.g., $one hundred,000) however a line of credit is useful for coping with a agency’s coins waft and unexpected fees. there will commonly be a fee for setting up the road of credit, but you don’t get charged hobby until you absolutely draw down the funds. hobby is usually paid up to date and the essential drawn down on the road is regularly amortized over years. however, most traces of credit require renewal annually, which may additionally require an extra price. If the line isn’t always renewed, you’ll be required up-to-date pay it in complete at that time.

accounts receivable financing. An accounts receivable line of credit is a credit facility secured with the aid of the employer’s debts receivable (AR). The AR line permits you up to date get cash immediately depending on the level of your money owed receivable, and the hobby fee is variable. The AR line is paid down because the money owed receivable are paid by using your up to datemers.

working capital loans. A working capital mortgage is a debt borrowing up to date used by the organization up-to-date finance its day by day operations. groups use such loans up to date manage fluctuations in revenues and fees up-to-date seasonality or different circumstances of their business. some working capital loans are unsecured, but corporations that have little or no credit recordsupdated will up to date pledge collateral for the loan or offer a personal assure. working capital loans up to date beupdated short-term loans of 30 days up to dateupdated year. Such loans normally vary from $5,000 updated $one hundred,000 for small agencies.

Small business time period loans. term loans are commonly for a fixed dollar amount (e.g., $250,000) and are used for business operations, capital fees, or expansion. hobby is paid up to date and the fundamental is usually repayable within 6 months upupdated years (which may be amortized over the time period of the mortgage or have a balloon charge at the up-to-date). time period loans may be secured or unsecured, and the interest may be variable or constant. they may be excellent for small organizations that want capital for increase or for big, onetime fees.

SBA small enterprise loans. a few banks provide attractive low-hobby-rate loans for small organizations, subsidized and warranted by the U.S. Small commercial enterprise management (SBA). up to dateupdated the SBA assure, the hobby rate and compensation phrases are extra favorable than most loans. loan amounts range from $30,000 updated as high as $five million. but, the loan system is time consuming with strict requirements for eligible small businesses. go upupdated the SBA internet site to look a listing of the one hundred maximum active SBA up to daters.

device loans. Small companies can purchase gadget through an system loan. This usually calls for a down payment of 20% of the acquisition rate of the gadget, and the loan is secured via the gadget. interest on the loan is generally paid up to date-monthupdated and the primary is commonly amortized over a - updated four-yr period. The loans may be used up to date buy system, up-to-date, and software. mortgage amounts normally range from $5,000 updated $500,000, and may accrue interest at either a set or variable price. equipment loans also can on occasionupdated be established as equipment leases.

Small business credit cards. even as a few enterprise up to date can be wary of using them, small enterprise credit playing cards can also act as brief-time period small business financing. hobby prices will vary depending on the credit card issuer, the quantity availableupdated on the card, and the creditworthiness of the holder of the cardboard. Many small business credit card issuers require the predominant up to daterupdated up to date be co-responsible with the organization. Issuers of small enterprise credit playing cards consist of American specific, CapitalOne, bank of the usa, and plenty of others. Many credit score cards provide promotional introducupdatedry charges of zero% for a quick time frame (6-nine months). Cashback and rewards packages up-to-date earn rewards from purchases on the credit score card.

 2. studies the up-to-date up-to-date

There are extra lendersupdated than ever earlier than willing up to date lend up to date small organizations, and among the crediupupdated may be discovered from a easy online seek. here are the main types of up-to-date:

 Direct on line up to daters. There are some of on line crediupupdated that make small business loans thru a surprisingly clean on line process. reputable organizations including speedy Capital offer very speedy small business cash advances, operating capital loans, and short-term loans in quantities from $5,000 up-to-date $500,000. sites inclusive ofupdated Fundera and LendingTree provide you up-to-date up-to-date more than one lendersupdated, appearing as a lead era provider for up to daters.

huge commercial banks. The traditional up-to-date updated the small enterprise marketplace are banks along with Wells Fargo, JP Morgan, and Citibank. these up to dateupdated slower with extra rigorous mortgage underwriting standards.
neighborhood network banks. Many network banks have a strong desire up to date make small business loans updated neighborhood businesses.

Peer-up-to-date-peer lending web sites. There are some of sites that act as middlemen between character and institutional up-to-date and small up-to-date, such as Prosper, LendingClub, and FundingCircle. these crediupupdated could make choices notably quick.

financial institution crediupupdated subsidized through SBA guarantees. some of bank up-to-date problem loans subsidized by way of the SBA, and, as cited above, this backing lets in the up to date up to date provide greater attractive terms.

