Reply
Regular Contributor
JackBeNimble
Posts: 175
Registered: ‎04-02-2010

They love me, they love me not . . . .

Applied for a car loan with my CU, approved $25K, 4.99%, woo hoo!  Asked for a CC on the same score pull.  "Mr. Nimble, what credit limit would you like?  Here at Small FCU, the customer decides!"  "Why, Mr. CU Guy, I think $25,000 sounds great!"  Silence.  "One the other hand, $10,000 sounds good too!"  "Mr. Nimble, let's see if that's approved . . . good news, you've been approved for $3000!"

 

Applied for a car loan with USAA, to see if they had competitive rates -- approved, $27,500 6.69%.  Asked for CC on the same score pull.  "Mr. Nimble, your new CC with a $5000 CL is in the mail!"

 

So, I decided to push the envelope.  Applied for an REI VISA (US Bank).  Declined.  Man, rejection hurts.  I guess I'll find out in a week what their problem is.

 

Still and all, given my scores, I'm fairly happy.  Now I can ditch that whinny little CapOne card with the $500 limit.

-----
04/2010 EQ 656 TU 648
05/2010 EQ 669 TU 664
06/2010 EQ 674 TU 678
07/2010 EQ 666 TU 667
New Contributor
trdmlc
Posts: 70
Registered: ‎03-09-2010

Re: They love me, they love me not . . . .

If you are comparing dollar amounts for Auto Loan approvals to CC approvals, it's apples and oranges.  With one there is collateral to collect if you default.

 

As far as the rejection, if you had multiple inquiries in such a short span, I would guess that is the reason.


Starting Score LENDER PULLS (02/23/10): 587 (TU) 554 (EQ) 562 (EX)
Current Score LENDER PULLS (07/02/10): 651 (TU) 645 (EQ) 669 (EX)
Goal Score: 700


Take the FICO Fitness Challenge
Regular Contributor
JackBeNimble
Posts: 175
Registered: ‎04-02-2010

Re: They love me, they love me not . . . .

 


trdmlc wrote:

If you are comparing dollar amounts for Auto Loan approvals to CC approvals, it's apples and oranges.  With one there is collateral to collect if you default.

 

As far as the rejection, if you had multiple inquiries in such a short span, I would guess that is the reason.


 

 

I was taking advantage of the credit pulls on the car loans to get the CCs without additional pulls.  Both USAA and the CU told me they wouldn't have to do an additional pull.  So, since I had the auto loan pulls, I went ahead with the CCs.

 

US Bank might definitely be rejecting me based on two other credit pulls in one week.  I might call them and ask, when I get a chance, or wait for the rejection letter.  Darn them, anyway.

 

 

 

 

 

 

-----
04/2010 EQ 656 TU 648
05/2010 EQ 669 TU 664
06/2010 EQ 674 TU 678
07/2010 EQ 666 TU 667

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+