Though Approval Odds may help you narrow down your choices, they aren't a guarantee of approval. Credit Karma works hard on our Approval Odds because we want the best possible outcome for all our members. But at the end of the day, it's up to the lender to make a decision.
Approval Odds are guidelines – not guarantees
Karma Confidence technology helps our members get approved over 50% more often than the national average1. But keep in mind that though this determination is based on member data and lender criteria, it's not a guarantee that you'll be approved.
If you see an Outstanding badge on Intuit Credit Karma on an offer for a credit card or a personal loan, that indicates that Credit Karma has determined you satisfy certain criteria used by the lender to qualify for the particular offer. But like other Approval Odds, it's not a guarantee of approval.
The credit scores and credit reports you see on Credit Karma come directly from TransUnion and Equifax, two of the three major consumer credit bureaus. They should accurately reflect your credit information as reported by those bureaus — but they may not match other reports and scores out there.
A Karma Guarantee that you see on a credit card offer on Credit Karma means that if you are declined by the applicable lending partner for that credit card, you can receive a payment from Credit Karma (“Cards Karma Guarantee”). It is not a guarantee of approval for any credit card offer.
We're not a scam. You can rest assured Credit Karma has your back. We're a personal finance company that wants to help you better understand your financial situation and help you learn ways you can save money. We offer free credit reports, free credit scores, free credit monitoring and identity monitoring.
Note that Credit Karma offers a Direct Dispute™ tool that can help you contest errors on your TransUnion® credit report. This tool eliminates the need to write a letter to TransUnion — but you'll still need to write credit dispute letters, or file a dispute online, to challenge errors with Experian and Equifax.
Why is my FICO® score different from my credit score? Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2022, the average FICO® Score☉ in the U.S. reached 714.
According to a report from Experian®, the average FICO credit score in America was 714 in 2022. So 600 falls below that national average. On the VantageScore range, the company says 600 scores are considered poor. But the company says fair credit scores start at 601.
Approval Odds are an Estimate, Not a Guarantee
If you apply for a credit card based on Credit Karma's Approval Odds and are declined, Credit Karma recommends that you check your credit report to make sure your information is correct. If you find any errors, you need to dispute them with the credit reporting agencies.
90% – 99% chance of approval
This means that you're very likely to be approved for a loan or credit card based on what you've told us. Usually, the lender will need to do a few final checks on their side to fully approve your application.
If you see that you're 100% likely to be approved for a personal loan or credit card, it indicates that you fully meet the lending criteria the lender has provided.
Experian vs. Credit Karma: Which is more accurate for your credit score? You may be surprised to know that the simple answer is that both are accurate. Read on to find out what's different between the two companies, how they get your credit score, and why you have more than one credit score to begin with.
In some cases, as seen in an example below, Credit Karma may be off by 20 to 25 points.
Credit Karma has some good offers on personal loans. You may also want to check Lending Tree and Nerdwallet, but Credit Karma certainly has competitive deals. Credit Karma is a legitimate platform that offers credit monitoring, credit scores, and financial tools to help consumers manage their credit health.
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
If you're wondering whether you can buy a house with your “good” credit score of 700, you likely can. But your total loan costs with a 700 score as opposed to, say, 760 are significantly different. Let's use a 30-year fixed-rate mortgage loan for $300,000 as an example.
However, with a 716 credit score, you should qualify for rates on-par with national averages. Also, even though your score qualifies you for a mortgage, it's important to know that the lower your score is, the stronger the rest of your qualifications are generally expected to be.
FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.
According to Darrin English, a senior community development loan officer at Quontic Bank, mortgage lenders request your FICO scores from all three bureaus — Equifax, Transunion and Experian.
Two popular credit-scoring companies are FICO and VantageScore. Originally named Fair Isaac Corporation, FICO developed the modern credit-scoring model in 1989. To this day, its scores are some of the most widely used credit scores. FICO claims its scores are used by 90% of top lenders.
A 609 dispute letter is actually not a dispute but is simply a way of requesting that the credit bureaus provide you with certain documentation that substantiates the authenticity of the bureaus' reporting.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
The credit score required and other eligibility factors for buying a car vary by lender and loan terms. Still, you typically need a good credit score of 661 or higher to qualify for an auto loan. About 69% of retail vehicle financing is for borrowers with credit scores of 661 or higher, according to Experian.