3. count on How the Lender Will View Your credit and danger Profile

lendersupdated in the end make a judgement name on whether or not up-to-date make a small enterprise loan primarily based on the borrower’s credit score and hazard profile. up-to-date will study the following elementsupdated, so review them cautiously and remember taking any appropriate remedial movement:

credit score/credit score record. lendersupdated will evaluate your credit score file, credit score rating, and up-to-date of making timely payments underneath credit score cards, loans, and dealer contracts. So evaluate your credit score record and clean up any blemishes that you may.

exquisite loans and cash go with the flow. up-to-date will evaluation your tremendous loans and money owed up-to-date decide that your cash waft may be sufficient up-to-date pay current loans and responsibilities up to date the brand new loan pondered.

belongings within the commercial enterprise. crediupupdated will evaluate the property inside the business (especially modern property along with coins and debts receivable) to peer if there is a superb base of assets up to dateupdated after inside the occasion of a loan default.

Time in commercial enterprise. up to daters will generally tend up-to-date appearance more favorably on organizations which have been running for numerous years or greater.
up-to-date within the employer. up to date will view the agency greater favorably if it has professional project capital updated, strategic updated, or outstanding angel tradersupdated.

monetary statements. up-to-date will scrutinize your financials, as set forth inside the next phase below.

4. make sure Your financial Statements Are so as

relying on the scale of your mortgage, your monetary statements and accounting information could be reviewed cautiously by the lender. So make certain they are whole, correct, and thorough—upupdated stability sheet, profits and loss statements, and coins drift statements. The lender will analyze your coins flow, gross margin, debt-up to date-fairness ratio, bills payable, money owed receivable, EBITDA, and more, so be prepared up to date questions about those up to datepicsupdated. recollect having your accountant look over your economic statements up to date expect issues a lender may additionally enhance.

up to date decide on monetary statements which have been audited through a licensed public accountant (CPA). but many small groups don’t want updated incur the costs of an audit, so one alternative is up to date have the economic statements “reviewed” by means of a CPA (that’s less expensive and faster). but, a few up to daters won’t require both audited or reviewed statements.

5. accumulate targeted records up to date Small enterprise mortgage application

if you want up to date achieve success in getting a small enterprise mortgage, you need upupdated be prepared updated offer unique facts and files about your business. it’s far critical up to date be organized and organized. right here is the kind of statistics that is often required, relying on the sort of mortgage:

name of enterprise (along with any DBAs)
Federal Tax identity
listing of executive officials and their up to dateupdated
legal shape (up-to-date LLC, S corporation, C organisation)
economic statements for the past 2-3 years and year-updated-date financials for the modern-day year (stability sheet, income and loss statements, cash drift statements, shareholder fairness)
Projected monetary statements (in order that the lender can get a sense of your expected future operations and coins flow)
state filings for the agency, up to dategether with a certificates of Incorporation, foreign organization filings, and trueupdated standing certificates
Copies of key man and trendy legal responsibility coverage policies
quantity of mortgage requested
business credit score document (including from a credit score reporting corporation like Dun & Bradstreet)
potential collateral up-to-date for the loan
financial statements of the predominant shareholder/proprieupupdated of the enterprise (especially in the case in which a private assure may be required)
business plan, government summary, or Invesupdatedr Pitch Deck of the business enterprise (see up-to-date Create a exquisite Invesup to dater Pitch Deck for Startup groups)
The tax returns of the organisation for the past 2-3 years (signed copies with all attachments and well-knownshows)
commercial enterprise financial institution statements
See also sixty five Questions task Capitalists Will Ask Startup businesses.

6. Be organized up to date Specify How plenty You want up-to-date Borrow and the expected Use of Proceeds from the loan

The lender will want up to date know how a lot investment you are looking for and how the loan proceeds could be used. Will the mortgage be for equipment or capital expenditures? enlargement or hiring? increase in up-to-date? more suitable income and advertising efforts? New research and development of generation? New product development? enlargement inup to date new centers or terriup-to-dateries?

you may want up to date borrow a upupdated greater if you run right into a coins crunch that lasts a month or two. up-to-date avoid going inup to date default underneath the loan.

7. decide What safety or assure may be furnished

A lender is in the main involved about the capability of the borrower up-to-date pay off the loan. To the volume that a security interest may be given up-to-date the lender on company assets (business enterprise equipment, property, debts receivable, and so forth.), the borrower shouldupdated be up to date increase its chances of getting a loan on favorable terms. some up to daters may additionally insist upon the non-public guarantee of the predominant up to daterupdated of the commercial enterprise. this is great averted if viable as it puts the up-to-date’s non-public assets, and now not just the enterprise property, at risk.

8. analyze the key phrases of the Proposed business loan

To make certain the proposed business loan makes experience in your business, you will want up to date the key terms proposed by means of a lender and evaluate them with phrases upupdated from alternative crediupupdated. right here are the important thing phrases up-to-date:

what’s the hobby price on the mortgage and how can it vary over the years? Many loans vary through the years relying on the triumphing “upupdated charge” or LIBOR.

