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Established Contributor
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Registered: ‎07-18-2013
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Trumark CU (PA) Approval w/ questions

I was feeling like an app spree, but I couldn't find anything that interested me.  Before I came here, I would apply for anything I thought I could get approved for.  I learned quickly that I needed to learn what it is I really want.  Wasting inquiries on stupid cards I'll never use isn't so smart.

 

After much though, I decided to go with TruMark CU.  I have an auto loan with them and I like them.  They have a Visa Rewards card with an interest rate lower than a lot of my other cards.  I applied online and asked for $5,000.  Ya'll taught me to aim high....5K is high for me at this point.

 

The loan officer called me, asked me how long I've been at my current job.  She said if you hear from me, it's will be because you were declined.  Otherwise, you'll hear from the processor. What does the processor do?

 

So I'm still a little new to this.  What is the intro payment and start date about.  It says introductory payment is $112.50 and the payment start date is 1/24/14.  When I researched the card, it looked like a regular credit card with payments according to my usage....maybe it is, but I'm a bit confused and any advice is appreciated.

 

Thank you in advance for the help.

 

 

 

 

 

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Re: Trumark CU (PA) Approval w/ questions


missjae wrote:

I was feeling like an app spree, but I couldn't find anything that interested me.  Before I came here, I would apply for anything I thought I could get approved for.  I learned quickly that I needed to learn what it is I really want.  Wasting inquiries on stupid cards I'll never use isn't so smart.

 

After much though, I decided to go with TruMark CU.  I have an auto loan with them and I like them.  They have a Visa Rewards card with an interest rate lower than a lot of my other cards.  I applied online and asked for $5,000.  Ya'll taught me to aim high....5K is high for me at this point.

 

The loan officer called me, asked me how long I've been at my current job.  She said if you hear from me, it's will be because you were declined.  Otherwise, you'll hear from the processor. What does the processor do?

 

So I'm still a little new to this.  What is the intro payment and start date about.  It says introductory payment is $112.50 and the payment start date is 1/24/14.  When I researched the card, it looked like a regular credit card with payments according to my usage....maybe it is, but I'm a bit confused and any advice is appreciated.

 

Thank you in advance for the help.

 

 

 

 

 


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Established Contributor
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Registered: ‎07-18-2013
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Re: Trumark CU (PA) Approval w/ questions

TY.  I should be hearing from them today, so I suppose I should ask...

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Re: Trumark CU (PA) Approval w/ questions

[ Edited ]

Sounds more like an installment loan of some sort either HELOC or something along those lines.  Maybe the backend system just spits that out for all "loans" since CU's tend to mark a CC as a Loan but it still reports as revolving like a normal CC to the CR's.  I wouldn't worry about it too much.

 

Looking at their website it appears there's a Convenience LOC that would be somewhat of an installment setup for payments.

 

See footnote (2):

 

Convenience Line of Credit and Credit Cards

Effective 7/22/2013

Account APR as Low as (1) Term

Convenience Line of Credit (2)9.74% 
Rewards Visa Credit Card (4)1.99%Introductory rate for the first six months. Variable rates as low as 8.24% thereafter.
Rewards Visa Credit Card (3)8.99% 
Share Secured Rewards Visa Credit Card (3)12.24% 
Cash Back Visa10.99% 
Signature Visa10.99% 

(1) Annual Percentage Rate (APR) effective for date shown and subject to change without notice. The maximum combined credit limit for all unsecured credit with TruMark Financial is $35,000. Other loan plans, better rates, and terms may be available.

(2) Depending on the applicant's creditworthiness, the CLC's rate may be as low as the highest Wall Street Journal's published prime rate + 7.00% or as high as the highest Wall Street Journal's published prime rate + 11.00%. Rates are subject to change, increasing when prime rate increases, decreasing when prime rate decreases. The minimum monthly payment will be the greater of either $50 or 1/60 of the principal loan balance outstanding. Rate reflects a .25% discount for loan payment via automatic funds transfer from a TruMark Financial checking account. Otherwise, rate .25% higher.

