Addison Avenue CU appears BK friendly

[ScottsdaleDad]

I talked to Addison Avenue CU today about a secured credit card I applied for yesterday. The rep told me that they don't pull any credit bureaus. The rep said approval isn't guaranteed, but I would think if they don't pull credit, that increases the chances of people with BK's and bad credit to be approved. I hope to hear something in the next day or so and will post the results.  

[laz98]

then how do they decide who to approve & who to kick to the curb?

[Anonymous]

It would seem that if they don't pull a report, then they have to rely solely on your history with them

Message Edited by rbh on 03-05-2010 12:34 AM

Message Edited by rbh on 03-05-2010 12:35 AM

[haulingthescoreup]

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ScottsdaleDad wrote:
I talked to Addison Avenue CU today about a secured credit card I applied for yesterday. The rep told me that they don't pull any credit bureaus. The rep said approval isn't guaranteed, but I would think if they don't pull credit, that increases the chances of people with BK's and bad credit to be approved. I hope to hear something in the next day or so and will post the results.  

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I hope you'll check your credit reports once you're done. CSR's have been known to be deeply wrong.

Good luck!

[ScottsdaleDad]

I will be checking my bureaus after the decision. She said they base the approval on income and other factors. I'm not sure how true this is, but I'll let you know.

[ScottsdaleDad]

I was approved today for an Addison Avenue Secured Credit Card with a $500 limit, no annual fee, and a 16% interest rate. Approval took about 2 days. They told me no credit reports would be pulled, and I checked all 3 today and no hard pulls. Must have based it on income and other factors. I have 2 years of clean credit on 2 auto loans after my BK 7 in 4/08. No other credit since the BK. They were very easy to deal with over the phone. I would highly recommend applying with them if others have turned you down. 

[laz98]

did you have to submit pay stubs or anything?  still trying to figure out their approval process.  thanks!

[ScottsdaleDad]

No. I just completed the normal credit card app online, which also served as my membership application. So, I had no history with them prior to the app. I think the app asked for my income too. The next day, they asked me for a utility bill showing my wife on it, and they approved me the following day. If they somehow got my credit report, then they approved me with a 635 Equifax, my wife's 632 Equifax, a BK 7 discharged in 4/08, and 2 years of clean auto loan credit since the BK (No other credit).  

[Creditaddict]

does this card graduate ever?

[ScottsdaleDad]

They said not automatically. You have to request to be switched to an unsecured card, which they said can be done after at least 6 months of payment history.