topic Re: MSGCU Rewards Visa Approval in Credit Card Approvals

MSGCU Rewards Visa Approval

5KRunner — Thu, 28 May 2020 22:01:41 GMT

My oldest son was recently approved for SSI benefits, so I paid a visit to our local credit union (Michigan Schools & Gov't CU) to set up an account for him. While there, I asked about their requirements for credit card approvals. The branch manager pulled up my account and said that I was eligible for instant approval (that is, without having to consult with an underwriter). I was approved for their 1% rewards Visa with an SL of $10K and their lowest APR (currently 9.25%). They pulled Experian and reported a score of 740, which must be something other than FICO 8 (Experian refreshed my report today and they report a FICO 8 of 778). Perhaps they pulled one of the mortgage scores instead?

According to the branch manager, they routinely offer 5% bonus rewards in categories that change each month (which makes it similar to the Langley cash back card). But I can't log into the rewards site until tomorrow to register for whatever they're currently offering.

It's a pretty lackluster card overall, but I'm only planning to use it for my son's recurring expenses, which will make it easier to generate a spending report if SSA ever decides to look into how I'm spending his benefits.

Anyways, here are the DPs: annual income $134K, DTI is roughly 20%, 23 INQs in the last 24 months (I knew it was a lot, but, like, whoa), util is just below 2%, and total CLs across all accounts now stands at $176,250.

Re: MSGCU Rewards Visa Approval

M_Smart007 — Thu, 28 May 2020 22:02:18 GMT

Congratulations on your approval! ...

Re: MSGCU Rewards Visa Approval

5KRunner — Thu, 28 May 2020 22:05:00 GMT

Thanks, @M_Smart007 !

Stay tuned... I have another one in the pipeline and expect an approval any day now...

Re: MSGCU Rewards Visa Approval

M_Smart007 — Thu, 28 May 2020 22:07:20 GMT

@5KRunner wrote:
Thanks, @M_Smart007 !

Stay tuned... I have another one in the pipeline and expect an approval any day now...

Re: MSGCU Rewards Visa Approval

gdale6 — Thu, 28 May 2020 22:23:20 GMT

Very nice CU approval, enjoy!

Re: MSGCU Rewards Visa Approval

Anonymous — Thu, 28 May 2020 22:29:11 GMT

@5KRunner wrote:
... I was approved for their 1% rewards Visa with an SL of $10K and their lowest APR (currently 9.25%) ...

Very nice approval -- Congrats! & thanks for the extensive DPs.

Re: MSGCU Rewards Visa Approval

5KRunner — Thu, 28 May 2020 22:32:10 GMT

Thanks, @gdale6 and @Anonymous !

Re: MSGCU Rewards Visa Approval

Anonymous — Thu, 28 May 2020 23:25:07 GMT

@5KRunner Super Congrats on your MSGCU $10,000 approval!!!

Re: MSGCU Rewards Visa Approval

AllZero — Thu, 28 May 2020 23:27:08 GMT

Congratulations on your approval!

Re: MSGCU Rewards Visa Approval

Anonymous — Thu, 28 May 2020 23:36:08 GMT

Congrats on your approval!

Re: MSGCU Rewards Visa Approval

AverageJoesCredit — Fri, 29 May 2020 01:32:35 GMT

@5KRunner wrote:
My oldest son was recently approved for SSI benefits, so I paid a visit to our local credit union (Michigan Schools & Gov't CU) to set up an account for him. While there, I asked about their requirements for credit card approvals. The branch manager pulled up my account and said that I was eligible for instant approval (that is, without having to consult with an underwriter). I was approved for their 1% rewards Visa with an SL of $10K and their lowest APR (currently 9.25%). They pulled Experian and reported a score of 740, which must be something other than FICO 8 (Experian refreshed my report today and they report a FICO 8 of 778). Perhaps they pulled one of the mortgage scores instead?

According to the branch manager, they routinely offer 5% bonus rewards in categories that change each month (which makes it similar to the Langley cash back card). But I can't log into the rewards site until tomorrow to register for whatever they're currently offering.

It's a pretty lackluster card overall, but I'm only planning to use it for my son's recurring expenses, which will make it easier to generate a spending report if SSA ever decides to look into how I'm spending his benefits.

Anyways, here are the DPs: annual income $134K, DTI is roughly 20%, 23 INQs in the last 24 months (I knew it was a lot, but, like, whoa), util is just below 2%, and total CLs across all accounts now stands at $176,250.

