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Established Contributor
Posts: 610
Registered: ‎08-01-2008
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CU Credit Card Decline

[ Edited ]

So, after the recent Kay's approval, I figured I'd apply for a card with the local CU. I have a savings with them with a small amount in it and figured they'd approve me for a low limit CC with a high APR.

 

Instead, I get an outright decline with a secured CC counter offer. I asked for an appeal, and was told the secured offer came from a senior loan officer. Really? Why did it take a senior loan officer to approve a *secured* offer. Go figure. Anyway, very disappointed with the level (or lack thereof) of customer service I received, as the woman was somewhat rude on the phone when telling me I had been declined. Even more upsetting was that I was getting ready to leave BofA and bring my checking, etc. to this more consumer friendly bank. Guess not!

 

I'll still keep my savings with them but certainly not giving them any more business.

 

Am I being a little rash? Should I take the $500 secured offer? I have the money in a savings with them anyway so at least I'd be getting something out of the deal.

 

Message Edited by Tons_of_Debt on 06-19-2009 11:22 AM
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: CU Credit Card Decline

Did you ask them how long you would have to have the secured card before you were considered for an unsecured one? If they say you could graduate to unsecured after a year, I'd definitely take the card. Secured cards are a great way to rebuild credit.

 

 I'm assuming that you don't have a lot of other open credit cards. If I'm incorrect, and you have several other cards, then I might also decline the secured card.

Frequent Contributor
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Registered: ‎04-08-2009
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Re: CU Credit Card Decline

[ Edited ]

Tons_of_Debt wrote:

I'll still keep my savings with them but certainly not giving them any more business.

 

Am I being a little rash? Should I take the $500 secured offer? I have the money in a savings with them anyway so at least I'd be getting something out of the deal.


I'm not really following that..........am I missing something? You stated your not going to give them anymore business but you are leaving your savings with them. Isn't that giving them your business? As for the CU they sound sketchy to me. Very unfriendly, but then again i only have one side.

 

Need more details to be able to assess the situation. From the looks of your scores they may have been kind of nervous about issuing you a large credit line right off the bat as a 621 score is a tad bit shabby. "No offense intended" you may be building and thats good but in the end you should make that decision on taking the offer of $500 secured. Good luck:smileywink:

 

King

Message Edited by 74king on 06-19-2009 09:58 AM
Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Senior Contributor
Posts: 3,632
Registered: ‎01-10-2008
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Re: CU Credit Card Decline

check them out on bauer financial cu ratings.  if they earned at least a 4 star rating there i may give them a second chance b4 bagging the relationship you've already spent time developing.  if they don't make the cut at bauer, i'd consider shopping around for a better capitalized cu to join.

 

in any case, since a secured card with a good cu can be a great ticket to ride, i'd think it through carefully b4 declining the offer.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Member
Posts: 14
Registered: ‎06-09-2009
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Re: CU Credit Card Decline


Tons_of_Debt wrote:

So, after the recent Kay's approval, I figured I'd apply for a card with the local CU. I have a savings with them with a small amount in it and figured they'd approve me for a low limit CC with a high APR.

 

Instead, I get an outright decline with a secured CC counter offer. I asked for an appeal, and was told the secured offer came from a senior loan officer. Really? Why did it take a senior loan officer to approve a *secured* offer. Go figure. Anyway, very disappointed with the level (or lack thereof) of customer service I received, as the woman was somewhat rude on the phone when telling me I had been declined. Even more upsetting was that I was getting ready to leave BofA and bring my checking, etc. to this more consumer friendly bank. Guess not!

 

I'll still keep my savings with them but certainly not giving them any more business.

 

Am I being a little rash? Should I take the $500 secured offer? I have the money in a savings with them anyway so at least I'd be getting something out of the deal.

 

Message Edited by Tons_of_Debt on 06-19-2009 11:22 AM

Sorry to hear about your treatment, I work at @ a CU and we do not operate like that. I would call back and ask to speak with the branch manager or director of operations and explain to them your concern/treatment from the loan officer. CU takes complaints very serious. Also keep in mind as other has stated you should look at this as a rebuilding step $500.00 secure cc is not bad establish a relationship with them and in a year with good payment history and increase in credit score you will be able to get what you want from them.

 

Most CU philosophy is once you establish a relationship with them they are there for you. And there is always a CU that will appreciate you in your city you may have to find another CU.

Established Contributor
Posts: 610
Registered: ‎08-01-2008
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Re: CU Credit Card Decline

They have 5 stars from bauer financial, so I guess they are pretty good. Looks like I'll grovel back and accept (they told me I had 30 days to do so).

 

In their defense, I was pretty upset about being declined. I'm incredibly proud of myself for the progress I've made over the past year, why can't everyone else be too? :smileyvery-happy:

 

 

I'm going to see if they'll let me do a 1k secured though... not sure what I'd do with a 500 CL anyway.

 

Thanks for all the advice guys!!!

08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
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