topic Re: First Tech Conditional Approval in Credit Card Approvals

First Tech Conditional Approval

Baywatch — Mon, 03 Apr 2023 20:47:43 GMT

Applied for the First Tech Odyssey World Rewards card last night. This afternoon I received an email from them:

Thank you for your credit card application with First Tech. Your application request has been approved for the following terms:

It then lists the limit of the card and the rate.
Then there is a section for "Additional Terms & Conditions", which in my case are all empty.
The terms section is followed by the following:

**Please submit any items listed under additional terms and conditions to FirstTechLending@firsttechfed.com. 
If there are no items listed above, First Tech will reach out to you for next steps. 
Credit Card approvals are valid for 30 days from the date of this notice.

Loan approvals are conditional and subject to verification of the information provided, 
First Tech Membership, and other terms and conditions listed above.

Has anyone else had this experience with First Tech, should I think of this as an approval or is there going to be some gotcha?
The conditional approval part is confusing me.
TIA!

Re: First Tech Conditional Approval

M_Smart007 — Mon, 03 Apr 2023 20:51:26 GMT

Congrats on the First Tech "Conditional Approval"

They are probably going to ask for Documents such as ID, Paystubs, W2's, and or Tax Returns.

Possibly DNA samples as well.

This should be moved to "Credit Card Applications" until fully approved.

Re: First Tech Conditional Approval

CreditCuriosity — Mon, 03 Apr 2023 22:33:00 GMT

Not with First Tech as they don't like people with a ton of credit, but typical for CU's

As mentioned above likely Proof of income among other things are very typical for credit unions

Re: First Tech Conditional Approval

Traveler101 — Tue, 04 Apr 2023 00:44:50 GMT

Just went through this with them about 45 days ago. I had an approval. I had the same disclosure as you. It asked for documents listed just as yours did, but was blank for the required docs. I used plaid at time of application to confirm my income. Approval email just shortly after. Have the odyssey and love it. Their 25k approval took me to 220k TCL on an 85k+ income. I giving them lots and lots of love to hopefully get to 50k card. Best of luck!

Re: First Tech Conditional Approval

Traveler101 — Tue, 04 Apr 2023 01:05:24 GMT

@Baywatch wrote:
Applied for the First Tech Odyssey World Rewards card last night. This afternoon I received an email from them:
Thank you for your credit card application with First Tech. Your application request has been approved for the following terms:
It then lists the limit of the card and the rate.
Then there is a section for "Additional Terms & Conditions", which in my case are all empty.
The terms section is followed by the following:
**Please submit any items listed under additional terms and conditions to FirstTechLending@firsttechfed.com. 
If there are no items listed above, First Tech will reach out to you for next steps. 
Credit Card approvals are valid for 30 days from the date of this notice.

Loan approvals are conditional and subject to verification of the information provided, 
First Tech Membership, and other terms and conditions listed above.
Has anyone else had this experience with First Tech, should I think of this as an approval or is there going to be some gotcha?
The conditional approval part is confusing me.
TIA!

Keep this in mind as well. For me, I joined membership through an organization to get in. They paid the dues for it, like 10.00 or something. For that I got a tax form, lol. Once it all settles, some data points would be helpful to others if you don't mind sharing.

Re: First Tech Conditional Approval

Baywatch — Tue, 04 Apr 2023 01:54:46 GMT

I agreed to purchase a tech museum membership. Personal Income is $329k, I used plaid to verify income as well. I also tried to use plaid to submit verification of my investment accounts, but plaid kept erroring out on that one, so I ended up not including it.

The CL quoted in the email is 35k.

Re: First Tech Conditional Approval

Baywatch — Wed, 05 Apr 2023 07:52:44 GMT

The approval email just came in. No further documents required. The card will be here in 7 to 10 days.

Re: First Tech Conditional Approval

Janneman — Wed, 05 Apr 2023 10:17:18 GMT

@Traveler101 wrote:
Just went through this with them about 45 days ago. I had an approval. I had the same disclosure as you. It asked for documents listed just as yours did, but was blank for the required docs. I used plaid at time of application to confirm my income. Approval email just shortly after. Have the odyssey and love it. Their 25k approval took me to 220k TCL on an 85k+ income. I giving them lots and lots of love to hopefully get to 50k card. Best of luck!

They do ask for 4-8 weeks of paystubs, W-2s for last two years...Were you not asked for these or any other POI? By the way, does application specifically ask about proving income? If so, does it give an option to prove income by Plaid? If not, then how you were able to use Plaid to prove/confirm income? Were you not asked for any other documents, such as ID, SS card, proof of address, if documented listed was blank for required docs??

Re: First Tech Conditional Approval

Janneman — Wed, 05 Apr 2023 10:21:06 GMT

@Baywatch wrote:
The approval email just came in. No further documents required. The card will be here in 7 to 10 days.

Were you not asked for any other documents, such as ID, SS card, Proof of address, and POI since you were not able to use Plaid? No Docusign??

