04-04-2009 02:44 PM
Ok I promised myself no new cards this year but.......I got a "pre-qualified" letter from Desert Schools here in AZ. Really debating if I should go ahead and apply for it. I tried to search the forum and whogavemecredit but didn't see much on them. They seem like one of the nicer credit unions around here.
Feedback....anyone have them? Do I have a decent shot with my credit scores below? I would hate to waste an INQ. Haven't had any in over 8 months. Would nice nice to go at least a year.
04-04-2009 05:23 PM - edited 04-04-2009 05:26 PM
04-04-2009 05:34 PM
Two comments. I'm not saying this as a discouragement or an encouragement to applying. This is just a FYI.
According to Desert School's website, it's not Desert Schools that issues the credit card. It's Elan which is a part of or related to USBank.
"U.S. Bank also provides a range of products and services through Elan Financial Services, the premier provider of payment and related services for Financial Institutions."
Second comment. There was an article from last fall talking about how a couple of Arizona credit unions in particular were hit hard by the current economic problems. One of the CUs mentioned was Desert Schools.
"Desert Schools Federal Credit Union recorded a profit of $9.7 million in second-quarter 2008, compared with $14.2 million during the same quarter last year. Desert Schools, the largest credit union in the Valley, had $11.1 million in charge-offs for 2008, compared with $2.8 million in 2007."
So, although Elan issues the credit card, if Desert Schools has any input in the underwriting policies for this credit card then it's possible that Desert Schools and Elan are going to be more conservative with application approvals and with credit limit increases. But that's just speculation on my part.Message Edited by MojaveMoon on 04-04-2009 05:26 PM
I appreciate the input. I had no idea they had the same underwriting as US Bank. I don't believe I ever had an account with Elan. Humm.....
04-04-2009 05:34 PM - edited 04-04-2009 05:45 PM
04-04-2009 06:05 PM
04-04-2009 06:35 PM
Do you really NEED another TL, versus just having the itch to have one? In most cases we don't need further credit. Just because you were offered another card doesn't mean you should take it. That's how we got into trouble in the first place. CL's do not equal extra income.
Do I NEED another one.....well of course not. Believe me I am very careful with my CCs. I learned my leason when I turned 18 and went crazy. Took seven years to clean my CRs up. Now I finally got my reports decent. Heck I never carry balances on any of them. I pay my "main" card every Friday in full. The others I have one monthly expense automatic on it (something like netflix) and pay them off as soon as the statement cuts.
I was just debating about having another bank. I currently have only BoA (even though I have 5 cards with them) and Chase as my real banks. Then HSBC (2 cards) and then Jcp, Walmart, and Target.
Yeah, I promised that I was just going to garden my credit this year.....maybe I better stick to it.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.