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My credit union approved me for $5K today!!!!

Established Member

My credit union approved me for $5K today!!!!

Talk about making my day ... I'm blown away.

Almost 4 years post BK and I have a prime rate card.

Pulled TU and told me it was 710, but myFICO says my TU is 688. I assume its a different TU ... 04 vs 98 or something.

In any case I had to come scream and shout and let it all out!

Starting Scores 5/2/2010: 580 (EX FAKO) 605 (EQ) 609 (TU) | CH7 BK Discharged 7/2009
Current Scores as of 06/20/13: 700 (EX FAKO - Credit.com) 694 (MyFICO EQ) 709 (Bank TU Pull)
Goal Score: 720


Take the FICO Fitness Challenge

Community America CU: $5k
Jared Jewelry: $2.8k
CFNA Firestone: $1.4k
Merrick Bank Visa: $1.7k
Capital One Platinum MC: $1.2K
Paypal Mastercard: $800
Kay Jewelry: $800
Capital One Cash Rewards: $750
Nebraska Furniture Mart: $700
Wal-Mart: $500
Q-Card: $400
Old Navy: $200
Message 1 of 14
13 REPLIES
Valued Contributor

Re: My credit union approved me for $5K today!!!!

Congrats on the approval and nice CL! Smiley Happy

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 2 of 14
Moderator Emerita

Re: My credit union approved me for $5K today!!!!

Message 3 of 14
Valued Contributor

Re: My credit union approved me for $5K today!!!!

The score you bought here is TU98.  What you got from the CU could have been TU04, TU08, or a credit card enhanced version.  Congrast on the approval.

Message 4 of 14
Valued Contributor

Re: My credit union approved me for $5K today!!!!

Awesome!! Congrats!!

*8/10/13
Message 5 of 14
Valued Contributor

Re: My credit union approved me for $5K today!!!!

Congrats!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 6 of 14
Established Member

Re: My credit union approved me for $5K today!!!!

Congrats!!!!!Smiley Happy



Starting Score:
624
Current Score: Myfico EQ 651 Walmart TU 638 lender pulled EX 639
Goal Score: 700

Take the myFICO Fitness Challenge

Message 7 of 14
Established Contributor

Re: My credit union approved me for $5K today!!!!

This is great news.  I like to hear about success stories when it comes to credit unions.  Which credit union are you with?

 

I am with Chartway Federal Credit Union.  Since my CHP7 BK discharge in Jan 2009 they have been extremely helpful.  I've gone through all of their financial management classes, spent time speaking with underwriters, created a budget and have been well on my way to credit and financial success.

 

About 6 months after my bankruptcy, they gave me an unsecured credit card with a $500 limit.  6 months later I requested an increase to $1000.  A year after that I got it increased to $4000.  And actually just this week I requested an increase to $10,000 and it was approved.  I have had numerous auto loans with them since my discharge, even some up to $35k.  

 

So, I have been very fortunate to be a member with them.  Now of course like all other institutions, they don't just give away money, but some of the things that I was told helped the underwriters decide I was a safe investment is:  (in no order)

 

1.  Pay bills on time

2.  Carry a small balance on one card (<1%), no balance on other cards.  (not even on their card)

3.  I make regular deposits to my savings account (with each paycheck) without withdrawing from Savings.

 

I thought #3 was very interesting and asked if it would be better if I had a large amount in my savings like $25k or something.  She said no, that they look more favorably if you are showing regular consistent deposits into a savings account rather than just having a lump sum just sitting in there.  The consistent deposits show that you are likely living within your means and your thought process is "trained" to keep making those "payments" to your savings, thus showing a good payment record.

 

So, like always, YMMV, but I thought #3 was interesting, and enjoy giving a shout out to my credit union as they truly have taken the time and provided some great tools through the Balance program to educate and make their members more financially savvy.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 25k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 10k
Message 8 of 14
Established Member

Re: My credit union approved me for $5K today!!!!

Tazman81,

 

I bank with Community America Credit Union.  I have checking, savings, and one of my auto loans with them (the other is through Ally).

 

Last February, I was able to refinance my original auto loan that I got in 2010 with Santander (at a whopping 17.2% APR) down to a 4.24%.

 

As a member of this particular credit union, I also get Kansas City T-Bones (Northern League Baseball Club) tickets at a great rate because they play at Community America Ball Park.

 


Starting Scores 5/2/2010: 580 (EX FAKO) 605 (EQ) 609 (TU) | CH7 BK Discharged 7/2009
Current Scores as of 06/20/13: 700 (EX FAKO - Credit.com) 694 (MyFICO EQ) 709 (Bank TU Pull)
Goal Score: 720


Take the FICO Fitness Challenge

Community America CU: $5k
Jared Jewelry: $2.8k
CFNA Firestone: $1.4k
Merrick Bank Visa: $1.7k
Capital One Platinum MC: $1.2K
Paypal Mastercard: $800
Kay Jewelry: $800
Capital One Cash Rewards: $750
Nebraska Furniture Mart: $700
Wal-Mart: $500
Q-Card: $400
Old Navy: $200
Message 9 of 14
Regular Contributor

Re: My credit union approved me for $5K today!!!!

Nice CL and congrats.

FICO scores:EQ- 723 (6/13), TU- 722 (6/13), EX- ?
My Wallet- AMEX BCE-17.5K, Chase Freedom-6k, Cap1- 5K, BMO Harris-5K, Wells Fargo-2K,
Store Cards-Lowes- 8K, Ashley Furniture-6K, American Furniture-2.5K,


Message 10 of 14