Yeah I mean it makes sense because we sort of do want to protect our investment, even though the loan is based on your signature and it is an unsecured loan and since no collateral is involved, closing the cards ensures that the member will refrain from running up the debt again and also ensures the member is able to cope with the payment - this is done only in the really bad cases - like for this guy - he is 19, you pay off 20k in his CC debt - that just gives him 20k more to play around with you know? However, we also had someone who has about 33k in debt, who we also approved for 20k, but this guy had a 700+ score, 80k income and he explained most of the debt came from a young age and medical debt and so with his scenario, he has a strong job, strong income and we understand situations happen and now he is mature and so we didnt require him to close the CC's. So really the good thing with CU's are that that there is an actual person who reviews all possible criteria and make the best decision not only for the financial instituion but also you: the member.
Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
