Don’t follow credit Karma advice

[Deleted User]

Many people are rejected after a 100% acceptance. Final checks or changes in credit files impact the final decision.

Not one person has told you that credit files don't matter.  Perhaps you read that somewhere else, but it's obviously not true.  Credit files are what lenders use to assess you for credit.

People have explained to you that the pretend credit scores, based on the opinion of a CRA, have no bearing on anything other than your ego.

jpsartre

Jrchmn said:

One of the main points of my original post was that 100% acceptance on credit karma doesn’t mean 100%. None of the replies have commented on this and I’d really like to know if anyone else has encountered this problem.

It was addressed in the very first reply: "Don't worry about either the advice from the CRAs or the scores they give you.  They're both misguided and worthless."

Nobody said credit files don't matter either.

Shakin_Steve

sourcrates said:

It beats me why folk are obsesed with obtaining credit all the time, i just use my salary to pay for stuff now, maybe give that a try instead ?

Yes. It's great when you retire and couldn't give two hoots what the CRA's report. Don't get me wrong, I do have two credit cards. One is linked to amazon and the other paypal, it makes it easier to keep track of what I (and the mrs) am spending each month.

DCFC79

Jrchmn said:

sourcrates said:

It beats me why folk are obsesed with obtaining credit all the time, i just use my salary to pay for stuff now, maybe give that a try instead ?

Apart from my mortgage I'm debt free. I pay off my credit card in full each month and I have the recommended 3-6 month essential out goings in savings. I understand that those who have replied with advice on how to manage my credit are trying to be helpful but I have no issues with managing the credit I have.

One of the main points of my original post was that 100% acceptance on credit karma doesn’t mean 100%. None of the replies have commented on this and I’d really like to know if anyone else has encountered this problem.

For me one of the points of posting was to rant, document what had happened and hopefully get replies from others who had complaints about CRAs.

I find it puzzling that on a board dedicated to credit files and ratings most replies have been along the lines of credit ratings are meaningless and credit files don't matter.

We all have different reasons for interest in our credit files and ratings. I have explained many of mine in my posts above and I have many more however my post was not about my reasons. My post was about a specific incident with credit karma.

Credit ratings/scores you can ignore, as mentioned it is only you who can see it, why would a lender base acceptance on a rating/score, lenders see your history which is more of an indication if its in the best interest of you being a customer.

jazzyja

sourcrates said:

It beats me why folk are obsesed with obtaining credit all the time, i just use my salary to pay for stuff now, maybe give that a try instead ?

But yet we're encouraged to get credit to be able to be assessed for things like mortgages....? So what would you suggest then? Paying a card in full every month is still obtaining credit. 
Not saying I don't agree with you, I do. But in the real world doesnt quite work like that. Like my boyfriend for example cant get anything. Because he's always insisted on buying everything like you do. So now when we're looking at potentially applying for a mortgage next year he cant even get a card to build his rating, nor does he want to. To the CRAs he doesnt even have a credit file, cant be found. So, I'm having to apply alone. 

phillw

Deleted_User said:

As lenders, we don't see the fictional scores - and if we did , we would ignore them.  Credit worthiness is based on risk criteria, and that varies by lender and by product. It's never been about a random number from a third party..

They aren't random numbers, they are generated using arbitrary criteria just like the arbitrary criteria used by lenders.

phillw

jazzyja said:
So now when we're looking at potentially applying for a mortgage next year he cant even get a card to build his rating, nor does he want to. 

It's no surprise he can't get a card if he doesn't want to.
If he has been with his bank for a while & hasn't been a problem then getting an overdraft facility and a credit card from them shouldn't be a huge issue. I got my first credit card from TSB when I was 18.

D3xt3r5L4b

phillw said:

Deleted_User said:

As lenders, we don't see the fictional scores - and if we did , we would ignore them.  Credit worthiness is based on risk criteria, and that varies by lender and by product. It's never been about a random number from a third party..

They aren't random numbers, they are generated using arbitrary criteria just like the arbitrary criteria used by lenders.

Arbitrary means “random”. 

sharpe106

Jrchmn said:

sourcrates said:

It beats me why folk are obsesed with obtaining credit all the time, i just use my salary to pay for stuff now, maybe give that a try instead ?

Apart from my mortgage I'm debt free. I pay off my credit card in full each month and I have the recommended 3-6 month essential out goings in savings. I understand that those who have replied with advice on how to manage my credit are trying to be helpful but I have no issues with managing the credit I have.

So what is the issue then? Why does it matter what credit karma say? If you don't need it. Do you really think that lenders really care what credit karma say or any of the other similar site say? How they calculate them I have no idea as my goes up and down like a yo-yo and the only change is my mortage getting reduced each month.

[Deleted User]

Jrchmn said:

sourcrates said:

It beats me why folk are obsesed with obtaining credit all the time, i just use my salary to pay for stuff now, maybe give that a try instead ?

Apart from my mortgage I'm debt free. I pay off my credit card in full each month and I have the recommended 3-6 month essential out goings in savings. I understand that those who have replied with advice on how to manage my credit are trying to be helpful but I have no issues with managing the credit I have.

One of the main points of my original post was that 100% acceptance on credit karma doesn’t mean 100%. None of the replies have commented on this and I’d really like to know if anyone else has encountered this problem.

For me one of the points of posting was to rant, document what had happened and hopefully get replies from others who had complaints about CRAs.

I find it puzzling that on a board dedicated to credit files and ratings most replies have been along the lines of credit ratings are meaningless and credit files don't matter.

We all have different reasons for interest in our credit files and ratings. I have explained many of mine in my posts above and I have many more however my post was not about my reasons. My post was about a specific incident with credit karma.

I'm puzzled why every single day people post on this board about getting their knickers in a twist over a credit score from organisations that do not lend money.  Especially given the sticky at the top of the board and all the articles on the main MSE website about credit scores such as this one: https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

Credit Karma do not know Virgin Money's lending criteria.  All these eligibility checkers are doing is comparing your credit profile against others with Virgin credit cards.  If someone has a very similar profile to you and has a Virgin Money card then it's likely you will be accepted too.  I'm surprised that Credit Karma would give you 100% eligibility rather than covering its !!!!!! with 95%.  Credit Karma knows your credit score from them isn't used by lenders, it's even on its website.  What Credit Karma does want is for you to apply and be accepted for financial products via its eligibility checker so it can get a kickback from Virgin Money, etc.