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Denied credit at a CU with a 807 FICO score?

Valued Contributor

Re: Denied credit at a CU with a 807 FICO score?

A credit score is not the only thing that goes into decisioning an application. You can wait for the letter or maybe ring back to find out the reasons for the denial.

Message 11 of 51
Moderator

Re: Denied credit at a CU with a 807 FICO score?

I applied and joined Lake Michigan CU as well. I apped for the low APR card too. AAoA 3 years, oldest 16 yrs, TU Fico 803. Rep called me to go over my info and was denied for pyramiding debt. I had about $4k balance posted. She wasnt friendly either so I said its obvious good credit is meaningless to their CU. My total debt includes a car payment with a $15k balance down from $65k and the $4k revolving balance. What a joke, good credit means nothing to this crap cu
Message 12 of 51
Moderator

Re: Denied credit at a CU with a 807 FICO score?

Oh yeah, 2 TU pulls as well. Thanks Lake Michigan CU
Message 13 of 51
Regular Contributor

Re: Denied credit at a CU with a 807 FICO score?

What reason did they give for the denial?

 

If you have to be a member of the CU to get the CC, that's probably your problem right there - its sounds like you applied before joining. What are the requirements for joining the CU? Usually, CUs have some sort of baseline requirement for membership, such as living in a certain area.

Message 14 of 51
Moderator

Re: Denied credit at a CU with a 807 FICO score?

I am a member and live in lower Michigan which is the requirement. She simply said it looks like my debt is increasing but wouldnt go into detail (my debt has decreased by almost 20k in 1 year) when I pointed out her mistake. DTI 15%, util 4%
Message 15 of 51
Member

Re: Denied credit at a CU with a 807 FICO score?

im going to try to open a regular checking account and then wait 6 months and try again to apply for the 6.25% APR credit card.

 

They did a hard pull via the transunion database on me. Will they do another hard pull if i apply for a checking account?

 

has anyone here ever spoken to a manager at this Lake Michigan Credit Union?? Did it help over-ride the decision?

Message 16 of 51
Contributor

Re: Denied credit at a CU with a 807 FICO score?

Most likely you need to be a member of the CU before you apply, although it seems like the rep who called you would have mentioned that on the phone... maybe you can call them to confirm.


Starting Score: EQ FICO 566 09/30/13
Current Score: EQ FICO 688 3/10/14 TU FICO 680 3/10/14 (Barclaycard) EX FICO 691 1/12/14 (LP)
Goal Score: 700
My Wallet: Capital One $1000 / Wells Fargo Secured $1000 / J Crew $850 / Victoria's Secret $500 / Barclay Apple Financing Visa $2500 / Discover It $1400 / Home Depot $2500 / Delta Skymiles AmEx $1000

Message 17 of 51
Member

Re: Denied credit at a CU with a 807 FICO score?

Another detail that may or may not be important is that I live in texas and not Lake Michigan.  As long as i make the donation and setup everything online, i didn't think it would matter where i live.

Message 18 of 51
Moderator

Re: Denied credit at a CU with a 807 FICO score?

You need to be a resident of lower Michigan. In their welcome packet membership is conditional on sending a copy of your MI drivers license.
Message 19 of 51
Frequent Contributor

Re: Denied credit at a CU with a 807 FICO score?

Is it possible they pulled a score lower than 760 for the OP? These scoring models are so different, it's crazy.

Myfico scores.....
EX... 805 (11-10-13)
EQ... 810 (12-02-13)
TU... 810 (12-02-13)
Message 20 of 51