How accurate is creditkarma's recommendation/prequalify?

[Subexistence]

I'm not 21 so I can't use prequalify. I've been relying on creditpulls and creditkarma to guess my chances of getting a card. I'm wondering how accurate creditkarma's approval odds tool is.

[Anonymous]

Pretty bad. It showed me that I had a "poor" chance of getting CSR. When I already have CSR with over 20k starting limit. So no, it's not accurate. 

[Ysettle4]

Unfortunately, it's not.

[longtimelurker]

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@Anonymous wrote:

Pretty bad. It showed me that I had a "poor" chance of getting CSR. When I already have CSR with over 20k starting limit. So no, it's not accurate. 

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Yes, I don't think it's very accurate, although in theory it has a lot of data.   But you also have to ask: "compared to what".  Some people use credit pull data base etc, but that relies on a lot of self reporting and only addresses score.   I'm not sure that when people ask here they in fact get more accurate answers.

[Themanwhocan]

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@Subexistence wrote:

I'm not 21 so I can't use prequalify. I've been relying on creditpulls and creditkarma to guess my chances of getting a card. I'm wondering how accurate creditkarma's approval odds tool is.

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Even less accurate than my suggestions.

You could try applying for an American Express Blue Cash Everyday card.

[Subexistence]

Well I guess I really do have no reliable prequalify tools until I'm 21

[AverageJoesCredit]

About as useful as Discovers site. You know somethings jenky when you get recomendations for Amex cards who use Experian most times i think where as as Credit Karma only give you TU and Eq. But really its a ymmv thing as well as there are people who actually get approved based on recs . Just flip a coin might have same effect

[Anonymous]

There are a couple of underlying issues with using CK or any other similar site to try and calculate approval odds - they are not the underwriters for whichever credit line you're applying for and they rely heavily on your Vantage Score will calculating your approval odds. 

The problem with the later is they will compare you to other members in their database with a similar Vantage scores who recieved approvals. While that might sound good, most lenders look at FICO or use an internal risk calculator to make lending decisions. It wouldn't be as bad if Vantage and FICO were similar, but that is often not the case. Since they weigh items on your profile differently you could find one score much higher than the other. Vantage is also much more reactive to profile changes both good and bad.

You also have to consider many lenders pull EX so if you had baddies on there, CK wouldn't even know about them.They may also not know if you burnt a lender in the past and are on their black list.

With all of that being said, I still beleive CK to be a great tool to help decide if you may be approved for a card. I say that because you know if you burnt a lender in the past, if you have baddies on EX, inquiries on EX, how close your Vantage is to your FICO and what your AAoA is (CK doesn't include closed accounts in this calculation).

So in summary while CK is not always accurate, if you know how to apply that information to your profile it can be very useful. 

[fltireguy]

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@Subexistence wrote:

Well I guess I really do have no reliable prequalify tools until I'm 21

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You can't. The CARD act specifically prohibits it

[Anonymous]

1) As @fltireguy mentioned the law prohibits certain activity and marketing to intice young ppl. The political and social climate has basically forced many companies to just go out of their way to steer clear of even LOOKING like a 'bad actor's.

2) That being said...
CK is a great TOOL...When used properly

However, one must remember like any tool , when used incorrectly or overly relied upon can be ineffective, even dangerous.

The information ON the reports provided for FREE by CK and the alerts for data changes and updates are the valuable uses for CK

But the scores are for window dressing and the recommendations are part of the marketing aspect to appease the desires and interest of CK's advertisers.

They set up standards for the steering of applications their way....Let's face it and not be silly here ppl!

These aren't government agencies or church groups here CK wasn't set up to simply GIVE us information or wipe our behinds, after potty time....

It's a honey trap for LEADS duh!
The recommendations or odds indicators are equal to commercials the TV show is PAID for by the ads

ESPN and DirecTV pays a crap load of money to broadcast sports NOT because they just want to make it FREE for ppl to watch....Ish is for SALE, folks.

The advertisements on CK are anything that involves an app....

(Why do you think Discover products aren't on CK anymore?
Could it be because they opened their own app steering site, using a Free credit score as bait?

C'mon folks see the forest for the trees

Grab the free meal, don't fall for paying for the drink.

Good luck

Btw if you have a good profile, there are many places that will approve you as an under 21 applicant.

My 2 kids have NFCU, USAA, Chase, Discover between them with ZERO denials, oh and a car loan approval for my son just past his 21st....Based upon the profile built prior.