topic Re: CK Approval Odds? in General Credit Topics

CK Approval Odds?

Anonymous — Tue, 16 Apr 2019 13:08:21 GMT

Hi there! First-time poster and happy to be here! I just had a question. I know lenders and score monitors can use different models and come up with different score numbers, but I currently use Credit Karma and show a 630/636 Transunion/Equifax. I went on to their "Recommendations" page, and saw that their approval odds for the Capital One® Platinum Credit Card were at "Very Good". It's the first time that I've seen those odds on there, but I'm skeptical about applying and adding an inquiry to my report. Does anyone have any advice that they think may help me decide whether or not to apply? any knowledge of this particular cards' average approval score(s) or bureau they use to pull scores from? Any help would be appreciated. Thanks a bunch!

***EDIT***

I do not currently know how to add all of the information you folks seem to have under your messages, but I'm going to add whatever information I can about my profile. This information is gathered from CK, so it may not be 100% accurate, but that's all i have to go on at this time.

TU:

630 Score

9 Inquiries

5 Total Accounts

2 Open ($6,509 Remaining on Car loan and $129 in Collections)

3 Closed

Credit Age (averaged): 8 Months

Derogatory Marks: 1 ($129 Collection Account)

Credit Card Use: No Data

Payment History: 100%

Equifax:

636 Score

7 Inquiries

6 Total Accounts

Same 2 open as TU

4 Closed

Same Credit Age

Same Card Use

Same Payment History

No current Cards or CL, slowly building my score 1 point at a time with my car payments when they report them,

2007 Hyundai Santa Fe

Financed through Credit Acceptance Corp

22.99% INTEREST!!!

I know that's terrible, but I had been denied completely by every other lender attempted.

I'm hoping this community will help me build my profile like it seems to have done with so many others!

Re: CK Approval Odds?

LakeLife — Mon, 15 Apr 2019 19:53:18 GMT

There are people on here that could give you an educated guess, but we'd have to know more than just your CK Vantage scores. Things about your credit profile like current CC utilization, file thickness, average age of accounts, any derogatory remarks, etc? Many find it helpful to create a signature when able to display those things.

Re: CK Approval Odds?

luxlight — Mon, 15 Apr 2019 20:02:10 GMT

Welcome to myFICO. So the main thing that most people mention is that the "preapprovals" that CreditKarma shows are really nothing other than ads. If you want to actually check for preapprovals with certain banks. Most of them such as Chase, Discover, Capital One, etc. have their own preapproval pages that would be much more accurate than what CreditKarma is trying to show.

Re: CK Approval Odds?

Shooting-For-800 — Mon, 15 Apr 2019 20:09:06 GMT

There are MANY banks that have real prequals.

I would use those to get an idea of where you really stand.

Capital One

Merrick Bank

Home Depot

US Bank

BB&T

Regions

American Express

Discover

GL!

Re: CK Approval Odds?

rbentley — Mon, 15 Apr 2019 20:16:16 GMT

You will find this link much more accurate than the CK ad.

https://www.capitalone.com/credit-cards/prequalify

Re: CK Approval Odds?

Time2letgo — Mon, 15 Apr 2019 20:16:53 GMT

@Anonymous wrote:
Hi there! First-time poster and happy to be here! I just had a question. I know lenders and score monitors can use different models and come up with different score numbers, but I currently use Credit Karma and show a 630/636 Transunion/Equifax. I went on to their "Recommendations" page, and saw that their approval odds for the Capital One® Platinum Credit Card were at "Very Good". It's the first time that I've seen those odds on there, but I'm skeptical about applying and adding an inquiry to my report. Does anyone have any advice that they think may help me decide whether or not to apply? any knowledge of this particular cards' average approval score(s) or bureau they use to pull scores from? Any help would be appreciated. Thanks a bunch!

Welcome to the forum. Without knowing much about your file, the one question I can answer for you is that Capital One will pull from all 3 bureaus, so you will have 3 hard inquiries. Good luck.

Re: CK Approval Odds?

M_Smart007 — Mon, 15 Apr 2019 21:31:58 GMT

"Capital One

Merrick Bank

Home Depot

US Bank

BB&T

Regions

American Express

Discover"

also add Citi Bank to That Pre-Qual List

Re: CK Approval Odds?

Anonymous — Mon, 15 Apr 2019 22:12:38 GMT

Ignore CK scores and their approval odds. Their goal is to get you to click and apply for a card so that they get a kickback. Good approval odds displayed benefits them, not you.

Re: CK Approval Odds?

mikesonthemend — Tue, 16 Apr 2019 00:14:38 GMT

Ditto what everyone else has said. Cap1 pulls all three.

Good luck.

Re: CK Approval Odds?

Anonymous — Tue, 16 Apr 2019 03:48:11 GMT

Welcome to the forum, I'll have to co-sign what everyone else is saying. Credit Karma told me that I had a "poor" chance to get the Chase Sapphire Reserve, applied anyway and got it. I don't know what factors CK uses but their estimates for card approvals seems off.

Re: CK Approval Odds?

Anonymous — Tue, 16 Apr 2019 12:17:59 GMT

@Time2letgo wrote:
@Anonymous wrote:
Hi there! First-time poster and happy to be here! I just had a question. I know lenders and score monitors can use different models and come up with different score numbers, but I currently use Credit Karma and show a 630/636 Transunion/Equifax. I went on to their "Recommendations" page, and saw that their approval odds for the Capital One® Platinum Credit Card were at "Very Good". It's the first time that I've seen those odds on there, but I'm skeptical about applying and adding an inquiry to my report. Does anyone have any advice that they think may help me decide whether or not to apply? any knowledge of this particular cards' average approval score(s) or bureau they use to pull scores from? Any help would be appreciated. Thanks a bunch!
Welcome to the forum. Without knowing much about your file, the one question I can answer for you is that Capital One will pull from all 3 bureaus, so you will have 3 hard inquiries. Good luck.