How regularly is the interest payable (weekly or up to date)?

when is the major due or how is it amortized over the lifestyles of the mortgage? You need up-to-date be comfortable with the mixed hobby and fundamental bills from a cash waft angle

what is the mortgage origination fee?
What different charges or charges are imposed (along with underwriting expenses, management expenses, mortgage processing expenses, and so forth.)?
What working covenants are imposed up-to-date business (up-to-date a maximum debt-updated-fairness ratio or a minimum coins threshold held by using the organization)?
What are the occasions when the lender can name a default on the loan?

Is there any security or collateral required?

What periodic reports or monetary statements are required updated be furnished updated the lender?

Are there limits on how the loan proceeds may be used?

Can the mortgage be pay as you go early without a penalty? And if there is a penalty, is the penalty affordable?

9. evaluate Your on-line Profile and Postings

A small enterprise lender will carry out due diligence, which can include reviewing the statistics up-to-date on line about the commercial enterprise and its predominant up-to-date. So do the following review, up to dateupdated such due diligence to look in case you up to date make any modifications or deletions up-to-date on-line presence:

evaluation your corporation’s internet site. Is it 3177227fc5dac36e3e5ae6cd5820dcaa and professional looking?

review its presence on LinkedIn, facebook, Twitter, and different social media sites.
overview any Yelp reviews your commercial enterprise may have obtained.
evaluate the primary up-to-date’s postings on LinkedIn and different websites.

10. Get further educated at the Small commercial enterprise Lending method

The extra educated you’re approximately small business lending options and procedures, the more likely you may be successful in obtaining a loan.


Small commercial enterprise loans are up-to-date from many specific crediupupdated with a myriad of picks tailored up-to-date the economic state of affairs of your business. via watching for what these lendersupdated will evaluation and require, you significantly increase your probabilities of obtaining a useful small enterprise mortgage.

4 Things You Can Change About Your Credit Card With a Phone Call

When it comes to your credit card, you have more power than you realize.

A simple phone call can potentially save you hundreds of dollars, improve your credit score, score you extra frequent flier miles and more – and your chances of success are higher than you’d imagine.
Most people never make that call, though. Maybe they’re too busy. Maybe they don’t know what to say. Maybe they don’t think it will matter.

It does matter – and people’s reluctance to make that call can cost them.

Of course, not everything can be fixed with a phone call. For example, if your payment is late for the fourth time in six months, don’t expect the bank to cut you any slack. But many things can be tweaked or improved if you take the time to call your card issuer.

Here are a few examples:

Late Payment Fee

A CreditCards.com survey last year showed that 86 percent of cardholders who asked to have a credit card late payment fee waived got their wish.

The problem is only 28 percent of cardholders have asked. While not everyone has been late with a payment, chances are lots of cardholders are paying those fines without knowing that a simple call could get them out of it.

Some card issuers – Discover being perhaps the most prominent among them – advertise that they won’t charge a late fee on your first late payment. Many other card issuers will waive the fee for some of their cardholders, but only if the cardholder asks.

A good record of on-time payment can help seal the deal. When you call, make sure the bank knows you’re rarely late and that it won’t happen again.

Interest Rates

That same survey also revealed about 2 in 3 cardholders who requested a lower interest rate got one, but just 23 percent had ever asked. Again, that means a large number of cardholders are missing out on a large amount of savings.

How big? Consider this:

  • If you have a $5,000 balance on a credit card with a 20 percent interest rate and pay $150 per month, you’ll pay $2,359 in interest before paying the card off over 50 months.
  • Lower that interest rate to 15 percent and keep everything else equal, you’ll pay $1,508 in interest in just 44 months. That’s a savings of $851!
Could you get your card issuer to lower your APR as much as 5 percent? Maybe or maybe not. But even lowering that APR to 18 percent – just a 2 percentage point drop – would save you about $375 in interest.
Credit Limit

An increased credit limit can do wonders for your credit score. That’s because it can quickly shrink your credit utilization ratio – how much debt you have compared to your available credit. For example, say you have $5,000 in available credit and $2,000 in debt. That means your credit utilization is 40 percent, well above the recommended goal of 30 percent or less. However, if you can increase your credit limit to $7,000, your utilization rate suddenly drops to an acceptable level of 29 percent. Your credit score is likely to improve as a result.

Be cautious, though. Don’t expect the bank to double your credit limit. You can likely improve your odds of success if the increase is a baby step rather than a giant leap.

One temporary downside: Your credit card issuer might do a hard pull of your credit when deciding whether to increase your limit. With any hard pull, you will likely see a small, temporary decrease in your credit score. However, the long-term benefit of the higher credit limit will likely outweigh any brief hit your credit might take.

Sign-up Bonuses

This is a move you’d need to make before you actually get the card, and you’ll need to do some homework to make this work.

