10-01-2013 08:23 AM
I made the mistake of applying for a Barclays NFL credit card yesterday because Credit Karma said I had a good chance of getting it (through their recommended offers)
I got an alert in my email today saying that there was a hard inquiry, which of course I expected. What I didn't expect was such a big credit score drop of 27 points. I thought that hard inquiries were only supposed to take away 3-10 points at most.
This was the only thing I applied for in months. I was happy to see my score increased this past week by 42 points, but now its back down again because of this inquiry.
Any help is greatly appreciated.
10-01-2013 08:29 AM
Its possible that your score drop reflects the inquiry and the addition of a new account. Barclays tends to report right away so it was probably a drop in your AAOA's as well. I believe credit karma only factors your open accounts into their scoring model. That would most likely make the appearance of a new account seem more drastic.
10-01-2013 08:33 AM
Credit Karma can be good because its free, but I still wouldnt consider it a great tool. It is very flawed and you cant see your actual reports.
10-01-2013 11:06 AM
Credit Karma really is only educational at best. If youre really worried about it all you can really do is pull an actual FICO from here or a report to see if there any changes any where else. My credit Karma shows at like 680 vs. my FICO at 743.
10-01-2013 11:11 AM
Do NOT go by CreditKarma! Barclay's is a difficult card to get. A 27 pt hit is a LOT...especially for a card you were denied for.
When THINKING about applying, hop over the CC forum and check out the posts.
10-01-2013 11:47 AM - edited 10-01-2013 11:48 AM
My Experian took a 45 point hit from 2 inquiries. Barclay and Cap1 auto finance. Was approved for both along with a Sportsman's Visa which was a soft pull. No drop from Equifax or TU from the Cap1 inquiry. Cap1 pulled all 3, Barclay only Experian.
10-02-2013 01:13 PM
Credit Karma is crap. It was the first free tool I started to use when rebuilding my credit. My score in almost 2 years has gone up over 100 points on any other site however on CreditCrap its actually has moved like 3 points at 1 point it actually went down like 10. I have made no late payments, no inquires, if anything my credit lines have gone up, length of credit history up and baddies down........ I don't get that site. If I use the estimator I can pretty much do anything and my score wont go up. I could get a 10k limit on a card, pay off 100k of debt and nothing its a joke.
10-02-2013 03:09 PM
Thanks for your input!
I forgot to mention that I was also denied for a credit card with them.
Try to recon with Barclay's through the back door number. They are good with reconsiderations.