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Credit Karma acquires mortgage platform Approved

Credit Karma, the service best known for providing free credit score monitoring and other financial advice (mostly to millennials), is getting into the mortgage business. The company today announced that it has acquired Approved, a mortgage platform that brings modern technology to a process that even today often still involves faxing documents back and forth. The companies did not disclose the financial details of the transaction. At first glance, this may seem like a bit of an odd acquisition, given that Approved is mostly a service for banks and mortgage brokers. But it also makes perfect sense for Credit Karma to get into the mortgage business. Indeed, Credit Karma Chief Product Officer Nikhyl Singhal told me that he sees this as the natural next step in the company’s evolution. “As we’ve expanded, you’ve seen us move from credit cards as a way to help members with that part of their life to first personal loans to auto — meaning auto loans, auto insurance,” he said. “Today, we’re really talking more publicly about mortgage. Mortgage being for many of our members the most important financial decision they’ll make.” It’s also no secret that Credit Karma’s largest user base is millennials. As they get older and start getting to the point where they consider buying a home (assuming they are in the financial position to do so), the company obviously wants to keep those users engaged on their platform and offer them more services. Singhal also stressed that 80 percent of Credit Karma members are active on the service before they get a new mortgage — and Credit Karma obviously knows all of this because it is able to collect a lot of very detailed financial data about its users. As Singhal noted, Credit Karma has been working on getting deeper into the mortgage business for about 18 months. “The acquisition is just the continuing effort of saying, ‘look, we’re serious about taking our scale and being that trusted destination for our members as it relates to helping them with their mortgage.’” Credit Karma already offers some mortgage brokerage services, and today’s acquisition is meant to help…

5 Tips to Improve Your Business Credit Score

Most people have a decent understanding of their personal credit score, but not so many are as familiar with their business credit scores. Your business credit score is crucial in determining whether or not your enterprise is fit to borrow, how much interest you’ll have to pay on credit, and in some cases, whether or […] The post 5 Tips to Improve Your Business Credit Score appeared first on SmallBizClub.

Your Personal Credit Score Matters More Than You Realize to Your Business

As an entrepreneur, it is assumed that you are aware that your business credit matters. It makes a difference in applying for loans, it affects your credit score, and improves your ability to apply for credit with your vendors. But How Aware Are You? Lenders of all kinds, especially banks, will look at how your […] The post Your Personal Credit Score Matters More Than You Realize to Your Business appeared first on SmallBizClub.

How to Get a Car Loan if You Have Bad Credit

Are you in desperate need of a car but don’t have the best credit? If so, you might feel like your situation is hopeless, but that’s not always the case. When I bought my first car I had zero credit. My first couple tries at getting a loan had me feeling like I’d either be carless or paying a 20% interest rate. It took a lot of looking to find a loan that made sense. Here’s how to get a car loan if you have bad credit or no credit. Check Your Credit Score When is the last time you checked your credit score? Is it really as bad as you think it is? If you haven’t checked your credit score for a while you can check it for free with Credit Sesame. This will give you a clear idea of what you’re working with and what to expect in terms of loan approval and interest rates. According to Bankrate the average credit score you’ll need to purchase a new car is 714. The average score you’ll need to purchase a used car is 655. Here is a chart, also from Bankrate, showing the average interest rate for new and used cars based on credit score. (Even if your credit score falls below the averages there is a chance you’ll still qualify for a car loan.) Once you know your credit score you’ll have an idea of what a going interest rate is for your situation. (This will help keep you from getting taken advantage of!) Also, if the interest rate for your current situation is astronomical you might need to postpone car shopping while you bring your credit up. Check for Preapproval with Local Banks and Credit Unions If you checked your credit score and it falls in the non-prime to deep-subprime range you’re going to need to do some serious legwork. Start with local banks and credit unions. They have more discretion over their in-house loans than the big banks and will be more willing to work with you. I got my first car loan when I had…

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