Here is a comparison between the two, one of the best credit scores sites of 2022- WalletHub vs Credit Karma.
Was it one of your New Year’s resolutions to improve your credit score? Or maybe you’re hoping to buy a home soon? Perhaps you just like to be on top of all of your personal financial data so you can press on towards achieving your goals?
Wallethub vs Credit Karma- comparison
Today you can get your credit score from several sources and many are free. Regardless of your reasons, checking your credit often can have a powerful impact. Studies show that checking your credit score often actually helps you improve it more efficiently.
And, sure, you can get your official FICO score directly from FICO or one of the credit reporting bureaus–for a hefty monthly fee. But there are also plenty of great free options that give you access to an approximation of your credit score.
These sites can give you a free credit score based on your latest credit report information. Pulling your score each month doesn’t negatively affect your score. And sometimes the estimated scores are pretty accurate. They just aren’t the official score some lenders will see.
But to be honest, neither are some of the scores you pay beaucoup bucks to access. That’s because lenders can choose from more than twenty different FICO scoring models, plus models from other credit scoring companies. Since you never know which exact score a lender will check, it’s next to impossible to know the exact score a lender will see for you.
With that said, we’ve checked out the best credit score sites of 2018. These are the places you should go to get your credit score. They’re known for accuracy and ease of use, and we’ll tell you which scoring model each site uses, where possible among WalletHub vs Credit Karma.
This site has long been one of the best services for tracking credit scores for all. It bases its score on the vantage score, which is becoming more popular with some lenders. But even if your lenders don’t prefer this score, it gives you a good idea of what your credit looks like based on both your transunion and Equifax scores.
One of the best parts of Credit Karma is its easy-to-use credit score simulator. This lets you see how different potential moves–paying down debt, missing a payment, opening a new account, etc.–might affect your credit score. It’s a helpful way to plan out your credit moves or just get some extra motivation for paying down debt.
Another advantage of Credit Karma is that it updates your credit scores weekly. Many of these free providers update monthly. It’s nice to know that if something is off with your credit, you can know sooner rather than later. And you can even get alerts when your credit score increases or decreases, so you’ll know right away.
As with most of the other sites here, Credit Karma makes its money by giving you recommendations on different types of loans and financial products. If you’re on the hunt for a consolidation loan or credit card, it can help you find lenders that might be a match based on your credit profile. And if you go with those lenders through the Credit Karma site, they’ll get a commission from the lender.
A relative newcomer to the free credit score arena, WalletHub has a slick interface that I really like. It also updates your credit score daily. This can be helpful if you’re in the middle of paying off debt or other moves that could impact your score rather quickly. Just remember that your credit information isn’t going to the bureaus daily, so you may not see changes immediately.
The advertising on WalletHub is less obtrusive than with the other two sites, but it’s still there. It also has a more all-around financial wellness feel. When you sign up for an account, it asks you about your overall expenditures and personal financial goals, which can be helpful. Overall, this is another nice place to get your approximate credit score for free.
To choose the best free credit reports it is evaluated on the basis of a few factors: the number of credit reports you can access, the frequency of updates, the ease of understanding the information, the ease of signing up for a new account, and whether a free credit score or analysis was also included.
What is a Credit Report?
Your credit report is a collection of account history from companies you’ve created a credit account with or companies your creditors have designated to collect on their behalf. The information in your credit report helps new creditors and lenders decide whether to do business with you and the appropriate cost to charge you.
Why You Should Check Your Credit Report?
Mistakes happen. In fact, the Federal Trade Commission estimates that one in five consumers has at least one error on their credit report.3 These errors can affect your ability to get approved or cause you to pay higher rates when you are approved. The only way to verify that your credit report contains the right information is to review the information on an ongoing basis.
Are Free Credit Reports Worth it?
Purchasing your credit reports can get expensive, especially if you need to review your credit report multiple times a year. Accessing a free credit report allows you to stay on top of your credit without the hefty price tag. Plus, you can use more than one free credit report service at a time for a comprehensive look at your credit across all three major credit bureaus.