Say you’ve received an offer in the mail from your bank for a card that you really like. The card comes with a low APR, no annual fee for the first year, no foreign transaction fees and a 20,000 point sign-up bonus. Sounds great, right? Yes, except for the fact that you’ve gone online and seen other offers of 40,000 or 50,000 points.

Well, if your credit is excellent, there’s a good chance that you can have those points. Just give your bank a call, tell them about the other great offers that you’ve seen and ask the bank to match the offer. Again, if you’ve got strong credit, you’ve got a good chance of success.

No Guarantee of Success

As mentioned, data has shown that cardholders are more likely to have their requests granted than they’d expect. But that doesn’t mean any of these are a slam dunk. The reality is that people with the best credit get the best treatment, the best rewards, the lowest APRs and the most fees waived.
Before you pick up the phone to talk to your bank, be sure you know where you stand with your credit. Get a free copy of your credit report from AnnualCreditReport.com, and dispute any errors or omissions you find. Get your FICO credit score. And of course, pay your bills on time, every time, in the weeks and months leading up to your request. These moves can help increase the chance that the next request you make will be a success.

Why October FAFSA Deadine Could Help College Students Make Smarter Choices about Paying for College

A new change to the process of applying for federal financial aid could lead students to make smarter choices when borrowing for college. Starting this year, the Free Application for Federal Student Aid (FAFSA), which was previously available for students and their families to fill out in January, is available starting October 1. The shift is significant since it will give students a better sense of the federal student aid they may be eligible for much earlier in the application process.

That may push students to think more carefully about the financial implications of where they apply, and to consider schools that may be less of a long-term financial burden. While students won’t get school-specific aid packages any earlier, they will find out whether they’re eligible for Pell grants and what their “expected family contribution” will be. They can then plug that EFC into college’s net price calculators to get an idea of what their need-based final aid package might look like (scholarships and other merit-based aid are awarded separately), and—importantly—how much they may need to borrow in order to make up for any shortfalls.

Nearly 70 percent of public and non-profit college graduates in 2014 owed money at graduation, with an average debt load of $29,000, according to the Institute for Student Access and Success. A recent Credit Karma survey showed that while most hope to pay off their loans in a decade or less, some plan to be making payments for more than 20 years. While college graduates may have higher employment and better pay than peers who without a degree, those who borrow too much for school may face financial insecurity for years after they’ve left. For some students, a better path may be attending a lower cost school, or one that offers a financial aid package that allows them to borrow less.

Just as students choose which schools to apply to based on their geographic, academic, and cultural fit, this FAFSA change allows students to better target schools that are a better fit financially. While that may mean ruling out schools they’d hoped to apply to, they will also have more time to research schools that they not have previously considered.

An earlier deadline will also give students an opportunity to explore other funding options, including scholarships and think about whether they’ll realistically be able to pay any money they borrow back after graduation.

The price of college has already become a major factor for students and parents. More than two-thirds of families considered it when narrowing their list of schools last year, according to Sallie Mae, and more than half of families eliminated schools for financial reasons before they began the application process. This change means that those students who take advantage of the early FAFSA may have more information on which to base their decisions about where to apply.

While the U.S. Department of Education asked schools not to shift their financial aid calendars this year, but going forward schools may start to send admitted students their full aid packages earlier in the Spring. That would benefit students once again, since it would give them a bit more breathing room to consider their packages, appeal awards, and either come up with a plan to deal with expenses not covered by need- or merit-based aid or choose another school that may make more financial sense.

In another major change to the FAFSA this year, families must use their income tax data from two years ago, known in the industry as “prior-prior year” returns to fill out the form. Previously, families had to use data from the immediately preceding year and often had to wait to file until they had a more complete estimate of their income. (As they have in previous years, families with irregular incomes will need to discuss their situation with financial aid officers if they don’t think that the prior-prior year data gives an accurate picture of their earnings.)

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma

The Interns – Summer 2016 Fun Facts

This summer, we welcomed our 2016 intern class to help out in a variety of different departments at Credit Karma. Our interns play a vital role in the success of our mission to make financial progress possible for everyone. Our interns bring new insight and a fresh perspective and we value their daily contributions!

This behind-the-scenes report is your chance to get to know our amazing interns, the work that they’ve done this summer and why they love working at Credit Karma.


Allison, Events Intern
School: Wheaton College near Chicago, double majoring in Communication and Psychology
Hometown: Fremont, CA

Why did you want to intern at Credit Karma?
I wanted to intern at Credit Karma because when I first read the “About” page on the website, I was immediately drawn to the phrase “friendly finance.” Especially as an incoming senior in college who is just starting to think about managing her own finances, I loved the idea of making finance more available and understandable for everyone! Then, I ran into the culture page, and was so impressed by how CK truly lives out a healthy work-life balance. From my interviews and what I saw on the website, I got the impression that this would be a transparent, open, and friendly place that would give me the opportunity to be challenged and stretched.

