Buildinganew

4 Contributions 43 People Helped

Member Since: September 2013

Most Helpful Contribution

Credit Card Approval Insights

Apr 18, 2016
Helpful to 26 out of 29 people

Folks, one thing we have to keep in mind is that these are odds, not guarantees.  While it's probably more likely an applicant is to be denied a credit card that CK suggested favorable odds for approval than would an applicant be approved for a card they had very poor odds for, exceptions will apply.  As such, there's a margin of error on either end. 

A very important part of this "odds" game is that many commenters are referring to their credit score.  While CK uses your credit score and compares it to other applicants who received a particular credit card you're viewing, what you have to realize is the credit score you have, here, on CK, is a Vantage Score.  Most credit card companies use your FICO score.  These are not the same thing, and there can be considerable difference between them.  For instance, my Vantage score, here, on CK, is around 640, for both TU and EQ.  However, I know my TU FICO score is in the low 700s.  That's a significant difference at 60+ points.  So be cautious when assuming too much from your credit score on here.  My mother's score was in the low-to-mid 600s on here, but when I had her check her FICO, it was in the upper 500s.  That's a significant difference.

Activity (4 Total Contributions)

The Amex EveryDay® Credit Card from American Express

Apr 24, 2016
Denied, due to BK, post Credit Karma rec
Helpful to 14 out of 14 people

Can't speak about the card from experience, but it appears to be a decent card.  My problem is Credit Karma's recommendation, which I understand to be an odds game, but Amex denied me due to a BK (Ch. 7, 3 1/2 years discharged).  The thing is, Amex is known for being very discerning about reports with BKs, especially relatively recent ones.  As such, I don't see how Credit Karma could give me good odds for it. 

The rest of my credit profile is in pretty good shape, and I have a couple of decent cards with great limis (10k and 6k), and a real credit score (FICO) in the low 700s.  But I though the BK would get me, and it did.  I'm wondering if Credit Karma's recommendations even look at the credit profile or whether they just look at the credit score, which is a Vantage score, and one that few credit card companies (if any) use. 

But folks, this is a place for reviewing the credit card itself.  It shouldn't receive a negative rating simply because we weren't accepted or, especially, because a third part (CK) suggested our odds were favorable or even great.  That's not the same as Amex or another cc company saying we're preapproved and then deciding otherwise.  But CK requires we rate a card, even if we just say we only applied for it, so that's an issue card companies might want to take up with CK.  CK can end up providing negative ratings for cards just because CK gives poor recommendations to enough people. 

Check out other forums to research your chances with credit card applications if you're concerned about your odds.  I knew mine was a crapshoot, here.  I just don't see why I'd be recommended for this at all with a BK so recent.  I did my research and took a chance.  I'll use CK recommendations again in the future, but only to supplement my own research. 

Side note:  Just last week, CK began saying I was in good odds of approval for a particular Discover Card.  Same week Discover sent me a pre-selected offer.  They aren't completely off base.  Just not accurate enough to go by alone. 

Credit Card Approval Insights

Apr 18, 2016
Helpful to 26 out of 29 people

Folks, one thing we have to keep in mind is that these are odds, not guarantees.  While it's probably more likely an applicant is to be denied a credit card that CK suggested favorable odds for approval than would an applicant be approved for a card they had very poor odds for, exceptions will apply.  As such, there's a margin of error on either end. 

A very important part of this "odds" game is that many commenters are referring to their credit score.  While CK uses your credit score and compares it to other applicants who received a particular credit card you're viewing, what you have to realize is the credit score you have, here, on CK, is a Vantage Score.  Most credit card companies use your FICO score.  These are not the same thing, and there can be considerable difference between them.  For instance, my Vantage score, here, on CK, is around 640, for both TU and EQ.  However, I know my TU FICO score is in the low 700s.  That's a significant difference at 60+ points.  So be cautious when assuming too much from your credit score on here.  My mother's score was in the low-to-mid 600s on here, but when I had her check her FICO, it was in the upper 500s.  That's a significant difference.

General Card

May 17, 2016
Helpful to 3 out of 3 people

The Barclay CashForward card is a rewards card. As such, these types of credit cards tend to have higher interest rates than some others, due to the fact they give money or other financial incentives back to the cardholder. Your interest rate seems on the higher end of this card's APR range, given your 744 score (providing its the FICO score and not a Vantage score such as the one Credit Karma employs). However, there is more to a credit approval and subsequent APR than a credit score. Because your seem concerned about what this APR might cost you, I assume you carry balances on your cards. Otherwise, if you pay in full every month, it should not matter too much. As soon as interest accrues, the benefit of rewards is out with the bathwater.

Perhaps you would do better to use Credit Karma's credit card filter and select the option for credit cards with low interest rates and see if other cards have a better (i.e., lower) range of APR, if that's more important to you. Otherwise, this card appears to give pretty good rewards points for purchases. .Rewards of 1.5% back in all categories is better than most, including the Barclay I have.

Credit Card Approval Insights

Apr 18, 2016

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Folks, one thing we have to keep in mind is that these are odds, not guarantees.  While it's probably more likely an applicant is to be denied a credit card that CK suggested favorable odds for approval than would an applicant be approved for a card they had very poor odds for, exceptions will apply.  As such, there's a margin of error on either end. 

A very important part of this "odds" game is that many commenters are referring to their credit score.  While CK uses your credit score and compares it to other applicants who received a particular credit card you're viewing, what you have to realize is the credit score you have, here, on CK, is a Vantage Score.  Most credit card companies use your FICO score.  These are not the same thing, and there can be considerable difference between them.  For instance, my Vantage score, here, on CK, is around 640, for both TU and EQ.  However, I know my TU FICO score is in the low 700s.  That's a significant difference at 60+ points.  So be cautious when assuming too much from your credit score on here.  My mother's score was in the low-to-mid 600s on here, but when I had her check her FICO, it was in the upper 500s.  That's a significant difference.