Every profile is different. Having a thin file with high inquiries will cause a denial for some/most lenders.
Whether others choose to app for this card, they should base it on their need and their credit profile-not others.
+1 OCCU seems to like some history and clean profiles, looking at the thread.
I've been trying to track approvals and denials for this card and I completely agree that they appear they are looking for some decent history and clean reports. I think it's pre-mature to say the "well has run dry" off of 1 denial based on that individual's credit score only. Other denials I'm aware of had 60+ inq on 1 report and another with fair credit.
I know it's just speculation, but just wondering if it's like someone posted on this thread earlier that they got suspicious about the sudden "run" on the card and decided to "tighten up" so to speak-on qualifications to get it? I think it's highly possible that may have happened b/c just from the score and stats LISTED, I didn't see a reason for OP to be denied either.
The key item from this, we're only looking at it from the surface regarding the OPs profile. We don't have his CR or other information to discern the depth of the actual reasons provided for not being approved. Since we're not OCCC's underwriting arm, it's all realy speculation at best.
After pondering it for a few weeks, I was just about to pull the trigger on either the Duck or Beaver card this evening. Do you all really think the well may have run dry?
I don't think the well has run dry. Nor do I think they're going to suddenly CLD or AA new accts. That's perpetuating unsubstantiated fear.
I have reviewed my thread in depth, and it does look like a lot of the people who got big CLs in the beginning had good credit, high FICO, low util, etc. to begin with. So, while OCCC may give higher CLs than some major CCs tend to do, and they may have more lenient standards, the people getting those huge CLs had excellent credit to begin with.
As the Duck Fever spread, more people with less-than-great credit began apping in the hopes of getting some Duck love. That's when things shifted. Those people were getting more of the 7 to 10 day messages and also getting lower CLs, and a couple of people got outright denials.
OCCC may be wondering why the sudden increase in apps, and at some point they may close the door, like PSECU did. I do suppose they may be tightening their standards a bit given the apps that have been approved in the last few weeks because they are a smaller CU (unlike Navy, for example).
True, we can't see all of his report. My opinion was based on what WAS shared vs. was no shared. And I've been tracking the Duck Card threads also and HAVE seen some approvals for high CL's with 20 and 40 INQ's and CO's.. But lower CL's for high UTIL.
When my Beaver card was approved for $17,500, scores were up in the ~780 range (I believe), very few inquires (<5 IIRC). However, my CR file is pretty thick and the oldest account dates to around 1997.
I applied last week and i did my address and 2 tradelines verification with them last week as well. I called in today to check my app status, she said I was declined due to the following reason :
1.Too many inquiries in last 12 months.
I have only 4 inquiries in a year, with 2 inquiries almost hit 1 year mark, is 4 considered too many? I really don't think so.
2. High balance on account.
This is the funniest part, my balance is 66 in total. Yes, sixty six dollar, no typo. My total credit was 8000.
They messed up my app with other person?
Is there any phone line for recon? Hopefully someone knows coz I know most people get approved so far. My score is 730ish
Very odd...makes me not want to app for it ever...lol. Good luck if you decide to recon.
This credit union is still very uncharted to all of us. While we have seen quite a few nice approvals, the key word still remains few. None of us are yet certain as to what they seem to be looking for in applicants.
As much as I love a good scandal, there isnt even enough information in OP's postings for a half baked conspiracy. We dont know anything other than they have an AAOA in the 10 month range, with 4 inquiries less than a year old on Equifax alone. It could be something as simple as a lack of substantial revolving history.