April 6th, 2012
In this fourth installment in the Ultimate Guide to Credit Karma series, we?ll be covering Credit Karma?s Approval Odds, which uses our nationwide credit card data to predict your chances of being approved for a credit card. The calculation is based on a comparison between past approval data for a certain card and your current credit profile.
Approval Odds ? Matchmaker for You and Your Credit Cards
Credit Karma?s Approval Odds gives you better insight into which credit cards you might be approved for based on your credit score. In addition to our popular credit card reviews, this free feature in the credit cards section will help guide you in your credit card decision-making by giving you approval odds, from ?Poor? to ?Very Good,? for more than 30 of our top credit cards.
Let?s say you?re in the market for a new credit card and you log into Credit Karma to begin your search. (Remember: You must be logged into Credit Karma in order to see your Approval Odds, since they?re based on real-time data.) If you see a badge marked ?Good? Approval Odds for a Citi Diamond Preferred Card, you may choose to apply for that one over a card for which your odds are just ?Fair.?
Credit Karma?s Approval Odds should help you apply for cards appropriate for your credit score and take away some of the guess work in the process. You can avoid multiple hard inquiries (which negatively affect your credit score) by utilizing these insights and applying for credit cards you have a better chance of getting approved for.
Helpful Tip: Do your research before you apply for a card. Use your Approval Odds as a first step in the process, but remember that it?s just that: a first step. Lenders take into account hundreds of factors when making a decision of whether to approve or deny a credit card application, so these odds, while a helpful guide, can?t guarantee you approval.
For more guidance on choosing the right credit card for you, follow this guide for choosing a credit card. Remember that, while your Approval Odds are predictive of whether or not you?ll get approved, your application will still be subject to approval by the credit card issuer.
Previous: The Ultimate Guide to Credit Karma, Part 3: The Credit Simulator
Stay tuned! Next week we?ll cover Credit Karma?s Credit Notifications, which update you on what?s going on in your credit report.
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