Denied credit at a CU with a 807 FICO score?

[Oppenheimer]

So here I am reading money magazine and found that Lake Michigan Credit Union Prime Platinum Visa offers a 6.25% APR (which sounds amazing to me). And it says: “For applicants with FICO scores of 760-plus”.  So then im thinking to myself: “Great!! My FICO score is 807, they will love me and surely approve me”.  So I applied and was so sure of myself. And I get a call the next day saying the credit request was denied.

Im thinking: “How can someone with a credit score ABOVE 800 be denied credit” according to myfico.com my score is better than 92% of the population.

What is the point of having an extremely high FICO score if it does nothing for you? Is it just a pretty number that I should frame and hang next to my college degree? Ive been upset about this all day long. I thought credit unions had a higher approval rate than regular banks.

[r34dy2fly]

How old is your oldest card / what's your card history average?

I'm guessing those would be your issue over actual FICO score.

[lg8302ch]

Sorry to hear. What is the reason they gave you?  From what I have seen here Discover is behaving similar... Fico 720-750 get higher CL than 750+ ..wonder if this is simply business...more likely to carry  balances and pay interest ?

[Oppenheimer]

Myfico.com report says the following:

"Your oldest account was opened 9 Years ago"

and then

"Average age of your accounts 6 years"

Does anyone have any tips on how i can get approved for that low 6.25% APR they are offering? (by the way that APR is NOT an intro APR, it is an ongoing rate).

Was it maybe the amount i asked for?  I only requested $15,000  which i didn't think was a lot, considering the max they offer is $25,000

But Seriously i thought credit unions had a higher approval rate than regular banks. I was so sure i was going to get approved.

[mountainmom]

Are you a member?

[Oppenheimer]

oh and a little more info about me from myfico.com report. it says: "Ratio of your revolving balances to your credit limits 1%  "

[Oppenheimer]

a member of the credit union? No i am not.

but it states in Money Magazine:  "THE CAVEATS, you have to be a member of the credit union. but you can join with a $5 dollar donation.".

heck i was going to donate more than just $5 dollars. but they just denied my request.   Im wondering if a manager or some sort of back-door number will help me out in this situation.

Should i request a smaller credit line? Like maybe $8,000 or is that still too much?

[lg8302ch]

maybe you need to join first and then apply ?

[KoolDev]

Both my CU's mad eme join with the "donation" and opening a checking and savings.  Then i applied.

[Repo-ed]

Same here.  Once I "joined" the CU, they were throwing money at me within 1 hour.