The Ultimate Guide to Credit Karma, Part 8: Credit Card Statistics
Posted on May 3rd, 2012
Credit Karma’s CEO, Ken Lin, loves credit card data even more than the data monkeys we pay to analyze that data*. He loves data so much, that he decided we should share what we know about credit cards with all of our members. And so, in September of 2011, we launched our Credit Card Statistics feature, a free tool that gives you key information by analyzing more than 5 million credit card accounts.
Credit Card Statistics: Zillow for Credit Cards
When you’re shopping for a new home, Zillow helps you by giving you data and statistics about different home listings. When you’re shopping for a new credit card, Credit Karma gives you all of the data and statistics, aggregated from over 5 million credit card accounts. Before choosing your next credit card, you can see data on:
- The average credit limit awarded
- The average approved credit score
- The average household income
- The average cardholder age
- The credit card’s market share
This once-ambiguous data is now available to you in easy-to-understand bar graphs. This feature also helps supplement Credit Karma’s approval odds. For instance, the average credit score approved for the Freedom Visa card by Chase is 701. However, if you look at the distribution of credit scores across all holders of the card, you can see that nearly 40 percent of cardholders have a credit score of 750 or higher, while only 7 percent have a credit score of 650 or lower. That means if you have a credit score of 650, your chances of getting approved for this particular card are very slim. The credit card statistics help put things into perspective.
Helpful Tip: You can filter and compare a variety of credit cards in the reviews section of Credit Karma. For instance, if you want to see which card is most popular among members ages 35-40, select “Average Cardholder Age” and move the slider to begin at 35 years and end at 40 years. The search results will automatically be arranged by reviewer ranking.. The member-written reviews and our credit card statistics will work together to help you narrow down your credit card search.
*Credit Karma does not actually employ monkeys. All monkey-work is entirely voluntary.
Filed under Credit Cards, Credit Karma, Statistics, credit card data, credit card statistics, data, data monkeys, the ultimate guide to credit karma, tools |
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