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Question By
KarmaQueen13

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Declined? "Very Good" Approval Odds & 724 Equifax Score
I could use some advice/thoughts from the experts....

So, I've been a CK member for just over a year now. I've been working extremely hard at cleaning up my credit after a few bad years. (Divorce, unemployment, medical issues). I've improved my score by 75 - 100 points over this timeframe, depending on which model you use. Most of the Derogatory Marks & Collections have dropped off of my report & the remaining two will drop off in two months and 1.5 years consecutively. One of them is medical for a low dollar amount and they are both disputed and meet federal guidelines. That's the back story.

Fast-forward to today. I've had my eye on the Discover "Discover it" card for some time through this site. CK reflects that I have a "Very Good" Approval Odds. I recently pulled a 3 in 1 report through Equifax. My scores are: Equifax @ 724 / TransUnion @ 748 / Experian @ 750. While I was hesitant to apply for the card because of the hard credit hit, I felt that my odds were very good to be approved and that it would be worth it in the long run to further improve my credit plus the added benefit of getting my FICO score monthly. Well, after going through the process I was denied. I was actually very surprised by this and also really upset that I had just placed a hard inquiry on my credit. The report said my FICO score is 634. I was surprised by this as well. I realize that FICO is a different model than the others use, but there's a 100 point spread between my FICO and what CK says my credit score is and what my recent 3 in 1 said my scores were. BTW, my CK scores and my 3 in 1 scores are very close.

Should I call and speak with a customer service rep or is it a done deal? Seems to me like I've seen some comments that people have called and spoken with a rep with better results.

Worth adding. I have 3 credit cards. (1) Jewelry, (1) Visa through my bank, (1) Master Card through Capitol One. I have a total credit line of $5,000.00 over all 3 cards. Most months I pay down the balances. My utilization is rarely over 10 - 15%, never over 30% & is currently at 2%. I have no late payments on anything for years with the exception of the one disputed medical item. I've lived in the same place for 2.5 years never late on rent. I pay my student loan on time every month. I work full time & have been in the same job for 14 months. I have no bankruptcies, foreclosures or discharges.

Thanks!

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1 Contribution
4 People Helped

Same thing

Helpful to 4 out of 7 people

Same thing happened to me. I was working to clear up my credit in order to get a card to build on.....denied. Hit my scores HARD. Back to square one, going to wait another year or two before applying for credit again.

Bottom line is, don't trust CK's suggestions. Go to your banker or someone else with actual experience, and don't rely on an algorithm to suggest things. At the end of the day, remember as you live life in this country, it's all BS and it's bad for ya. Absolutely everything you see, read, hear and are fed...is BS, coming from someone, somewhere, that has an agenda of their own.

Let's say it together, class.....IT"S ALL BS, AND IT"S BAD FOR YA.

1 Contribution
1 Person Helped

denied when odds are very good

Helpful to 1 out of 1 people

I'm so irritated not only because of the denial because I don't want to run my credit all willy-Nilly supposed to be a trusted site that helps build credit Not ruin it

1 Contribution
0 People Helped

So True

I simply wanted a balance transfer card. I have a median score of over 750. They suggested 3 cards and all 3 said my odds were "very good."  I havent ever had bad credit, I wasnt rebuilding credit or anything. I have a feeling I was denied because I have a high balance on a Credit Card. (Less than 10K) ...however that is over 50% of the debt potential. But isnt that the purpose of a balance transfer card? Why would I need a card with good balance transfer parameters if I didnt have a balance?

I havent ever used CK for anything other than credit monitoring....I dont think I will in the future either. 

5 Contributions
1 Person Helped

Declined

I had the same situations.... Credit karma said I have a good approval for credit card.. But I got declined.. So now I will have a hard pill on my credit that I work hard to get it up

3 Contributions
0 People Helped

FICO forums is the best place to receive advice from people who have seen these types of questions or have been in the same situation as you have been through.

9 Contributions
32 People Helped

discovert it recon

Helpful to 1 out of 3 people

the same thing happened to me back in may of 2015, i applied for the discover it cc and was also instanly denide, and my fico scores were in the mid 600's fact i had already been approved for amex everyday card. i called the recon line and they would not help me at all. creditkarma's score are the vantage 3.0 and are not like the actuall fico scores they are more of an edgeucational score. my fico scores right now are about 50 points lower then ck scores i also have all the other free scores from credit seseme, quizzle, my bank rate, and creditl.com (there scores are even different. the best thing for the discover it card is wait maybe 90 days and try again, but check your fico score first. and also check your credit reports for your ontime payments and credit utilization and AOAA (AVERAGE AGE OF ACCOUNTS). SORRRY FOR ANY MISPELLED WORDS TOO

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2 People Helped

Helpful to 0 out of 5 people

Calling can't hurt. Otherwise you get the card or you don't.

Reply by
KarmaQueen13

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Helpful to 0 out of 3 people

That was really helpful. Thanks for the advice.

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