This is literally the worst experience I've ever had with Credit Karma and Payoff loans. Credit Karma tells me that my credit score is over 700 and I have a very good chance of being approved for this loan. I apply for said loan, Payoff says my credit score is 653, 7 points below their minimum requirement. Customer rep says they are "very transparent" with how they calculate credit scores, but apparently Credit Karma is not on the same page.
What the hell is the point of "partnering" with a company, claiming transparency in credit scores, and then using a completely different credit score than the one credit karma is using? Are you purposely trying to mislead people? This is my second time being rejected by Payoff for this ridiculous reason. I have had credit cards for over five years, have never missed a payment, and was simply looking for a smart, fast way to pay down debt with lower interest. The customer service rep at Payoff suggested I try to payoff my credit cards with larger monthly payments... DUH... so I'll just continue to throw money at my higher interest credit cards until Credit Karma and Payoff actually achieve transparency and continuity in their credit reporting and recommendations. Doubtful!
Credit Karma - Try actually displaying the credit score that Payoff will be using when suggesting that I'd be approved for this loan. Thank goodness the check that this company does for your credit score doesn't adversely affect your score, or just-not-good-enough people like myself would be even more screwed!
Payoff - Average customer service, but 7 points? Really? For a loan of $8k, you're going to deny someone with perfect payment history and steady employment? I don't think I want a loan from your company after all. I mean, why offer me a loan of $8k now, when in five years, my debt could spiral to $15k and if or when I reapply (with a more Payoff-acceptable credit history) you can possibly profit further?
I'll be discontinuing my Credit Karma account because it's completely and totally useless, inaccurate, and misleading.