Hey there, thank you for the reply! Anyone know how I can add information about my file?

Re: CK Approval Odds?

Anonymous — Tue, 16 Apr 2019 13:50:53 GMT

@luxlight wrote:
Welcome to myFICO. So the main thing that most people mention is that the "preapprovals" that CreditKarma shows are really nothing other than ads. If you want to actually check for preapprovals with certain banks. Most of them such as Chase, Discover, Capital One, etc. have their own preapproval pages that would be much more accurate than what CreditKarma is trying to show.

Thank you! So I took your advice and went to Capital One's Pre-qualify page. They displayed the same card that CK did saying I pre-qualified for it. I edited my original post to include some information from my CK file to hopefully give someone the information they may need to recommend continuing with the application or not?

Re: CK Approval Odds?

ChessChik47 — Tue, 16 Apr 2019 14:53:01 GMT

@Anonymous wrote:
@luxlight wrote:
Welcome to myFICO. So the main thing that most people mention is that the "preapprovals" that CreditKarma shows are really nothing other than ads. If you want to actually check for preapprovals with certain banks. Most of them such as Chase, Discover, Capital One, etc. have their own preapproval pages that would be much more accurate than what CreditKarma is trying to show.
Thank you! So I took your advice and went to Capital One's Pre-qualify page. They displayed the same card that CK did saying I pre-qualified for it. I edited my original post to include some information from my CK file to hopefully give someone the information they may need to recommend continuing with the application or not?

Hi Bmajor, I suggest doing what others have recommended and check ALL the prequal sites, not just Capital One. You should be choosing a card/cards that have benefits you want/need, not just because a website "recommends" them. You may be limited now, but in time as your score improves, you will have plenty of options. Good luck in your journey!

Re: CK Approval Odds?

Anonymous — Tue, 16 Apr 2019 18:55:15 GMT

@ChessChik47 wrote:
@Anonymous wrote:
@luxlight wrote:
Welcome to myFICO. So the main thing that most people mention is that the "preapprovals" that CreditKarma shows are really nothing other than ads. If you want to actually check for preapprovals with certain banks. Most of them such as Chase, Discover, Capital One, etc. have their own preapproval pages that would be much more accurate than what CreditKarma is trying to show.
Thank you! So I took your advice and went to Capital One's Pre-qualify page. They displayed the same card that CK did saying I pre-qualified for it. I edited my original post to include some information from my CK file to hopefully give someone the information they may need to recommend continuing with the application or not?
Hi Bmajor, I suggest doing what others have recommended and check ALL the prequal sites, not just Capital One. You should be choosing a card/cards that have benefits you want/need, not just because a website "recommends" them. You may be limited now, but in time as your score improves, you will have plenty of options. Good luck in your journey!

I wish I had seen your message earlier. I had decided to apply for the one I saw on the Capital One website. I ended up getting approved for a $300 limit! I was speechless and couldn't believe what I was seeing! The only real need I have is at this time is rebuilding my credit profile, so a card with a lower limit is kinda perfect, especially if I'm able to be responsible enough with it. I'll keep you folks updated, and thank you again for all of the advice!

Re: CK Approval Odds?

dynamicvb — Tue, 16 Apr 2019 20:01:41 GMT

If you are serious about building, then you need to get a copy of your Fico scores. You can get a trial at creditchecktotal.com for next to nothing. The ones from Credit Karma could be( and probably are) way off from where your fico scores are at. I know mine are about 60 points lower now on CK than my fico scores. When my file was dirty, then they were higher than my fico.

It will take a couple of months before the capital one reports, but you should get a nice boost once it does, just keep your reported utilization below 8.9% of the card limit. Since you do not have any revolver on your report then you are getting dinged for no revolving credit.

Re: CK Approval Odds?

Anonymous — Tue, 23 Apr 2019 06:14:43 GMT

My capital one and Citi double cash cards both said poor odds of approval. I was instantly improved with 2 months credit history. My starting limits were 1k and 1200. I only had a secured capital one at the time for 2 months. Then they said I had excellent approval odds for a Barclay card. Instant denial. So I don't trust it that much. But capital one does have prequaified link on their site.

Re: CK Approval Odds?

SoCalifornia — Tue, 23 Apr 2019 14:32:24 GMT

@Bmajor0327
Welcome to the forum. You got plenty of great advice and the people here know what they are talking about. Generally, if someone doesn't have a straight out answer for you they will say so, otherwise the advice is solid. Lots of wisdom here.

Like others said, pull your report and FICO scores. You can do it for basically nothing. Not doing it is what will really cost you down the road. Credit Karma is more like an enthusiastic tour guide with a two-week certificate.

I'm fairly certain that Cap1 Platinum card does 'credit steps'. In other words, don't miss a any payments for 5 consecutive months (or 6- can't remember exactly) and they will automatically increase you to $500. Keep managing that card for at least six months and you may even be able to do a product upgrade and have a reward card that will benefit you much more. Good luck and always go to the Issuers sites to check pre-qualify. 👍🏽

Re: CK Approval Odds?

FinStar — Tue, 23 Apr 2019 15:37:56 GMT

Welcome and congrats on the approval @Anonymous.

Locking this thread as you have been approved. Feel free to start a new approval thread in the Approvals forum if you wish.