Credit Karma Approval Odds Accuracy

I want to apply for a new credit card so i can cancel my secured capone. Credit karma compares your credit profile to the credit profiles of other members who were approved for the card to assess the likelihood that you ll be approved too.

What To Know Before Filling Out A Credit Card Application Credit

You must bear all risk associated with your use of the credit advice pages and should not rely on messages in making or refraining from making any specific financial or other decisions.

Credit karma approval odds accuracy. I signed up for creditkarma and i have a 684 from transunion and equifax and it says i have good approval odds for several cards but only have 6 months of history so i m worried that i ll be rejected for having a thin file or something and i don t want a hard inquiry on my report. Even if your approval odds are excellent good or very good remember that the issuer not credit karma always has the final say in whether you ll actually be approved. Credit karma cannot guarantee the accuracy integrity or quality of any such messages.

Credit karma uses average approval score among other things to determine approval odds don t blame them since they re not the company that s deciding whether to issue you credit. But how accurate is credit karma. Credit karma touts that it will always be free to the consumers who use its website or mobile app.

Some users may post messages that are misleading untrue or offensive. How accurate is credit karma. One issue is that most lenders utilize the fico model and credit karma uses the vantagescore model which means that the scoring system is different from most lenders.

So it is not so much that credit karma is inaccurate. In some cases as seen in an example below credit karma may be off by 20 to 25 points. However there are a few issues with this.

Fico gives more weight to a consumer s payment. Founded in 2007 credit karma is a san francisco based financial services company that offers free credit scores to the masses. Also it listed two cards as fair that i got approved for it freedom and listed the amex blue cash everyday as very good for which i was denied.

Credit karma is an accurate way to check your vantage credit score with transunion and equifax. Although both the fico score and vantagescore use a credit range of 300 to 850 there are some key differences in how the two scores are calculated. Whenever you apply for a credit card it results in a hard pull on your credit which can hurt your credit score.

It is just that it utilizes a model that most lenders do not use. Credit karma approval odds is a benefit offered to users so they can avoid applying for a credit card they aren t likely to qualify for.

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