What is your favorite part about interning at Credit Karma?
My favorite thing about interning at Credit Karma has been observing how all the different departments of the company influence and collaborate with each other. It really shows the importance of each team, and shows that each employee is valued and needed for the success of Credit Karma.

Tell us a fun fact about yourself.
A fun fact about myself: Any K-Pop fans out there? Before starting at Credit Karma, I was in Korea for a couple weeks visiting my family, and I got the chance to be an English tutor for some professionals in the K-Pop industry who produced songs for PSY, Big Bang, Super Junior, Girl’s Generation, and more.


Angel, IT Support Intern
School: Chabot Community College, recently switched major from Sociology to Computer Science
Hometown: born in Mexico but was raised in Hayward, California

Why did you want to intern at Credit Karma?
I was reading Glassdoor reviews and there was lot of talk about how it was a great place to work and how awesome the culture is.

What is your favorite part about interning at Credit Karma?
What I liked the most about interning at Credit Karma was all the activities and events that the team planned out for us. My favorite would be the opportunity to shadow people in other teams and hear stories and advice from execs.

Tell us a fun fact about yourself.
I am a black belt in Taekwondo.


Ashley, Brand Design Intern
School: California College of the Arts (CCA), pursuing an MFA in Design
Hometown: Irvine, California

Tell us about a cool project that you are working on this summer.
Well this first month has been great! So far my favorite project has been designing an Infographic for Credit Karma’s milestones. This project allowed me to see how far the company has come and what an impact it’s making in people’s lives. It was a fun design challenge to come up with things to represent each milestone.

What is your favorite part about interning at Credit Karma?
The biggest perk of interning here is the fully stocked kitchen with so many delicious healthy snacks. I also have found the shadowing of another person in a different department very rewarding. It’s amazing to see how hard everyone works to make the app and website better for customers. The shadow session made me realize people that work here go above and beyond and strive for the best.

Tell us a fun fact about yourself.
I’m a certified dog walker for Wag! Myself and other walkers would love to take your pup for a walk.


Brittany, Talent Brand Intern
School: Chapman University, majoring in Strategic & Corporate Communication
Hometown: Honolulu, Hawaii

What is your favorite part about interning at Credit Karma?
I love that the people at Credit Karma don’t treat me like a stereotypical intern. Everyone here treats me with the utmost respect. My boss and the other people in my department have done a really good job of making sure that I am working on meaningful, hands-on projects. They trust me to take on projects on my own and they really push me to be my best self everyday.

When you’re not at the Credit Karma office, where would we most likely find you?
I love that Credit Karma truly promotes a work-life balance, which allows me to still have time to enjoy my favorite hobbies. When I’m not at work, I love staying active by going to the gym, running and hiking. Also, since I am not from San Francisco, I have been making it a point to explore at least one major landmark every weekend while I am here.

Tell us a fun fact about yourself.
I am leaving the United States at the end of August to study abroad for a semester in Scotland. I am beyond excited to travel Europe. I’ve already created a whole Pinterest board of places that I want to visit.


Dan, Product Engineer Summer Intern
School: Carnegie Mellon University, majoring in Electrical and Computer Engineering
Hometown: Guangzhou, China

What does your job entail and what does a typical day look like for you?
I work from 9 am to 6 pm. Every day at 11:45 am, we have a team stand-up meeting to discuss what we did yesterday and what we are planning to do that day. And after that I work on my project a bit and get lunch (the company has plenty of events during lunch time). In the afternoon, I continue working on my project and may attend couple of meetings. Around 3 pm, our group will take a ping-pong break. I get off work at 6pm and I go directly to gym after.

What is your favorite part about interning at Credit Karma? 

People are super friendly and always willing to help. We learn lots of things everyday.

Tell us a fun fact about yourself.
I can fall asleep fast whenever I want to…


Ella, Marketplace Insights Summer Intern
School: San Francisco State University, just graduated with a Master of Arts in Psychological Research
Hometown: Good ol’ Los Angeles!

Why did you want to intern at Credit Karma?
I have been a member of Credit Karma for years now, and I can honestly say that Credit Karma helped me get out of debt and helped me so much with my finances when I was having difficulty managing them. I’ve known and loved the company already, and when I saw the job posting, it was a no-brainer to apply.

What is your favorite part about interning at Credit Karma?
I absolutely love the support that we get as interns. We have so many opportunities to learn new skills, talk to inspirational people, and grow in our careers here. The workshops that we frequently have are great.

Tell us a fun fact about yourself.
One of my favorite things to do is discover new music, and when I make a new playlist, I intentionally go outside and walk around the block listening to it pretending like I’m in a movie or commercial… you know, those scenes where someone’s strutting down the street, dancing, and super happy? That’s totally me.


