topic Re: Credit Karma warning in Credit Card Applications

Credit Karma warning

Anonymous — Sat, 29 May 2021 12:52:47 GMT

American Express Platinum is the "recommended" card when I log in. It is the only card on my landing page.

My approval odds are listed as "excellent"

I decided to apply through my Schwab account, figuring that could only increase my odds as I have a qualifing Schwab account.

Rejected

Is that typical?

Re: Credit Karma warning

Jnbmom — Sat, 29 May 2021 13:00:54 GMT

@Anonymous wrote:
American Express Platinum is the "recommended" card when I log in. It is the only card on my landing page.

My approval odds are listed as "excellent"

I decided to apply through my Schwab account, figuring that could only increase my odds as I have a qualifing Schwab account.

Rejected

Is that typical?

CK is strictly marketing for the most part. Never go by them

Re: Credit Karma warning

Shooting-For-800 — Sat, 29 May 2021 13:02:47 GMT

Amex has their own preapproval tool....

Re: Credit Karma warning

Mr_Mojo_Risin — Sat, 29 May 2021 14:46:23 GMT

As it has already been stated, CK is pretty much marketing.

Try the AMEX prequal, it's pretty solid according to the DP's, not 100% though.

Re: Credit Karma warning

designated_knitter — Sat, 29 May 2021 14:54:10 GMT

Along those same lines, the recommendations fro Experian's free website are also only marketing. Same for credit cards.com and all the other free websites that "match you" with credit card offers. If you aren't prequalified directly from the lender, don't believe it...

and even then, depending on the lender (looking at you, Navy and BoA) don't believe it!

If in doubt, come to this forum first before you app to do a search and/or ask to determine the real odds of approval.

Re: Credit Karma warning

Mr_Mojo_Risin — Sat, 29 May 2021 15:02:51 GMT

@designated_knitter wrote:
Along those same lines, the recommendations fro Experian's free website are also only marketing. Same for credit cards.com and all the other free websites that "match you" with credit card offers. If you aren't prequalified directly from the lender, don't believe it...

and even then, depending on the lender (looking at you, Navy and BoA) don't believe it!

If in doubt, come to this forum first before you app to do a search and/or ask to determine the real odds of approval.

This is good advice, I'm glad you added it to the thread. 👍

Re: Credit Karma warning

Anonymous — Sat, 29 May 2021 15:36:07 GMT

Thanks everyone. Preapproval tool. Did not know about that.

Re: Credit Karma warning

Golf-and-Credit — Sun, 30 May 2021 14:45:59 GMT

@Anonymous

Check out this thread:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Soft-pull-PREAPPROVALs-Updated-4-20-21/m-p/5938753#M310448

It's a list of most places that do a pre qual. Nothing guaranteed. But it helps gauge where you are at!

Re: Credit Karma warning

babygirl1256 — Sun, 30 May 2021 15:32:37 GMT

@Anonymous Welcome to the forum . . . you will find many myFICO posts warning that CK's information isn't dependable -and- I have tried to convince my DH of that -but- he continues to be set-up and let down . . . accept CK's information with caution!!!

Re: Credit Karma warning

SweetCreditObsession — Wed, 02 Jun 2021 03:38:43 GMT

@Anonymous - I'm sorry that you've wasted a HP. CK is notorious for marketing cards with approval odds that are unreliable. On the other hand, Amex has it's own Prequal page on it's site that tends to be reliable.

Just my two cents, perform research on these forums prior to applying for another card to save yourself some time.

Best wishes.

Re: Credit Karma warning

FICOlearner123 — Tue, 01 Jun 2021 16:28:11 GMT

CK needs to get some thing meaningful that just recommending to get comission, at this point the only good things I see from CK are free VantageScore 3.0 no idea who uses this model though and free tax filing if you are well versed with taxes and are comfortable filing them online.

Re: Credit Karma warning

designated_knitter — Wed, 02 Jun 2021 22:40:55 GMT

@FICOlearner123 wrote:
CK needs to get some thing meaningful that just recommending to get comission, at this point the only good things I see from CK are free VantageScore 3.0 no idea who uses this model though and free tax filing if you are well versed with taxes and are comfortable filing them online.

I disagree. I find the way they highlight what's changed extremely helpful and the overall presentation of the credit report information is more readable as well. I hate logging into my FICO after getting an alert that my overall TU balanced has decreased 138 dollars and not knowing exactly which account(s) caused the change.