(3) No annual fee. The rate is variable, will be adjusted monthly, and is the sum of an index plus a margin based on applicants creditworthiness. In addition to interest, other charges may apply. 28-day grace period after close of billing cycle before interest accrues on purchases; otherwise, finances charges will accrue on the date purchases are posted to your account. Finance charges accrue on the day of transaction for cash advances. Finance charges accrue on the day of transaction for cash advances. In addition to interest other charges may apply. Click here for full disclosure.

(4) Rates are based on creditworthiness and subject to change without notice. 1.99% APR for the first six months, rates as low as 8.99% APR thereafter. Click here for full disclosure.

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
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Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!
Established Contributor
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Re: Trumark CU (PA) Approval w/ questions

Thank you!  That makes a lot of sense.  The only time I've had credit with a CU was for an auto loan, so I'm not too familiar with how they approve/process credit cards.

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Re: Trumark CU (PA) Approval w/ questions

It depends on their back  office systems and how they interpret the applications.  Some spit out your payment amount and others just tell you someone will contact you or approved for $xxxx.  For the most part though they all use the same paperwork through CUNA/LoanLiner for all tradelines auto/home/CC/ etc.

 

I have 4 CU CC's and they're all slightly different but, very healthy CL's up to 16500 for one.

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
------------------------------------------------------------------------------------
Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!
Established Contributor
Posts: 522
Registered: ‎07-18-2013
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Re: Trumark CU (PA) Approval w/ questions


austinguy907 wrote:

It depends on their back  office systems and how they interpret the applications.  Some spit out your payment amount and others just tell you someone will contact you or approved for $xxxx.  For the most part though they all use the same paperwork through CUNA/LoanLiner for all tradelines auto/home/CC/ etc.

 

I have 4 CU CC's and they're all slightly different but, very healthy CL's up to 16500 for one.


Thank you for the info.  The CU's are genrous.  I was able to pick up my card today.  When I applied, I asked for 5K.  They pretty much gave it to me without blinking an eye.  From applying to receiving the card took about 2 days.

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Re: Trumark CU (PA) Approval w/ questions

I just applied for a loan also, The lady told me the same if you hear back from me that means you were declined but if you don't that means your approved.  So what do you think the chances are I get approved? wouldn't you think she will have an answer right away if I was declined? or am I thinking to much into it? any opinions are welcome thanks


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Re: Trumark CU (PA) Approval w/ questions


JK21 wrote:

I just applied for a loan also, The lady told me the same if you hear back from me that means you were declined but if you don't that means your approved.  So what do you think the chances are I get approved? wouldn't you think she will have an answer right away if I was declined? or am I thinking to much into it? any opinions are welcome thanks


Did you apply online?  I applied online and it showed I was approved.  After the woman called me, I don't think I heard back from her.  The application goes to processing, which I believe means an underwriter manually reviews the application.  I say this because the next day, someone else called me saying that the underwriter saw a baddie on my report and required me to send a letter showing the item was paid in full.  I told her I didn't have one.  She said the underwriter requires me to pay it in full with the credit card funds.  I told her I can't do that because I have no knowledge of that account and was in the process of disputing the information (it had already been disputed before and it is notated on the report).  The woman told me to put it in writing.  I told her I would and could fax it to her.

 

The next day, this woman called me again, let me know that the underwriter accepted the letter and I could pick my card up at any branch.  Went in immediately and walked out 15-20 mins later with my new card.

 

In short, you may not hear back from her, but if the underwriter sees something that needs attention, you may be contacted for that purpose.  You may also get a call just to let you know you can pick up your card assuming you leave near a branch.  In my experience though, the approval didn't change.  It was one of the easiest cards I've ever obtained AND I didn't have to wait for it to arrive in the mail lol.

 

Good luck!  Let me know how it works out.

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