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Question By
Ladydi5807

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credit karma recommended AND PROMOTED credit cards as a way to bring up my score.
They even show you your chances for approval. I want to build my score and so I took their advice. I of course denied but worse, the fact I applied brought my score down further!!!!!!!

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That will happen

Helpful to 15 out of 18 people

The recomendations for credit cards and loans are what pays for this site. 

CK will recommend these even when you are not going to qualify.  Its up to you to know your score and credit history so that you have a good idea as to weather you will qualify before hand. 

Take time to educate yourself as to what good credit is and how to manage it.  And NEVER take the recomendations of a website trying to make money as Gospel. It never seems to work out.

Building your score takes time, Pay all your bills on time, If you can't pay it all, pay more than the minimum  Keep your utilization below 30%.  Don't apply for credit more often than every 6 months,  KNOW your score before you apply.  It should be above 650,  Better yet above 720

Good luck

Reply by
freedom201

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Helpful to 4 out of 4 people

Enter Your Reply

i get what you are saying but credit karma knows  your information. so we are depending on them for their best judgement. that  is why we come to them in the first place.

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Expanding your resources

Helpful to 7 out of 7 people

I've recently also gone on a brigade ot get my fiancial history in line. Credit Karma is great for getting two detailed credit reports every week, but you may be better off looking for credit card offers on other sites, as most of their card offers usually only approve excellent credit scores.

I recently used a different site, www.myfico.com (I'm not sure if I'm allowed to post links to other sites here but myfico offers a lot of free good info much like CK), which categorizes credit cards by the average credit score approved for the specific card. Although my scores are in the "Good" range, I also explored cards in the "Fair" and even "Excellent" range for good measure, and ended up getting approved for a card in the "excellent" range. The score reported to them was in the excellent range, even though all other reports given to me were only "good."

Of course, I also googled all the cards I was interested in and researched them on a number of sites before deciding to apply.

Additionally, I had been aware of the scores reported to credit providers because I recently applied for a Lending Club loan and was denied due to income verification issues. Nonetheless, Lending Club showed me my credit score reported to them and it was much higher than what is shown on CK. I applied for the card with that in mind.

The Big 3 credit bureaus also openly state that the report they provide the consumer can be both different in score and details from the report they provide to lenders. These scores can be better OR worse. This is a big issue for a lot of consumers. I wish it could be more transparent, because credit score has to do with identity fraud as much as mainting good credit.

CK is very convenient as a website, and most of the info and advice is on the good side. Still, you have to be extra careful when shopping for credit cards, and really think of it like shopping for something that is both expensive and will need to be used for a long time. When I was younger, I remember a lot of advice about avoiding getting credit lines and cards at the mall, at college football games, etc. Now with the internet, consumers have a lot more power to get as much info as possible before receiving credit. We should definitely take advantage of all the resources open to us.

Good luck in your credit apps!

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Reply by
BungalowMo

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Helpful to 1 out of 2 people

The cards promoted here are by advertisers paying this site for space.  Those recommendations have absolutely nothing to do with YOUR financial picture.

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Improving score takes work and patience!

Helpful to 4 out of 4 people

Using Credit Karma advice is a good start.  But check other sources also.  You need as much proper guidance as possible.  If you currently have a local bank, talk to a loan officer, tell them your situation, and be honest with them.  They may suggest a secured credit card as a first route to go.  Many people have had good luck improving their credit this way, then cautiously moving on to a modest standard credit card. 

Whatever you, don't apply too often because that's causing hard hits to your credit and making matters worse.  Be patient...it takes time.  Good luck! 

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Helpful to 3 out of 3 people

that happen to me as well. they reccemmended the capital one quicksliver and i was denied. iwas upset and did not understand what the point was of thereccomendation.

Reply by
pamelamaker

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Helpful to 0 out of 2 people

Don't close them, they will help in not only to age of the credit but also the overall amount you have vs your debt. The company will never close them as long as you keep score good.

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credit approval

Helpful to 2 out of 2 people

When you apply for any credit it is called a hard hit on your report and it brings your score down. They told me to apply for a credit card I did I have paid before due date etc..... my credit score has gone down not up

Reply by
TheAkwardOne

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Helpful to 1 out of 1 people

Be aware that as you initiall get a new credit card it will decrease the average length of open credit utilization. The longer you have the card open the more this will even out. Also you will incure a hard inquiry on your credit report for 2 years. This is not a short term, increase your credit score quick. This is a long term method, that when managed effectively can work out well for you. 

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Open Credit Cards

Helpful to 3 out of 5 people

Is it best to close credit card accounts that you are not using or keep open?? I have 2 charge cards I was appoved for, but unsure if i will even ever use them.

Reply by
savinginnj

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Helpful to 6 out of 8 people

Enter Your ReplyFor the cards I rarely use. I don't close them because t1)they help in the age of the accounts you have 2)iwill use it for a special day like a Birthday or holiday, then pay it in full. As if I used cash. Amounts are 75-150, usually twice a yr.

Reply by
MissPriss123

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Helpful to 3 out of 3 people

But if you do not use these cards occasionally the issuer wil close the account and it will lower your score as well.  It would be wise to use as little as possible and pay off in two to three months.  Don't pay off every month or they will cancel.  If they cancel your availed credit to debt ratio will suffer and never use more than 30 percent of any cards available balance.

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