Best Credit Card Debt Payoff Calculator

Capital One Credit lines are a great partner of Credit Karma, and can provide tools to benefit your current credit score. We recommend that you utilize …

A good way to make sure that you stay out of debt on your existing credit cards is to make use of an online debt repayment calculator such as Credit Karma. The site calculates how long it will take for you to pay down all of your credit card debt. You enter information into the provided fields. These are titled “balance owed,” “interest rate,” “expected monthly payment,” and “desired payoff time-frame.” The credit card debt calculator will take these financial considerations into account and provide you with a plan for paying off your debt. The debt calculator will help make your existing debt more manageable, or allow you to plan for future credit card expenses.

Refinancing Your Credit Cards

One option to help improve your current credit score is to refinance your cards to have a lower annual fee. Additionally, lowering your total credit spending limit will help lower your monthly payments. These financial tactics can help you build your credit score for future business ventures. Capital One Credit lines are a great partner of Credit Karma, and can provide tools to benefit your current credit score. We recommend that you utilize the credit card debt payoff calculator in 2019 to manage or improve your current financial situation.

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What Factors into a Credit Score?

First, let’s discuss the differences between different credit scores. A credit score can range from around 300 to 850 points. A score of 700 and higher is considered a good credit score and will generally allow you to obtain loans without being denied. Obtaining a high credit score can also help to lower interest rates. An online credit card debt payoff calculator will give you financial recommendations to help you achieve a higher credit score. These suggestions may relate to changes in your credit limitations and other account relevant variables.

Where To Find Credit Card Debt Calculators?

You can obtain your credit score from Equifax, TransUnion, and right here on Credit Karma. The sign up process is quick to complete and will not result in any changes against your credit.

Credit Karma also offers a Credit Score Stimulator – This online tool will help determine what would happen if you opened a new credit card, or how large expenses would affect your credit score.

Credit Karma Features:

  • Direct Dispute – If you see any errors on your existing credit report, you can dispute it directly through the Credit Karma platform.
  • Approval Odds – Credit Karma will estimate the likelihood of the approval of any new loans or credit cards.
  • Credit Monitoring – Credit Karma can assist in the monitoring of your current credit-related status.
  • Credit Karma will alert you if any significant changes are made to your credit report, this includes any potential fraudulent activity.
  • Credit Karma offers an easy to use mobile app to pull reports in real time.
  • Credit Karma will generate recommendations for credit cards or loans that could help save you money compared to your current credit payments.

How Can You Improve Your Credit Health?

  • Pay your bills on time – Late or missed payments can significantly affect your credit score.
  • Never close old credit cards – This can lower your credit score significantly
  • Pay down debts – Keeping your overall credit card utilization amount below 30% will leave you in good shape.
  • Don’t open too many credit cards at once – Having too much credit can go against your credit score.
  • Diversify your credit mix – Lenders like to see a mix of existing credit.

VantageScore:

Many Americans complain about the lack of scoring consistency they receive for their credit scores. All three of the credit bureaus have designed a model called “VantageScore” in order to obtain a more consistent standard of credit scoring across the board. When you use a credit card debt payoff calculator you’ll be able to see how to get debt better managed and financed.

A VantageScore has three scoring models. They calculate your scores based on:

FEATURED STORIES
  1. Your payment history – They will look at the consistency of payments made and look for any late payments in your history. They will look to see how many lines of credit you have open and have had open in the past.
  2. How long you’ve had credit – They will look at the duration of the lines of credit you currently have open.
  3. Which types of credit lines you have – The different types of credit lines can be anything from home loans, auto loans, student loans, refinances, home improvement loans, etc.
  4. Current credit limits – The limit of credit on your credit cards, which is contingent upon several factors including your credit score.
  5. The amount of debt – The amounts owed for purchases. This is often coined “debt-to-income” ratio, or how much money are you bringing in (gross annual income) compared to how much you owe in debt.
  6. Any hard inquiries on your credit report – This is the act of “pulling” credit when you visit a lender. This is particularly scrutinized when applying for an auto or home loan.

When to Consider a Balance Transfer?

A balance transfer is taking existing debt and placing it into a different credit card account. There are certain scenarios where doing this may prove to be more cost effective in the long run. If you have debt with a high interest rate – If your current credit card is charging a high interest rate – it may be beneficial to search for one that offers a lower one.

You don’t want to deal with multiple payments every month, so consolidating debt into one credit card account will give you fewer credit card balances to keep track of and help you keep your finances better organized. You are often offered a great promotional offer on a balance transfer. If you are able to pay off your existing debt faster through the new offer, it could be of benefit to take advantage of the refinancing.