Matt, Revenue Strategy and Planning Intern
School: Wharton (University of Pennsylvania), majoring in Electrical and Computer Engineering
Hometown: Marlton, New Jersey

Why did you want to intern at Credit Karma?
Credit Karma is a perfect way to blend my interest in consumer technology with my background in financial services. My friends and former colleagues who were familiar with Credit Karma spoke very highly of the company. My decision to join was easy!

What is your favorite part about interning at Credit Karma?
The culture is fantastic. My colleagues are smart, friendly, welcoming, and challenge me every day. They also truly believe in the company’s mission.

Tell us a fun fact about yourself.
When I was in college I recorded two amateur hip hop YouTube videos.


Mukund, Security Engineer Summer Intern
School: Masters student at Northeastern University majoring in Information Assurance
Hometown: Hyderabad, India

Tell us about a cool project that you are working on this summer.
I’m working on several small projects. I spent a lot of time trying to find vulnerabilities in our applications, mostly Android and iOS applications. I automated a few processes that helped the security team with any known/reported vulnerabilities.

What is your favorite part about interning at Credit Karma?
I’m not treated as an intern. I get to work on real projects that help Credit Karma and the security team. My ideas/suggestions/concerns are taken seriously. That makes me feel really good.

Tell us a fun fact about yourself.
I love to cartoon. I used to cartoon for my college magazine. I love to pick locks, but I do it only with permission.


Sarah, Engineering Summer Intern
School: Laney College, studying Computer Science
Hometown: Grew up in Ohio, moved around a bit, but now call Oakland home

Why did you want to intern at Credit Karma?
I am a stay at home mom, who recently decided to return to school in order to change careers from sales to computer programming. Every minute I am away from my family has to bring me closer to this goal. My internship and time at Credit Karma is teaching me hands on skills to build my resume beyond classwork so I can complete my goal sooner.

What is your favorite part about interning at Credit Karma?
Besides the delicious coffee? I most enjoy the learning environment. It seems that everyone is willing to share and teach different aspects of their job or project. I have been able to see a demo, a partner download, a town hall, a lunch and learn, and shadow someone in another department all within the first three weeks! The openness and transparency is seen everywhere.

Tell us a fun fact about yourself.
I met my husband on my birthday, so that is the anniversary I can always remember.


Shruti, Software Engineer Summer Intern
School: Northeastern University majoring in Computer Science
Hometown: Pune, India

Tell us about a cool project that you are working on this summer.
I am working on Android development and I had never worked on it before. This is excellent for my learning curve. Under the able and friendly guidance of engineers in Android team, I am working on Android Espresso tests. These tests capture screenshots of the Mobile app User Interface and stores these screenshots to be verified later.

What is your favorite part about interning at Credit Karma?
The intern events, welcome gifts and the work culture!

Tell us a fun fact about yourself.
I end up interacting with lot of Spanish speaking people on Caltrain to learn more Spanish!

Source: creditkarma

Credit Karma Recognized as One of Bay Area’s Healthiest Employers – Again

For the third year in a row, Credit Karma was named one of The Healthiest Employers in the Greater Bay Area by the San Francisco Business Times and Silicon Valley Business Journal. The judges ranked the San Francisco-based company fifth in the mid-size company category based on a Healthiest Employer Index score measuring wellness programming. An article in the San Francisco Business Times September 9 said the award was designed “to recognize organizations that proactively shape the health of their employees” and featured Credit Karma’s in-office yoga classes.

Credit Karma’s voluntary Happy is Healthy wellness and culture program is a network of more than 50 committees and clubs promoted to advance mental and physical well-being. From the running club to the annual company-wide field day, everyone is encouraged to participate in their own way. Supported by the health and wellness technology platform Alloe.io, Happy is Healthy includes unlimited paid sick days, flex work hours, company social events and rewards, on-site bike racks, showers, meditation and mommy rooms, subsidized gym memberships and on-site yoga and meditation classes. Healthy snack socials featuring the fruit of the month, Wednesday socials and quarterly company-wide culture days make being healthy a group effort.

“At Credit Karma, we support healthy habits by creating a support network and then letting employees suggest new opportunities for eating well, staying active, giving back to the community and connecting with each other in meaningful ways. This has been an integral part of our company culture as we have grown dramatically over the last few years,” said founder and CEO Kenneth Lin.

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma

High Credit Score, Saving is Related to Happiness According to new Credit Karma-UVA Research Report

Money may not buy happiness, but a new academic study shows that people who enjoy saving report being more satisfied with their lives on average than those who find saving painful. Those who enjoy saving also on average have more savings and higher credit scores.

