Credit Karma question

[kdm31091]

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@Anonymous wrote:

Credit Karma...I give them props for getting me even looking at my credit.... But how in the bloody heck, can they say Approval Odds for Amex VERY GOOD when Credit Karma only shows your Transunion and Equifax, when AMEX uses Experian!!!!  But wait.....theres more.... everytime I have seen Very Good and appd for me or a family member, it has always been approved. Strange....

Can you see any of your scores from your other cards? I know discover usually shows a fake score on their bills...  Your discover card, right now, can earn you 5 pct in rotating cats, but they will match that in 12 months, so its really 10. Plus... if you call them, and ask for 0% on new purchases, they will probably give you that. 

Have you requested a credit limit increase from capital one or discover? definitely get on discover and do that. They are handing out CLIs like crazy...But if I were you, i would collaborate here with some of the higher ups and see what capital one card you could product change to after a CLI. You really shouldn't need multiple cap1 cards...if you are a traveler the venture card is ok.

That Amex Everyday card to me, is a flat out joke. The point earning on it is not that great. I don't even know what it is, its that bad.something like 1.2% on all purchases, and only 2.4% at grocery stores. The Amex to get is the Blue Cash Everyday Preferred as it yields 6% on groceries. Basically if you spend over $55 a week on groceries, you need that card.

TLDR: You probably need to wait a little longer before adding cards. Maybe another 7 months. When you have hit the 6 month mark on any cards, request credit limit increases if it is a soft pull only (discover/cap1 not sure aboutkohls)...

But if you insist on trying, If it is good, try for the Amex, maybe you can product change it to BCEDP in 6mos like I am going to try to do. If you think your credit is good/excellent, then maybe you could apply for multiple Amex products, but use different web browsers, and try to do them in rapid succession. Looks like your best bet would be to app for blue cash everyday preferred, then the amex everyday. If you get approved for the first, then you are fine. But you could get 7-10 day messages for both.

Your best chances of success here with such a short age, are to request credit limit increases wherever possible, to decrease your utilization, and show other creditors you can handle higher limit cards.

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Well it depends. The return on the Everyday is higher than 1.2/2.4 if you redeem for travel via transfers and that's the idea behind the MR points. You can cash them out but the redemption is terrible. For cash redemptions yes the Everyday makes no sense to have IMO and BCP is going to be better assuming you justify the AF.

[Anonymous]

Well you have 30 days from date of the application, to recon. If it's past that then the only way is to re apply. If I were you I would not waste a hardpull on your credit profile without knowing you tried for a recon. I recently apped for QS1 and Venture, initial decline but I found my denial reason and am working to fix that

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andykin456 wrote:

I was denied about a month ago from discover it, you think it might be weird if I called a month later on recon?...lol

[Anonymous]

If I go on the Creditkarma site, it says my chances are very good at getting approved for the CSP.  And got a flat out denial when I called.  They're great for looking at your reports but take what they say & their scores with a grain of salt. 

[hizzaah]

Just check the pre-approval sites..

[Anonymous]

From what I see, CK strictly bases it's "Approval Odds" based on the people who are on CK and have been approved or denied based on their scores. It doesn't take any of your specific CR information, such as BK, liens, judgements, lates, CO's, new accounts, INQ's, etc... It seems to only compare your score to other's that were approved or denied. So if the CC your applying for doesn't like BK, and you have one on your CR, it won't consider this in its odds for you. It's only looking at scores. That's how I see it. Because like everyone else, I've been approved for CC's that CK said "not good", and than been denied for CC's that CK said "very good".

[takeshi74]

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@kdm31091 wrote:

Well it depends. The return on the Everyday is higher than 1.2/2.4 if you redeem for travel via transfers and that's the idea behind the MR points. You can cash them out but the redemption is terrible. For cash redemptions yes the Everyday makes no sense to have IMO and BCP is going to be better assuming you justify the AF.

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This.  If one is considering the BCP then the closest Everday equivalent is the EDP which earns at 3x/4.5x.  If properly redeemed, the MR points should be comparable if not better in value to the cash back on the BCP.

One always needs to consider redemptions and not just earn rate with point/miles cards as that can have a signficant impact on point/mile value.  It's certainly also possible to do much worse with MR, for example, if redeeming for statement credits which are only about $0.006/point.

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@Anonymous wrote:

Credit Karma...I give them props for getting me even looking at my credit.... But how in the bloody heck, can they say Approval Odds for Amex VERY GOOD when Credit Karma only shows your Transunion and Equifax, when AMEX uses Experian!!!!  But wait.....theres more.... everytime I have seen Very Good and appd for me or a family member, it has always been approved. Strange....

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Nothing strange about it.  It's the old "correlation versus causation".  CK can only correlate given the above and that many creditors do not use VantageScores.  Correlation can come close at times (and be wrong at others) but if you want to count on something then you'll want to rely on causality.