Credit Karma is a great option if you’re looking for a reliable and effective credit card debt payoff calculator.The recommendations provided by the debt calculators will help customers make the most of their credit situation. The site is designed to be completely secure in terms of using your financial information, and is highly accessible across your electronic devices. Additionally, the site provides an abundance of finance related reading to help you better understand how your money can start working for you. The resources and calculators provided by Credit Karma are valuable tools that everyone can benefit from.

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INSIKT Changes Name to Aura

SAN FRANCISCO–(BUSINESS WIRE)–Feb 12, 2019–INSIKT, a mission-driven financial technology company that offers affordable loans to …

SAN FRANCISCO–(BUSINESS WIRE)–Feb 12, 2019–INSIKT, a mission-driven financial technology company that offers affordable loans to hard-working families, today announced that it has changed its name to Aura to expand its focus on creating greater financial health, independence and economic stability for millions in America.

“Today, I am excited to share that INSIKT has undergone an extraordinary transformation that starts with a bold new name,” said James Gutierrez, CEO and Founder of Aura. “Aura, like your credit score, may seem invisible, but it matters a lot. Today, we commit to making the seemingly invisible role of credit, approachable, visible, clear, transparent, easy to understand and fair for all. Most financial institutions see borrowers as a number, a risk, a reflection of the past. This says nothing about a borrowers’ potential and where they can go. The difference for us — we see their Aura, not just their credit score. We see them, their potential, and their dreams.”

Since its launch in 2014, INSIKT has provided more than $390 million in affordable, credit-building loans to 320,000 borrowers at over 1,200 partner locations using technology that enables local businesses to administer credit applications.

Now, Aura will build on this success by adding a new consumer product experience that will further empower borrowers and put them on the road to financial security. Recognizing that most of its customers do not know what their credit score is or how much they should save on each paycheck, Aura will provide its borrowers with free credit scores, a summary of what’s in their credit report, and a personalized budget, including expenses, DTI and tips for savings.

Additionally, Aura is launching a new customer loyalty program, known as “Aura Hearts” that offers benefits to borrowers who pay on time such as larger future loans, lower rates, and faster pre-approvals.

“We have worked to ensure Aura makes managing debt a launch-point for personal independence,” said Gutierrez. “We want everyone to see and understand their financial history, reduce fear around personal finance in the communities we serve, and increase borrowers’ ability to navigate the financial system. Aura is here to make sure that borrowers have a true partner on their financial journey.”

Aura’s new website is located at www.myaura.com.

About Aura:

Aura is a technology-powered, Community Development Financial Institution (CDFI) that provides small, affordable loans to working families in America. Aura’s mission is to build financially healthy low-income communities by providing empowering financial services to America’s 66-million underbanked and unbanked. Aura has pioneered a cloud-based lending technology that enables trusted local businesses to submit credit applications for centralized review and approval by its proprietary scoring algorithms.

Currently available in nearly 1,200 locations across California, Texas, Illinois and Arizona, Aura has provided hundreds of thousands of credit-building, responsible loans to low-income households since launching in 2014. Aura was founded in 2012 by James Gutierrez, Kevin Kang, and Randy Wong. All three founders helped create and scale Oportun, a CDFI and one of Time Magazine’s Top 50 Most Genius Companies in 2018.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190212005204/en/

Scott Gerber | 408.202.4255 |scott@vrge.us

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: OTHER CONSUMER TECHNOLOGY DATA MANAGEMENT INTERNET SOFTWARE PROFESSIONAL SERVICES BANKING FINANCE CONSUMER

SOURCE: Aura

Copyright Business Wire 2019.

PUB: 02/12/2019 06:00 AM/DISC: 02/12/2019 06:01 AM

http://www.businesswire.com/news/home/20190212005204/en

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Older millennials are more on top of their credit scores than everyone else

If you’re willing to put up with occasional emails and updates, he says, sites like Credit Karma and Credit Sesame are a very good way to get not only …

Millennials often, and unfairly, get a bad rap for how they deal with money. In one of the many ways they’re actually doing quite well, they’re impressively on top of their credit scores — especially older millennials.

Almost nine of 10 older millennials, those ages 30 to 38, have checked their credit score at least once, according to a new poll by CreditCards.com. That’s a better showing than any other age group.

And those who are looking up their score are checking in regularly. Almost 45 percent have checked their score within the last three months.

The rise in the number of millennials who’re monitoring their credit scores can be attributed, in part, to the numerous products advertising how easy it is to check your score, John Ulzheimer, an expert on credit scores and credit scoring, tells CNBC Make It.

“There are so many meaningful things that rely on a credit score as a basis for things like terms and even the decision someone is making about you,” Ulzheimer says. At this point, he says, “it’s almost a financial irresponsibility not to have some idea what your credit score is.”

Over 80 percent of all millennials report having checked their score at least once. “I think it’s a pretty healthy percentage, given how, 10 years ago, you had to buy credit scores,” Ulzheimer says.

