So I just applied for a Visa Credit card at Clearview Federal Credit Union where I have a personal checking and savings, a personal cd ($2,000) and a secured certificate loan ($2,000, 7 months old, and paid on time each month builder loan). I just also opened a business checking and savings accounts with them.
While I was there I applied for their business Visa card for 5k and I was denied due to my personal credit files (PG required which is the norm).
The reasons they gave me were: Previous collection accounts and Settled for less than owed on account.
My current cards and balances:
Chase Slate: 16k Limit | 0 Balance | 5 years no lates
Chase Freedom: 4k Limit | 0 Balance | 4 years no lates
Discover More: 8.5k Limit | 1,100 Balance | 3 years no lates
Capital One Business Spark: $750 Limit | 0 Balance | 1 year no lates
Macy's AMEX: $300 Limit | 0 Balance | 2 years no lates
Oldest Account: 10 years
AAoA: 5.3 years
All collections are paid or settled and at least 3-6 years old. I've been sending GW letters to no avail.
I was approved for the Chase Freedom rewards card on 3/7/2012 that is listed above 2 days after the Clearview hard pull appeared on my EX report. I am certain that the EX file was the same, except for the Clearview hard pull showing when Chase did their inquiry. I applied for the Chase Freedom card online and was given a "account needs further review" response. So I called the backdoor number and spoke with a very polite person in the lending department that recon'd my app and I was approved for 4k. Both lenders pulled my EX report.
I called Clearview Federal Credit Union back and spoke with a rep that explained because they're a small bank they couldn't recon or try to approve my credit card app.
I've been researching and rebuilding for 3 years and thought that credit unions were the way I should go.
I'm not knocking all credit unions, I mean I've read some really good things about them, just Clearview Federal Credit Union seems to be a waste of time for me.
Oh well, I need to get back to full time gardening mode anyway.
My three FICO's are: TU: 707 | EX: 682 | EQ: 660
I just might follow your advice looking at your score increases in less than a year, nice work!
I'd agree that it might be time to look for a different CU. Overall, they are great, but it doesn't mean that ALL of them will be able to help you, individually.
I've actually got one nearby that is notorious in this area for being terrible, not only in customer service but with their products as well.
If it isn't working out for you, then maybe it's time to find one that will.
Follow my financial journey: http://www.frugalrican.com
Congrats on the Freedom, it's a worthwhile consolation
They give out free EX FICO score for member so it's another incentive =D
I need to look into them, I live in PA.
You really need to join them!!!