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nmichaelson

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Credit score whent up, still denied credit
Both my scores went up, 77 points and 83 points in one week. Been wanting a Discover card for a while and CK said my chances were very good. I was denied, waiting for a letter to clarify the exact reasons, but one of them might be that the credit score they saw, was over 100 points lower than what CK has. Now if they both pull from Transunion then what is going on here? If this new score you are providing is the wave of the future fine, but don't switch to if no one else uses it. I got another hard inquiry and for nothing. You made me think my chances of being approved were very good, they were not. Misdirection like this is not helpful, and if it continues I will no longer use the cite.

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The letter did tell all, my credit score was too low.  I don't know why you use the site 300to2300 but I use it to track and try to improve my credit score.  If the credit score that they give me with their new Vantage 3.0 model is going to be 100 points or more higher than what any lender will see when pulling my score, then the new model is flawed and I won't find this site helpful anymore.

Utilization 3%  Age of History 3 yrs. No and No.  Trans 773 Equa 742 on CK.  Score Discover pulled 663.

I have been a member since 2009 and they used to be very close to accurate on my score.  This new model they are using is way off from my actual scores.  Who am I to blame for this change if not the site?  Also, before this everything that Credit Karma stated I had a Fair chance or better of getting approved for I did get approved for.  I know there is never a guarantee as they are predicting the answer of a third party, but now even when CK predicts that I have a Very Good chance, I am denied.  I am assuming CK makes this prediction based off my credit score, which is now about 100 points higher on their website than any of my actual scores.  I know that there are many different credit scores for everyone and if this new model is going to become more widely used, I am willing to wait for the adjustments.  But if CK is going to be the only place that utilizes this formula then, yes, I do blame the website for providing more inaccurate scores and predictions than they ever have before and basically making their site useless to me.  Here is my question:

Is the Vantage 3.0 formula exclusive to CK or will the credit bureaus adopt this formula eventually too?  If anyone knows the answer to this question I would love to know!

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Blaming the site won't help - the site is making a decision based on a rating it assigns to your credit stance, and then shows you cards others with SIMILAR (not the same) credit background have gotten approved for. It's not an exact science, it's aggregate science.

That being said.. your credit score itself isn't the only factor. What is your credit utilization ratio? How many years have you held the cards? Do you have any negative reports on the account? Had you applied to Discover in the past 6 months and been denied?   

There are a ton of variables that could have lead to a decline that are way beyond this site... the letter will tell all. 

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