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Social sciences dean is awarded Capital One grant to study AI in financial services industry

… processes, with the goal of more broadly helping to institute responsibility and fairness standards in the banking and financial technology sector.

Bill Maurer, dean of UCI’s School of Social Sciences and professor of anthropology and law, has been awarded a grant from Capital One to investigate the human implications of how artificial intelligence and machine learning are employed in the financial services industry. Using case studies in applications of AI/ML that may increasingly affect people’s financial well-being, Maurer will propose frameworks to mitigate bias in consumer-facing AI/ML processes, with the broader goal of helping institute responsibility and fairness standards in the banking and financial technology sector. “An illustrative industrywide topic we will be exploring is the example of alternative credit scoring based on automated systems and new data sources,” he said. “Social media and online behavior may open doors to credit for the underserved, who lack traditional credit histories.” Also director of the UCI Institute for Money, Technology & Financial Inclusion, Maurer has particular expertise in emerging, alternative and experimental forms of money and finance, as well as payment technologies and their legal implications. His Capital One-funded study will run through December and culminate in a published report and a workshop with subject-matter experts.

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Possible Finance Raises $4.3M to Expand Financial Access to Underserved Americans

SEATTLE, Feb. 6, 2019 /PRNewswire/ — Possible Finance, the company with the mission of expanding financial access to underserved Americans, …

SEATTLE, Feb. 6, 2019 /PRNewswire/ — Possible Finance, the company with the mission of expanding financial access to underserved Americans, announced that it recently completed a $4.3M round of financing between equity and debt. Existing investor Unlock Venture Partners and Columbia Pacific Advisors led the latest investment, which brings Possible Finance’s total funding to $6M since the company incorporated in November 2017. Backers of the company also include FJ Labs, Seattle Bank, Hustle Fund, Union Bay Partners, and various angel investors.

Possible Finance’s initial product is a small dollar installment loan that’s designed to be easily repaid and to build credit history. Using the Possible Finance iOS or Android mobile apps, anyone can apply for up to $500 without a credit check and receive funds next day. Rather than relying on the FICO credit score like traditional lenders, the app links with a customer’s existing bank account to analyze the financial transaction data using machine learning to make credit risk decisions. Repayments are reported to the major credit bureaus to help build credit history. Possible Finance is available to residents in Washington, Idaho, and Utah, and is announcing today that it has launched in California.

Possible Finance first released its product in April of 2018 and has seen tremendous organic growth since then. The founders of the company, Tyler Conant, Prasad Mahendra, and Tony Huang, were the original software team members of Axon where they pioneered police body camera technology. Their work helped correct abusive practices and increased equality for minority and lower income communities in the US. With Possible Finance, the team continues to serve lower-income individuals by expanding financial access and building software tools to help improve financial well-being over time.

“More Americans than ever before are financially unhealthy due to volatile income and lack of access to credit,” said Tony Huang, Co-Founder and CEO of Possible Finance. “The traditional credit score locks 94 million Americans out of the mainstream credit system and the available options today such as payday loans are terrible. Using new technologies, we’re expanding financial access to Americans that need it most. Furthermore, we’re improving long-term financial wellness by reporting to the credit bureaus and helping our customers build credit history with each loan.”

“We’re incredibly excited to continue our investment in Possible Finance and double down on the team,” said Andy Liu, General Partner of Unlock Venture Partners. “Evident by the thousands of satisfied customers, they have demonstrated clear product market fit and an extraordinary ability to execute against their vision of improving financial access for middle-class Americans.”

The company also recently made key hires to its deep technical team and brought on Sanchit Arora, a machine learning veteran, to lead its data science efforts. Sanchit Arora was Co-Founder and CTO of Dextro, a venture-backed machine learning company that was acquired by Axon and became Axon’s AI division. “Possible Finance’s novel approach of using transaction data has the potential to become the standard for consumer credit risk and eventually replace the existing credit score system,” said Sanchit Arora. “I am incredibly excited to be a part of this team and to use machine learning to help middle-class Americans.”

Moving forward, Possible Finance will focus on increasing access of their flagship product by launching in additional states. Over time, the company plans to build a suite of software experiences to help everyday Americans improve their financial wellness.

About Possible Finance

Possible Finance is a technology company that improves financial wellness for everyday Americans. Through a mobile app, Possible Finance provides an installment loan that, compared to other short-term lending options, is less expensive, easier to repay, and builds credit history. Possible Finance has built a unique credit assessment model that leverages novel data sources to effectively stratify risk for credit-challenged individuals. The company is based in Seattle. For more information, please visit www.possiblefinance.com.

Contact Information:

Possible Finance

Tony Huang, Co-Founder and CEO

Email: tony@possiblefinance.com

Related Links

Website

SOURCE Possible Finance

Related Links

http://www.possiblefinance.com

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