Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Travelguru55

1 Contribution
0 People Helped
Applied for a credit card to rebuild my credit....was denied..why???
Card company sent me a preapproval letter

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
991 Contributions
548 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

Pre-approvals aren't equal to 100% guarantees, unfortunately, many people found it out the hard way. Most of times it's no more than just an marketing schemes, not all that different than Credit Karma's "odds" of approval. There are couple possible ways to distinguish between general marketing and targeted offer, if that card has range of interest rate and the offer/pre-approvl stated a specific rate? It's a good sign, just be aware, some cards only have one rate for everyone, like CapOne's QS1 but their QS have range of interest rate, some might quantities that as sub-prime and prime credit cards. Another way is if you have access to your full credit report, if you see that particular lender soft inquiry you before they send you the offer?  It's very good sign.

-

We do have 100s credit scores out there, to me, there is no actual, right or real scores, there is only relevant and irrelevant credit scores. The relevant score is the one that particular lender use for their lending decisions, all others score models will be irrelevant to that lender. The scores you get here are VantageScore 3, mean while that lender turned you down? very like they uses one of the FICO score models. Makes matter bit more murkier, not only different lenders may use different score models? The exact same lender may wish to use different model for different credit products they offer. Majority of lenders now days have their own internal scores that usualy aren't disclosed to consumers. Better thing to do is focusing more on our credit profiles than credit scores.

1 Contribution
0 People Helped

I received a pre-approval letter for a credit card.  I filled out the application online and when I hit the button, the response said we will have to research further and will send you a letter.  Well, I received the letter today saying that my credit score is 601.  My score is actually 674 with Transunion.  How can you rebuild your credit when they give you pre-approval and then take it away.  There must of been some criteria for them to send me the pre-approval to being with.  I am considering calling them and asking where they got  the low  score from.  It is not 601 but 674.

Thoughts folks?

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. 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.