Re: First Tech Conditional Approval

Baywatch — Wed, 05 Apr 2023 10:56:48 GMT

I was sent a docusign and signed that. I was able to use plaid for my banking info, just not for my investment accounts. They asked for nothing else.

Re: First Tech Conditional Approval

Baywatch — Wed, 05 Apr 2023 10:59:39 GMT

They did not ask for anything other than the plaid income verification via my bank. They did not ask for any copies of any documents for me. Looking at my bank statements probably made my income pretty clear as I have direct deposit into that account.

Re: First Tech Conditional Approval

CreditAggie — Wed, 05 Apr 2023 21:04:10 GMT

@Baywatch wrote:
The approval email just came in. No further documents required. The card will be here in 7 to 10 days.

Congratulations on your First Tech approval!

Re: First Tech Conditional Approval

Traveler101 — Thu, 06 Apr 2023 00:45:57 GMT

Congratulations on your getting your new card. I had messaged privately about some of the benefits. I had forgotten to mention, I did not use my card for the first 30 days knowing I had some big spend coming up. I received an email just after 30 days being opened, 2 X points on all categories for spends over 500.00. No hoops. Enjoy that great card. Great credit union that sometimes overlooked. I have a feeling we will hear more about them. There's been some spotty approvals that went against their norms lately.

Re: First Tech Conditional Approval

WildestDreams — Thu, 06 Apr 2023 02:30:51 GMT

Sweet approval, congrats

Re: First Tech Conditional Approval

Janneman — Mon, 10 Apr 2023 02:54:49 GMT

@Baywatch wrote:
They did not ask for anything other than the plaid income verification via my bank. They did not ask for any copies of any documents for me. Looking at my bank statements probably made my income pretty clear as I have direct deposit into that account.

I think giving you an option of verifying income thru Plaid is a new way of them in the last few months, otherwise before this wan't option...They used to ask paystubs for 2 months and two years' W-2s in order to verify income.

Re: First Tech Conditional Approval

CH-7-Mission-Accomplished — Mon, 10 Apr 2023 04:38:37 GMT

@Janneman wrote:
@Baywatch wrote:
They did not ask for anything other than the plaid income verification via my bank. They did not ask for any copies of any documents for me. Looking at my bank statements probably made my income pretty clear as I have direct deposit into that account.
I think giving you an option of verifying income thru Plaid is a new way of them in the last few months, otherwise before this wan't option...They used to ask paystubs for 2 months and two years' W-2s in order to verify income.

I don't know why, but the idea of letting Plaid into my bank accounts gives me the willies. How many people are they going to sell my data to? I understand authorizing IRS transcripts for mortgage loans, but just a private company with all your financial data is scary. I looked them up and they state that they can verify all income and assets and they categorize everything, so they know what you spent and who you paid. It's a little too "Big Brother" for my liking.

Re: First Tech Conditional Approval

Janneman — Tue, 11 Apr 2023 06:57:31 GMT

@CH-7-Mission-Accomplished wrote:
@Janneman wrote:
@Baywatch wrote:
They did not ask for anything other than the plaid income verification via my bank. They did not ask for any copies of any documents for me. Looking at my bank statements probably made my income pretty clear as I have direct deposit into that account.
I think giving you an option of verifying income thru Plaid is a new way of them in the last few months, otherwise before this wan't option...They used to ask paystubs for 2 months and two years' W-2s in order to verify income.
I don't know why, but the idea of letting Plaid into my bank accounts gives me the willies. How many people are they going to sell my data to? I understand authorizing IRS transcripts for mortgage loans, but just a private company with all your financial data is scary. I looked them up and they state that they can verify all income and assets and they categorize everything, so they know what you spent and who you paid. It's a little too "Big Brother" for my liking.

I personally provide anything and everything to any lender if I do need a credit than worrying about all kinda breach and fear, like we all do when we need morgage...At that time we do provide whole nine yards whether we like it or not because we know that if we will not provide then no morgage. If one wants their money, then we've got to trust them or their associated companies no matter what...otherwise, they don't care about lending to us...They have plenty of borrowers...good ones who would trust them and their associates. The way they are going to trust us with their money, similarly we need to trust them (and their associate)...Besides, its their money and their game....People would not have any choice to allow Plaid if ever all credit card companies would require to confirm income thru Plaid....

As for not trusting Plaid or any third party then no bank would ever recommend a third party (or Plaid in this case) if they are not fully sure that Plaid is secure with all the info. However, sometimes breach does occur even at bank level...Nobody is immune to it. I see all the time some people saying that they will not allow Plaid or provide tax transcript for the credit card but would do it for the morgage...But I wonder if any information could be compromised by these 3rd party services then it could also be subjected to compromise at the time of morgage too...Of course, everyone has their own choice, but I believe that if one wants banks to trust them for banks' money, then people need to trust banks too...If they have authorized Plaid then they know how secure information would be with plaid...Anyway, this is my take-away on this topic.