Nice ill take a 10k 1% sub 10% apr card anyday. I thought this was Madison Square Garden Credit Union

Re: MSGCU Rewards Visa Approval

5KRunner — Fri, 29 May 2020 01:36:44 GMT

@AverageJoesCredit wrote:
Nice ill take a 10k 1% sub 10% apr card anyday. I thought this was Madison Square Garden Credit Union

Nah. I'm far, far away from that MSG! 😉

Re: MSGCU Rewards Visa Approval

mrcraft — Fri, 29 May 2020 02:38:17 GMT

Congratulations on your approval!!

Re: MSGCU Rewards Visa Approval

CreditAggie — Fri, 29 May 2020 03:13:35 GMT

Congratulations on your MSGCU approval!

Re: MSGCU Rewards Visa Approval

19eighty5 — Fri, 29 May 2020 03:59:07 GMT

Congratulations on your approval!

Re: MSGCU Rewards Visa Approval

ZackAttack — Fri, 29 May 2020 04:17:01 GMT

@5KRunner wrote:
My oldest son was recently approved for SSI benefits, so I paid a visit to our local credit union (Michigan Schools & Gov't CU) to set up an account for him. While there, I asked about their requirements for credit card approvals. The branch manager pulled up my account and said that I was eligible for instant approval (that is, without having to consult with an underwriter). I was approved for their 1% rewards Visa with an SL of $10K and their lowest APR (currently 9.25%). They pulled Experian and reported a score of 740, which must be something other than FICO 8 (Experian refreshed my report today and they report a FICO 8 of 778). Perhaps they pulled one of the mortgage scores instead?

According to the branch manager, they routinely offer 5% bonus rewards in categories that change each month (which makes it similar to the Langley cash back card). But I can't log into the rewards site until tomorrow to register for whatever they're currently offering.

It's a pretty lackluster card overall, but I'm only planning to use it for my son's recurring expenses, which will make it easier to generate a spending report if SSA ever decides to look into how I'm spending his benefits.

Anyways, here are the DPs: annual income $134K, DTI is roughly 20%, 23 INQs in the last 24 months (I knew it was a lot, but, like, whoa), util is just below 2%, and total CLs across all accounts now stands at $176,250.

How interesting to find another person that lives in Michigan and is near an MSGCU branch.

MSGCU uses Ex FICO 3 which is more sensitive about everything including ULT and HPs. As for the rewards, I am close to getting that card, but I think the monthly 5% rewards maybe a mistake. If they do such a thing, it would have been listed on the Rewards Card page. To the website, the only thing extra is the extra 5,000 points meeting the requirements.

Re: MSGCU Rewards Visa Approval

Gotham- — Fri, 29 May 2020 09:34:31 GMT

Congrats on approval 🦇🦇🦇🥊💥🥊💥🥊💥✅✅✅

Re: MSGCU Rewards Visa Approval

5KRunner — Fri, 29 May 2020 10:34:26 GMT

@ZackAttack wrote:
How interesting to find another person that lives in Michigan and is near an MSGCU branch.

MSGCU uses Ex FICO 3 which is more sensitive about everything including ULT and HPs. As for the rewards, I am close to getting that card, but I think the monthly 5% rewards maybe a mistake. If they do such a thing, it would have been listed on the Rewards Card page. To the website, the only thing extra is the extra 5,000 points meeting the requirements.

I thought the same thing... why wouldn't you promote such a benefit?

Re: MSGCU Rewards Visa Approval

5KRunner — Fri, 29 May 2020 16:08:40 GMT

Update for @ZackAttack - I figured out how to access those extra bonus points: while logged into online account management, click on the VISA Rewards link (I suspect that's only active once you've been approved for the card). Then click on the "Open in a new tab" button to get a full-screen view. From there, scroll down toward the bottom and click on Scoremore. It's based on specific retailers rather than categories, so it operates similarly to offers I've seen on my Wells Fargo and PNC cards.

Here's a sample list of active in-store bonuses (and there's another section with offers that require activation, and yet another for online-only offers):

Re: MSGCU Rewards Visa Approval

5KRunner — Sat, 30 May 2020 02:26:04 GMT

Here's another tidbit for those who may be eligible for membership: they instantly issue cards in-branch if you're approved. I walked out with my debit card and credit card, as well as my son's debit card. Very nice!