In July 2016, Credit Karma, in partnership with professors at the University of Virginia, surveyed more than 1,000 Credit Karma members about their feelings related to saving, spending and life satisfaction. A strong positive correlation exists between credit score, an affinity for saving, and a sense of wellbeing. The relationship between saving affinity and wellbeing is weaker for more materialistic people as measured by their responses to their feelings about the importance of acquiring money and possessions. Specifically, we found:

Excellent Credit Almost Synonymous with Higher Savings


  • Almost everyone (95%) with excellent credit scores reported having more than $1,000 in savings.
  • Compare that to only one-in-four of those with very poor credit who had that much in the bank; a similar percentage of those with very poor credit reported having no savings in the bank.
  • This is in line with a May 2015 Federal Reserve report that found 47% of Americans are not prepared to cover a $400 emergency without borrowing.

Those with Least Amount of Credit Available Also Report Lower Savings

Credit usage was also a strong indicator of savings rates.

  • Three-out-of-four of those surveyed who are using less than half of their credit card limit reported $1,000 or more in savings.
  • Almost half of those using more than 50% of their credit card limit reported less than $500 in savings.
  • 15% of those with credit card utilization rates above 50% of their limits reported no savings compared to 5% of those with lower than 50% credit card utilization.

Attitudes Toward Saving and Spending Correlated with Credit Scores

Those with lower credit scores were more likely to say that spending money is pleasurable and saving is painful.

  • One out of three members with very poor credit identified with the statement “Spending money helps me relax,” compared to one out of six for those with excellent credit.
  • One out of five people with credit scores in the lowest range said saving money was painful for them; Compare this to only one out of ten with credit scores in the highest range.
  • A majority of respondents (60%) with very poor credit scores said that they would be happier if they could afford to buy more things.

People with Higher Credit Scores Report Being More Satisfied with Their Lives On Average

  • An overwhelming majority of those with excellent credit (91%) said that they somewhat to strongly agree with the statement “My life is going well.”
  • Those with fair and good credit identified with the positive statement about the direction of their life 87% of the time.
  • Two out of three in the lowest credit score range agreed that their life was going well.

That trend continued as we asked about achieving goals.

62% of those with very poor credit said they somewhat to strongly agreed that they are “achieving most of their goals.”

  • Compare that to 86% of those with excellent credit who agreed with the statement.
  • Similar results were found for questions around having a clear sense of purpose.

Both spending propensity and saving propensity can have a positive correlation with well-being but for different reasons.

  • Those with a greater tendency to spend feel better when they buy and do things.
  • Those with a greater propensity to save feel better by exerting self-control and improving their financial situation.

Those with plenty of money in the bank may get more satisfaction if they spend more

Attitudes toward materialistic goals impacted life satisfaction positively or negatively, depending on the affinity for saving or spending and actual level of savings. That is because people who score high in materialism value both things and money. Those with plenty of savings don’t see a benefit to saving more (and would rather spend). By contrast, those who have less savings find it more difficult to spend (and would rather save). Amar Cheema, Carrie M. Heilman and Richard G. Netemeyer at University of Virginia analyzed the survey of Credit Karma members and concluded that “even after controlling for measures assessing financial status (income, credit score, credit quality, savings) … propensity to spend and save have pronounced effects on consumer well-being.”

  • When a person has a low actual savings, those who value both money and possessions and therefore score higher on the materialism spectrum, benefit from a tendency to save more.
  • If a person is at high savings level, and have the same values about possessions, then they derive more happiness from spending more.
  • Inversely, if a person has high savings and ranks high on the materialistic spectrum, then a propensity for saving won’t be as beneficial as it is for someone with low actual savings.
  • Overall, a tendency to pursue purchasing products and experiences, the definition of materialism, decreases a sense of well-being.

 Methodology: Credit Karma, in partnership with Amar Cheema; Carrie M. Heilman and Richard G. Netemeyer at University of Virginia, surveyed 1,008 Credit Karma members between July 6 and July 11 to ask their opinions on five questions related to saving, spending and life satisfaction. All data was aggregated and anonymized.

Follow Credit Karma!

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma

How are Debters Managing Student Loans?

A new survey of over 1,000 student loan holders by Credit Karma working with Qualtrics finds that the majority are carrying $10,000 to $50,000 for their educational experience and many of them are using payments above the minimum, refinancing, consolidation or federal repayment programs to manage the burden.

  • The majority of people with student loan debt took out loans totaling between $10,000 and $50,000, with almost one in four carrying between $10,000 and $20,000.
  • One in five have paid off their debt, but almost the same percentage still owe between $10,000 and $20,000.
  • Almost half hoped to pay off their loans in five years, an equal number said it could take as much as 10 or 20 years. And almost one in 10 said it could take more than 20 years.


