11-08-2013 03:06 AM
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.
11-08-2013 03:10 AM
How old is your oldest card / what's your card history average?
I'm guessing those would be your issue over actual FICO score.
11-08-2013 03:13 AM
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 ?
11-08-2013 03:24 AM
Myfico.com report says the following:
"Your oldest account was opened 9 Years ago"
"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.
11-08-2013 03:37 AM - edited 11-08-2013 03:38 AM
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?
11-08-2013 03:41 AM
maybe you need to join first and then apply ?
11-08-2013 03:55 AM
Both my CU's mad eme join with the "donation" and opening a checking and savings. Then i applied.
11-08-2013 04:13 AM
Same here. Once I "joined" the CU, they were throwing money at me within 1 hour.
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