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Posts: 5,115
Registered: ‎11-13-2012
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Re: Denied credit at a CU with a 807 FICO score?


Oppenheimer wrote:

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?


Did you look at SDFCU ?  (sorry I am not a member and cannot comment on experience)

 

https://www.sdfcu.org/CreditCards

 

 

 

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Member
Posts: 17
Registered: ‎11-08-2013
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Re: Denied credit at a CU with a 807 FICO score?

Thanks, I will look into that one. I wasn't aware of that one. that is still a pretty nice APR.  I guess i might apply for that one if Lake michagin doesn't work out.

Community Leader
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Registered: ‎11-13-2012
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Re: Denied credit at a CU with a 807 FICO score?

Good luck either way Smiley Happy

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Member
Posts: 17
Registered: ‎11-08-2013
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Re: Denied credit at a CU with a 807 FICO score?

Thanks. I spoke to someone over there. and from what she told me. it sounds like i have (I think, im not sure) is that i have a "Thin File"  so im having to read up on how to fix a "Thin File" problem.

Member
Posts: 17
Registered: ‎11-08-2013
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Re: Denied credit at a CU with a 807 FICO score?

So i spoke with a lady over at the credit union and she said my credit score is 771 from transunion..... but how can that be?? i check my FICO score using transunion on myfico.com and it says 807..... why the mismatch?

Community Leader
Senior Contributor
Posts: 28,805
Registered: ‎02-07-2013
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Re: Denied credit at a CU with a 807 FICO score?


Oppenheimer wrote:

So i spoke with a lady over at the credit union and she said my credit score is 771 from transunion..... but how can that be?? i check my FICO score using transunion on myfico.com and it says 807..... why the mismatch?


There are 49 different scoring Fico models out there...could be TU 08, 98 CC enhanced 

This point should be stressed more here an app spree should not be encouraged because its not for every profile
A thick file will support more apps at one time while a thin file may see negative reaction to this process

IMHO 4+ at one time is to many for a new file and it should be kept to 1-3 a year but we get caught up sometimes in seeing the little wheel spin and the words approved
Member
Posts: 17
Registered: ‎11-08-2013
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Re: Denied credit at a CU with a 807 FICO score?

[ Edited ]

I learned something new today!

 

 

I feel like a total noob at this credit stuff.

 

Do you have any idea why i would get rejected from getting that credit card with a low 6.25% APR?   (The lady suggested that i get a loan and pay it back to improve my odds). From the clues that ive gathered it seems like im suffering from a problem with a "Thin File" but im not really sure if its that.  Im still learning what a "Thin File" is.

 

but it would seem weird that she suggested i take out a loan and pay it back.... wouldn't my request for a loan ALSO get rejected?  or maybe i should take out a small loan in the amount of $3,000 dollars and pay it back?   i just REALLY REALLY want that credit card with a 6.25% APR.  because i hate paying intrest when/if i do carry a balance. i feel like im stuck in a catch 22 situation.

Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Denied credit at a CU with a 807 FICO score?

I'm still not clear on how you get past the residency requirement.

A thin file means simply a credit report that has less than or equal to three trade lines.



Community Leader
Super Contributor
Posts: 8,683
Registered: ‎09-22-2012
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Re: Denied credit at a CU with a 807 FICO score?

[ Edited ]

I'll eat my own words, but from their eligibility link, to become a member:

 

1)  I live, work, worship, or attend post-secondary school in a county in the state of Michigan's lower peninsula
2)  I am an immediate family member of a current Lake Michigan Credit Union Member
3)  I will donate to the Amyotrophic Lateral Sclerosis (ALS) Association of Michigan. 

 

Back when I joined them, ALS donation was not an option.  oppenheimer, to apply for a card with LMCU, I do know you have to be a member first.  Did you just app for a card, or did you join by donating to ALS?

 

These folks are very conservative (think Penfed).

Member
Posts: 17
Registered: ‎11-08-2013
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Re: Denied credit at a CU with a 807 FICO score?

[ Edited ]

I'm doing option #3

 

I'm donating to ALS.

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