FTC orders Credit Karma to halt deceptive โpre-approvedโ credit offers
The Federal Trade Commission has filed a lawsuit that alleges the website โCredit Karmaโ deceived people by falsely claiming that they had been โpre-approvedโ or had โ90% oddsโ of approval for credit cards or loans.
Whatโs the best way to rebuild credit? And other FAQs
Freeze credit card spending. Closing an account could impact your credit utilization rate , a number that reporting bureaus use to evaluate your current spending habits and your future creditworthiness. If you have all three cards, then your credit utilization rate is 33% ($2,500/$7,500). Closing a credit card will also negatively impact your average age of accounts, which shows lenders or credit issuers that you can responsibly manage credit over time. Your debt-to-income ratio and credit utilization ratios should have improved, which may help you qualify for a consolidation loan.