CU cards above 5k considered prime?

[takeshi74]

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@xsvspd wrote:
@I keep seeing this, yet I was just approved for the CSP @ $11.6k. When I applied, my highest CL was $3k.

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"Likes to" doesn't mean "requires".  Outliers aren't unusual when it comes to broad, sweeping generalizations based on aggregated anedotal evidence.

[juggalo9er]

"ptime" cu cc with over 5k line, under 10% interest and rewards..... absolutely prime to me

[TRC_WA]

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@austinguy907 wrote:

things that make a card "prime"

- not orchard / credit one / first premier / etc.

- no annual fee / maintenance fees / processing fees / etc.

- not comenity / GE based

(although w/ V/MC/DC/AMEX co-branding will still report / score higher than store only)

- CL over $1K

- CU's and Banks are rated / scored the same on your CR whether it's ABC CU or BOA / Chase / Discover / AMEX / Etc.

-- a revovlving line is a revolving line no matter the name on the creditor line

CU accounts will give you lower APR and higher CL in most cases in comparison to "major bank" lines.

CU accounts typically don't have great benefits but, they help your CR more with higher CL to reduce your UTIL

CU accounts are great for BT's as most of them don't charge you a BT Fee 1-5% of your BT ($$$$)

CU accounts will grow more often and flexibly with you if your file isn't "stellar"

If you ever in your life plan on carrying a balance that's significant like $10K for a new HVAC system you'll appreciate 9.9% from a CU over major banks starting typically at 15% up to 29%.

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+1

I consider my BECU $7k Visa a prime card... I got free BT's, 0% for 6 months, a 10.9% APR that will drop to 8.9% APR when my score gets a bit higher... and rewards.

If I don't have a $10k limit now I will soon... probably before my 13 falls off my report in April 2016.  BECU has been good to me and I'm grateful.  I most certainly would have not gotten this CC and auto refi from a major bank.

[watch44]

Do lenders get to see the APR and product type on reports?

[xsvspd]

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@takeshi74 wrote:

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@xsvspd wrote:
@I keep seeing this, yet I was just approved for the CSP @ $11.6k. When I applied, my highest CL was $3k.

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"Likes to" doesn't mean "requires".  Outliers aren't unusual when it comes to broad, sweeping generalizations based on aggregated anedotal evidence.

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This is true. I hadn't thought about it like that.

[j_casteel]

IMO, "prime" is very subjective. What is prime to me may not be prime to the next guy, and vice versa. However, with that said, there are certain consensual attributes many members will use when considering a card to be prime or not prime. 

Such as:

-Creditor issuing said card

-CL

-APR

-Rewards

-Bonuses

-Fees (or lack of)

[austinguy907]

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@watch44 wrote:
Do lenders get to see the APR and product type on reports?

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NO, they just see the TL and CL.

APR is only relative to you and the CU/Bank.

[austinguy907]

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@j_casteel wrote:

IMO, "prime" is very subjective. What is prime to me may not be prime to the next guy, and vice versa. However, with that said, there are certain consensual attributes many members will use when considering a card to be prime or not prime. 

Such as:

-Creditor issuing said card - see post above for creditors considered non-prime in most UW eyes.

-CL - as you get better at managing and improving your CR profile you'll see your CL's increase over time and usage.  Typically lenders don't like to be the first to offer you 1K, 5K, 10K, and up without some experience with them and usually a result of a CLI for the first one on those break points.

-APR - typically from looking through a ton of T&C's over the years prime is going to come in under 20% for most banks and sub 10% for most CU's.  The nice thing about most CU's is once you hit the score "tier" with a HP they'll reduce you to a lower APR upon request.

-Rewards - you'll always pay more in APR if you carry a balance to get rewards.  some CU accounts use a system called CU Rewards which is a point system just like any other major issuer.

-Bonuses - you won't find these with a CU account because they're member owned and don't have to lure people in with a bribe like the shady big banks that spend millions on advertising and settling class action lawsuits

-Fees (or lack of) - for prime cards a fee should be voluntary if you want to upgrade your rewards to a higher earning level. if you don't spend enough though to make more in points for redemption than the annual fee it's not worth it in most cases.  usually an upgrade to a fee or higher tier rewards structure makes sense when you're using the account for business expenses / travel expenses routinely to rack up the points but PIF from reimbursement from your company or client.

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[TwistedAngel]

Based on my understanding, as far as your FICO score goes, it doesn't matter where an unsecured tradeline comes from. However, based on a conversation I had last year with a Chase CA, when a person instead of a computer system is looking at your report to make a decision, it absolutely matters. It was suggested to me that I needed to get another card or two from "a major bank" before I applied again.

As far as I am concerned, though, my CU visa is a "prime card" or it will be when my CL goes up. My APR has been 8.9% since I got it, and they haven't rate jacked me or decreased my credit line, despite my recent financial issues. The major players probably would have, when the DDs stopped coming in from my previous job or when my savings account was slowly drained, or when my scores tanked because my cards were maxed.  

Am I going to apply for other cards eventually? Sure, when I  am finished getting my stuff back together and my savings account is rebuilt. I need more tradelines, and I need a MC because there are two places I frequent that only take mastercards, which my CU doesn't offer. Am I worried about those TLs coming from "prime" lenders? No. Its not even on my radar anymore, though it used to be. After my reality check, I am much more concerned about how I am treated than what lines "look better" on my reports.