Petal Visa Card

[shadanat]

This morning I got an invitation to apply for the Petal Visa Card. This is a card that pre-qualifies you and there is no hard pull. I thought what the heck let's see. Unfortunately, I was declined due to the following reasons:

• bankruptcy on credit report
• Too many inquiries (8 from car purchase)
• Lack of sufficient credit history

They did a soft pull on Transunion and the AA letter says that my credit score is 659.

Oh this card is issued by Webbank

[Adkins]

I'm sorry for the decline! Thank you for sharing your data points! 

[19eighty5]

Thank you for sharing your data points on this card. I recently learned about the Petal card and signed up for their wait list. A few days later, I received an invite to complete a survey to determine if the card was a good fit. Although they stated the survey outcome wouldn't impact my future ability to apply, they stated I was not an ideal candidate due to having a credit history (aka rebuilding) and that the card is geared towards those with thin files or no history - which is interesting as one of your denial reasons was due to lack of history.

[Anonymous]

I was also declined for inquiries and I have a 701 credit score.

[Anonymous]

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@Anonymous wrote:
I was also declined for inquiries and I have a 701 credit score.

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Yeah I was declined as well they said mainly due to bankruptcy, they pulled Experian and the score they showed was a 678. 

[Anonymous]

Kredit Karma said "Excellent Approval Odds" with Petal.  Got the following notification:

After very carefully reviewing the information that was supplied in the pre-qualification
process, we are sorry to advise you that it is unlikely that you would be approved for a
Petal Card Visa at this time for the following reason(s):
1: You have a recent and severe delinquency.  (Well that's real specific)
Please note that this decision will not impact your credit score.

The consumer reporting agency contacted that provided information that influenced our
decision in whole or in part was:
Experian
Your credit score: 718
Date of Credit Report Pull: Thursday, Jul 4, 2019
Scores range from 300 to 850.

I've had no delenquent payments for at least 18 months so I don't really know how far back they're going.  Seems this company may only be looking for young, new borrowers.

Also, notice they say the credit pull is on July 4th.  It's 11:30 PM July 3rd.  What's this crew up to?  Then I came across something in their notice even more concerning.

Part of Petals "Adverse Action" response said:
"Our credit decision was based in whole or in part on information obtained from Quovo and/or Plaid, digital financial records aggregators".

One of my banks, Capital One, recently made a move to restric third party data access, APIs like Plaid, from accessing customer data.  So is the reason they denied because they couldn't access my bank account application through a third party API?  Should any of these companies have access to personal bank account activity without authorization?  This is far more concerning than just being denied by a card issuer like Webbank.  https://www.paymentssource.com/articles/capital-one-restricts-third-party-data-access-upsets-custome...

[Anonymous]

1, they may be based in a different time zone and that's where the date comes from based on how their PC's are setup

2. considering they are targeting thin files it's not a surprise that they're using alternative sources for approvals in addtion to SP of a CRA

3. I highly doubt they're getting more than vague info from the alternative reporting sources other than maybe the age of the account and whether or not it's had any adverse transactions sort of like chexsystems sort of info

4. delinquencies report for up to 7 years and some FI's go back up to that point in time or as little as the last couple of years...depends on their policies

5. Don't base your decisions on the marketing supplied by 3rd party CMS like CK, CS, etc.  Approval Odds is a big indicator that they're full of it and it's not based on anything other than the commission that they make off the click you make to go to the app site.