@sjt wrote:
@cem13 wrote:
@Anonymous wrote:
Today I was checking on SDFCU young debit account for my girl and call them to find out about it. I spoke with a very nice young lady CSR she confirm that they now pull 3 CB. She stated that they are not concern about scores, they are more interesting in available CL, utilization % and payment behavior. I have to call tomorrow to open the Minor checking account, I will keep you post.
CSR make me laugh. Of course they are concerned about credit score because CL, utilization % and payment behavior is about 80% of the FICO Score. The only thing they are missing is AAOA and Inquires.
This reminds me of a discussion I had with Comcast. I told her that I liked Directv. The CSR went on to bash DTV about weather affecting service. Then I said, well what about the utility pole that gets hit every time it snows by cars who lose control. This knocks out the cable for the entire subdivision for a week.
Her answer: "Well we are not responsible for 'Acts of God'". I laughed so hard that I could not speak. The CSR started to laugh with me. I then asked if she actually heard and understood what she was saying. She still did not get it.
CSR=The Devil, except for Navy Federal CU because they are Heavenly.
What SDFCU is saying is that they are focusing on debt/utilization and the amount of available credit. You can have a high credit score and be declined for their product because you have high debt (in their view) or to much avaiable credit.
This is on point. I have high scores but the app did not include my secondary income which was more than my primary. We spent 3 days going back and forth with underwriting until I was able to upload my tax return for the last few years. Then boom, approved for 15K CC and 10K PLOC.
In the process of moving all banking activities over to them as well. The Advantage checking while still 0.43% interest beast Chanse hands down. The FinancialWorks buil into the account is a nice touch. The iPhone App is simple and quick to use. The website remindes me of 1990's technology but it gets the job done. The CSR has been fantastic.
the shared credit union thing where I can go to several CU in my area and do full banking services is nice as well.
A lot of that is not unique to SDFCU but a perk of belonging to any CU.
Back on point - They most likely do not look at scores - They look at the stuff that makes up the score and apply their own risk model to it. A good score just tells you that the parts that make it up are good. Combine those parts with manual review for income (every app) and they manage risk.
The also have Flexipoints and a perks mall that is better than Discover's Shopping mall. I just got 5x points on Macmall which will translate into $150.00 in gift cards.
I say go for it. If your debt and income support it then you are good. and if they are good so will your score be, even though they may not put much into the scores
