Small credit union I bank at called and asked why ... - myFICO® Forums

Royalbacon · ‎10-17-2016

So my credit union has a Visa Signature card which you need a minimum $5000 limit to get, and I currently am at $4500 and want a $500 limit increase so I can product change to it. They called and was like "We see you have no balance and were wondering why a $4500 limit isn't sufficient, were you transferring a balance or something?" Kind of froze for a second and since she brought up balance transfer I said I was potentially going to transfer a balance then said she would contact underwriting and tell them that and get back to me. Should I of been honest and said I want to product change to their Visa Signature?

It's a pretty small credit union so asking for an increase is a lot different then say Amex or Discover or Synchrony Cards or something.

Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
Kohl's Credit Card $3000 Limit (Opened October 2016) Survived Bankruptcy for whatever reason
Closed Capital One Venture One $3000 Limit (Opened December 2020, Closed by me September 2022 since I wanted the SavorOne and couldn't product change to it)
Capital One Auto Loan (Opened March 2021)
Capital One Cabela's $5000 Limit (Opened December 2021)
America First Credit Union Visa $1000 Limit (Opened December 2021)
Capital One SavorOne $5000 Limit (Opened September 2022)
Sam's Club Mastercard Synchrony Bank $2500 Limit (Opened March 30 2023) (Burned Synchrony in my CH7 BK, One card with a $745 balance)
Idaho Central Credit Union ICCU Visa $10,000 Limit (Opened April 2023)

tussking · ‎10-17-2016

Since you feel guilty I will help you relieve that notion....How about you look at it this way !

You werent being dishonest you will simply opening a door for a possibility now or down the road.

The more options available to you (US) is always the better scenario !

There is nothing wrong in what you said or did !

GL !

Discharged BK7 - 7.16.15
Current Fico8 - (8.2022) EX - 744/EQ - 728/TU - 740

Anonymous · ‎10-17-2016

Why do you want the Visa Sig? Many of us chase the next goal without really asking why we're doing it. Perhaps once you can answer why you want it, you'll be better able to figure out the answer to your question.

pizza1 · ‎10-17-2016

Im usually dead honest when dealing with lenders. They ask why, I tell them. They don't like the answer...they don't have to give it.

I can understand how you would have been caught off guard, and just "said something".. Hope you get the upgrade!

joltdude · ‎10-17-2016

Im taking this little tidbit with a grain of salt.. But so far there seems to be a bit of truth... Banker at local CU said something about how 5K will open doors once your history is established... Yeah its arbitrary..... and they do not even offer a Sig card at this CU..... And theres a hint of truth to high limits beget high limits....

Not going to argue.. A CU that wouldnt talk to me, as well as the bank I was using pre-CU card both have been throwing prequalified offers for a card.. Oddly enough im not interested in either product =)

its also a bit of a psychological thing.. like prices of 19.95-19.99 are percieved as more value than 20$>... Think it even effects human UW's to some extent..

Think its in your best interest to get the 500... even if its just burnishing and gold plating.... =)

-J