Petal credit card application

[Anonymous]

Hi Everyone new to forum...

Question i applied for a Petal card and was delcined the letter they sent me said my Experian score was 562,i checked

it on Experian that same day i applied and its 655.

Petal said they did a soft pull to pre-qualify me.How could they get such a score?

Doesn't make sense.

Thank you

[FinStar]

Hi OP and welcome to the forums!

It's possible Petal used a different version than the score you are comparing it to.  Are you looking at a FICO (EX) score?  If so, which FICO version?

[Anonymous]

I believe it was fico 8

[FinStar]

Does the letter you received indicate what version they used or does it provide a range?

[Anonymous]

It says

Your credit score 562

Date of report pull Feb.5 2019

Scores range from 300-850

[FinStar]

I guess I'd be curious to know which version they used.

[pamon]

I was declined back a while ago with them and their scoring was way off. They don't have a way to resubmit a new app despite the ton of money they've raised and advertising they do on FB and social media. Would love to reapply, but they say their systems don't allow it. Sounds like garbage to me. Get a bunch of people, prove to investors, raise $$ and move on. 

[Anonymous]

PETAL Card is issued through WEB BANK, and they are a big investor based bank that issues loans, and such for companies such as Lending Club, and Lending Tree, or all the other "internet solutions".

I wondered myself on the model they use to score individuals.

I would personally only do business with companies that are well known. I am not doubting Web Bank, and this card but you have a pretty O.K Score, and well within the issuance margins at a bank I worked at.

HINT: Stay far far far far far far away, and a quick shrek reference " And live happily ever after"

[Anonymous]

They suck. They approved me then denied randomly. 760 score, wouldn’t give me an explanation either.

[Anonymous]

They sent me  a email today saying they use Vantage score.