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Denied credit at a CU with a 807 FICO score?

Member

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

Wow, thank you for the reply. That is the kind of feedback i was looking for.

 

The Capital One credit card is my very first credit card that started out as a secured credit card and later turned into an un-secure credit card. Ive been wondering if i should ask for a credit line increase or if i should just apply to a differnt credit card company. I would LOVE to apply for one that has a low APR (Just like the Lake Michigan Credit Union 6.25% APR).

 

 

I’m new to this credit gardening stuff.  and i find it interesting and frustrating that one has to strategize sssoooo much.

 

My credit score of 807 was also surprising to me because I was able to get that without really trying. The only thing I knew about credit was that you should always pay your bills on time.  When I first checked out my credit score on myfico.com (just out of random curiosity) I was shocked that it was so high and thought maybe it was a mistake. LOL

Message 41 of 51
Valued Contributor

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

testing

AMEX BCE (30K), DISCOVER IT (29.5K), NFCU CASH REWARDS (25K), BOA TRAVEL REWARDS (15K), USAA VISA (13K), CHASE SAPPHIRE RESERVE (13K), COMMENCE MASTERCARD (7.5K), CHASE FREEDOM (7K), CHASE FREEDOM (7K), TFCU CC (2.5K), TARGET REDCARD (900)
Message 42 of 51
Member

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

Check 123.   Check 123

Message 43 of 51
Member

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

B335Is.     What is "pyramiding debt" ?  

Message 44 of 51
Super Contributor

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


Oppenheimer wrote:

B335Is.     What is "pyramiding debt" ?  


Pyramiding debt is when your have high balances instead of paying them down you apply for more credit via BT's or 0% financing, loans etc etc etc 

And then when it comes time to payoff the debt again wash, rinse and repeat.....BT, 0% etc etc 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 45 of 51
Senior Contributor

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


myjourney wrote:

Oppenheimer wrote:

B335Is.     What is "pyramiding debt" ?  


Pyramiding debt is when your have high balances instead of paying them down you apply for more credit via BT's or 0% financing, loans etc etc etc 

And then when it comes time to payoff the debt again wash, rinse and repeat.....BT, 0% etc etc 


+1

 

Basically, shifting your current (stale) debt position to another lender (BT promotions) while increasing debt somewhere else.  The incremental factor becomes the pyramiding effect.

Message 46 of 51
Valued Contributor

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


myjourney wrote:

Oppenheimer wrote:

B335Is.     What is "pyramiding debt" ?  


Pyramiding debt is when your have high balances instead of paying them down you apply for more credit via BT's or 0% financing, loans etc etc etc 

And then when it comes time to payoff the debt again wash, rinse and repeat.....BT, 0% etc etc 


I don't believe this is 100% true. I applied for two Pentagon Federal Credit Union cards at the same time and one was approved, the other "turned down". The reason they gave for the second one was pyramiding debt and I have less than 2,000 reporting on about three acounts. They gave 10,000 for the one they approved, so it's not like I just made it in, but I found it odd they'd approve one and deny another for that kind of reason. I could see if it was just the maximum they wanted to give me at this time, but that isn't wha they said.

Message 47 of 51
Super Contributor

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


navigatethis12 wrote:

myjourney wrote:

Oppenheimer wrote:

B335Is.     What is "pyramiding debt" ?  


Pyramiding debt is when your have high balances instead of paying them down you apply for more credit via BT's or 0% financing, loans etc etc etc 

And then when it comes time to payoff the debt again wash, rinse and repeat.....BT, 0% etc etc 


I don't believe this is 100% true. I applied for two Pentagon Federal Credit Union cards at the same time and one was approved, the other "turned down". The reason they gave for the second one was pyramiding debt and I have less than 2,000 reporting on about three acounts. They gave 10,000 for the one they approved, so it's not like I just made it in, but I found it odd they'd approve one and deny another for that kind of reason. I could see if it was just the maximum they wanted to give me at this time, but that isn't wha they said.


Sorry it happened to you and as you know some lenders just pull reason out of no where to list as the reason for denial but here's a sample definition of it.

 

Pyramid debt
The borrowing of funds in rapid succession without first repaying previous Debt, usually to meet obligation on earlier loans. 
     
Such a practice Will rapidly erode a borrower's financial Position.
Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 48 of 51
Established Contributor

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


KoolDev wrote:

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


 

^ This.. Penfed makes you join before applying.

 

I still got denied for the Visa though (Promise?) =P

ManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.com*****$20,000***********$6,500************$4,100************$3,500***********$2,500************$1,000****
EQ - 688 (10/9/13) | TU - 705 (02/18/14) | EX - 701 (10/9/13) | CS Fako - 717 (10/4/13) | CK Fako - 697 (11/05/13)
Message 49 of 51
Valued Contributor

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


myjourney wrote:

navigatethis12 wrote:

myjourney wrote:

Oppenheimer wrote:

B335Is.     What is "pyramiding debt" ?  


Pyramiding debt is when your have high balances instead of paying them down you apply for more credit via BT's or 0% financing, loans etc etc etc 

And then when it comes time to payoff the debt again wash, rinse and repeat.....BT, 0% etc etc 


I don't believe this is 100% true. I applied for two Pentagon Federal Credit Union cards at the same time and one was approved, the other "turned down". The reason they gave for the second one was pyramiding debt and I have less than 2,000 reporting on about three acounts. They gave 10,000 for the one they approved, so it's not like I just made it in, but I found it odd they'd approve one and deny another for that kind of reason. I could see if it was just the maximum they wanted to give me at this time, but that isn't wha they said.


Sorry it happened to you and as you know some lenders just pull reason out of no where to list as the reason for denial but here's a sample definition of it.

 

Pyramid debt
The borrowing of funds in rapid succession without first repaying previous Debt, usually to meet obligation on earlier loans. 
     
Such a practice Will rapidly erode a borrower's financial Position.

I'm curious at what point is it considered "pyramiding" vs just doing a balance transfer?

FICO 08-EX: 746 TU: 752 EQ: 750 AAoA: 4yrs TLs: 40 Neg: 0

Credit Limits: $300,000+
Miles: 400,000+
MRPs: 200,000+
Cash Back: $2,000+
Message 50 of 51