  • Three out of four said that they at least sometimes paid more than the minimum; one in three did this often or always.
  • Only one in four had ever refinanced or consolidated their student loans.
  • The bulk of those who have refinanced or consolidated their loans said they did so to reduce monthly payments with a third saying they were trying to reduce interest payments over the life of the loan.
  • Almost 40% of those who have not refinanced said they were not aware they could refinance to reduce payments and interest.
  • One third are taking advantage of federal repayment plans like the Income-Contingent Repayment program.


Methodology:  Credit Karma, in partnership with Qualtrics, surveyed 1,050 21-40 year-olds who have taken out 1 or more student loans. Research was conducted between June 1 and 6, 2016. All data was aggregated and anonymized.

Follow Credit Karma!

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma

Student Loans Keeping Almost 70% of Their Debtors Up at Night; Still, Majority Say Education was Good Investment

A record high $1.2 trillion in student loan debt nationally has been blamed for everything from slowing the housing recovery to limiting the number of business startups. A new survey by Credit Karma finds that while student loans are having some impact on romantic relationships, and even keeping people up at night, most people felt that the return on their academic investment would eventually pay off.


Quality of Life
Student loan debt is keeping people up at night and impacting their ability to pursue the milestones like home and family that millennials said in previous Credit Karma studies they would like to achieve.

Here are the results:
• Almost half (46%) said their romantic relationships had been negatively impacted by student loans to some degree.
• The majority (69%) said that they agreed at least slightly with the statement that student loan debt prevents them from realizing their personal goals; one in three (32%) said that statement described them very or extremely well.
• A majority (69%) said that they agreed at least slightly with the statement that thinking about student loan debt kept them up at night to some degree. Almost a third (30%) said that statement described them very well or extremely well.
• An overwhelming majority (85%) said that they agreed at least slightly with the statement that their education was a good investment; 53% said that statement described them very or extremely well.

How Much and How Long
With the majority reporting $10,000 to $50,000 in outstanding student debts, many were looking for ways to reduce the burden, either by paying more than the minimum, refinancing or taking advantage of federal repayment plans. But many were not aware of their options when it came to modifying terms.

Here are the results:

  • The majority of people (60%) with student loan debt took out loans totaling between $10,000 and $50,000, with almost one in four carrying between $10,000 and $20,000.
  • The majority (52%) had taken out federal loans, but one in three had also taken out private loans.
  • One in five (20%) have paid off their debt, but almost the same percentage (18%) still owe between $10,000 and $20,000.
  • Three out of four (75%) said that they at least sometimes paid more than the minimum; one in three (32%) did this often or always.
  • Almost half (44%) hoped to pay off their loans in five years, an equal number said it could take as much as 10 or 20 years. And almost one in 10 said it could take more than 20 years.
  • Only one in four (26%) had ever refinanced or consolidated their student loans; the bulk of those (42%) said they did so to reduce monthly payments with a third saying they were trying to reduce interest payments over the life of the loan.
  • One reason some are not refinancing is because they don’t want to lose their federal borrower protections. One third are taking advantage of federal repayment plans like the Income-Contingent Repayment program.
  • Almost 40% of those who have not refinanced said they were not aware they could refinance to reduce payments and interest.

The good news is that the profiles of Credit Karma members between the ages of 18 and 34 who have logged on since January 2015 show that it is possible to have student debt and high credit scores. Almost one-in-three millennials with an excellent credit score also have student debt. More findings on what these high credit score millennials have in common can be found here.


Methodology:  Credit Karma, in partnership with Qualtrics, surveyed 1,050 21-40 year-olds who have taken out 1 or more student loans. Research was conducted between June 1 and 6, 2016. All data was aggregated and anonymized.

Follow Credit Karma!

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma

Credit Karma Study Finds Millennials Across the Country Crave Wheels

Myth: Millennials don’t want cars or don’t want to drive.
Fact: More than 90% of millennials surveyed currently own a car or have a desire to own a car.

Credit Karma, working with Qualtrics, surveyed over 1,000 people between the ages of 18 and 34 on their plans for everything from marriage and money to cars and kids. The truth is that 78% already own a car and the majority (55%) bought or plan to buy their first car before their 22nd birthday. Fewer than 8% said they did not own or plan to own a vehicle.

The study also found that despite the increasing prevalence of ride-sharing companies in big cities, there was only a 5% difference between urban and suburban millennial car ownership trends.

For more surprises about millennials and money, read the entire series: Everything You Thought You Knew About Millennials Might Be Wrong.

Methodology: Credit Karma, in partnership with Qualtrics, surveyed 1,016 18-34 year-olds between May 25 and June 3 to ask their opinions on 33 questions. All data was aggregated and anonymized.

Follow Credit Karma!

Facebook: http://www.facebook.com/CreditKarma

Twitter: http://twitter.com/creditkarma

YouTube: http://www.youtube.com/creditkarma

Google+: https://plus.google.com/u/0/+creditkarma/posts

Subscribe to the Credit Karma Blog

Source: creditkarma