topic Re: Waiting on AOD in Credit Card Applications

Waiting on AOD

CreditCobra — Tue, 30 Nov 2021 00:17:33 GMT

First time posting, so please forgive any breaches of etiquette.

On 11/20/2021 I applied to AOCFCU for a savings account and Signature Visa. Since I'm out of area, I also joined the Northeast Alabama Bicycle Association about five minutes before applying to AOC. I only requested a $6,000 credit line as I saw no point in asking for more. Per Credit Karma, AOD did a hard inquiry on Equifax that same day.

On 11/23/2021 I received the email via DocuSign and returned back all the information requested (including the selfie) that same day. Ever since then, I've been waiting (impatiently).

Submitted Applications:

Membership (Regular Savings Account) - Under Review
AOD Visa Credit Cards with a credit limit of $6,000 at 7.490% - Pending Follow-up

Some data:

At the time of the application, my new accounts were 1/6, 4/12, 7/18, and 9/24. My inquiries (on Equifax) were 0/6, 1/12, 2/18, and 5/24. I know they tend to look at an Equifax FICO 5, but since I don't have that one handy, my FICO Bankcard Score 8 was 801, and FICO Score 9 was 816. Vantage Score 3.0 was 771 (not like that one matters). I'm retired on Social Security Disibility and have an anual income of just north of $33,000. I did have a bankruptsy (chapter 13) years ago now. It doesn't show up on my credit report any longer, but I did disclose that to AOD in the application.

I know that it's been a holiday week when most of this happened, but I was wondering what others thought my chances would be. Additionally, I'm wondering what might be good next steps if an approval isn't in the cards.

Re: Waiting on AOD

Aim_High — Tue, 30 Nov 2021 01:10:54 GMT

Welcome to My Fico Forums, @CreditCobra.

First, this is a tiny credit union and they manually process applications. So yes, you can bet that the holiday weekend is probably the reason you were left hanging. Be patient and I imagine they will be in touch soon.

As for your odds, I think you have a decent chance of approval, but keep in mind that if you don't get approved for the $5K minimum, you might get the regular Visa card which doesn't earn the 3% cash back rewards. It's always good to be prepared for that possibility. Your FICO scores seem high enough for the Visa Signature approval. The income of $33K is probably just fine as long as your debts are low or none. (They have seemed sensitive to debt with some applicants.) The BK probably won't spook them if it's already fallen off your credit report. I'm probably most concerned about the credit-seeking aspect, and that could inhibit your starting limit if not prevent approval. Early-on (April 2020), they weren't quite as strict as they became later in the approval process for the 3% card. With your being 4/12 and 9/24, that may be too much for them right now. If you're denied, just continue using the banking products and apply again in 6 to 12 months. It's a great card and worth working for it!

Keep us informed about how it turns out!

Re: Waiting on AOD

CreditCobra — Tue, 30 Nov 2021 01:33:06 GMT

@Aim_High wrote:
Welcome to My Fico Forums, @CreditCobra.

First, this is a tiny credit union and they manually process applications. So yes, you can bet that the holiday weekend is probably the reason you were left hanging. Be patient and I imagine they will be in touch soon.

As for your odds, I think you have a decent chance of approval, but keep in mind that if you don't get approved for the $5K minimum, you might get the regular Visa card which doesn't earn the 3% cash back rewards. It's always good to be prepared for that possibility. Your FICO scores seem high enough for the Visa Signature approval. The income of $33K is probably just fine as long as your debts are low or none. (They have seemed sensitive to debt with some applicants.) The BK probably won't spook them if it's already fallen off your credit report. I'm probably most concerned about the credit-seeking aspect, and that could inhibit your starting limit if not prevent approval. Early-on (April 2020), they weren't quite as strict as they became later in the approval process for the 3% card. With your being 4/12 and 9/24, that may be too much for them right now. If you're denied, just continue using the banking products and apply again in 6 to 12 months. It's a great card and worth working for it!

Keep us informed about how it turns out!

Thanks @Aim_High,

I'll post whatever happens, and I really appreciate the feedback. If I can't get the Visa Signature, I'd be willing to take the Platinum card (or even none at all) and try and build a relationship with them and give it another shot in a year.

Left out my DTI, it's low. I own my home outright, so it's just whatever taxes and insurance, but I do have a car payment, $500 a month.

Re: Waiting on AOD

collics — Tue, 30 Nov 2021 04:05:07 GMT

Good luck!

Re: Waiting on AOD

ptatohed — Tue, 30 Nov 2021 21:22:20 GMT

When I talked to the rep on the phone to fund my savings account a few weeks ago, she said she would submit for approval and I can expect the card in 7 - 10 days. Well, yesterday I received a letter stating I was approved and my card ending in #### is now active and that my card should arrive within two weeks. I started this whole process 3 - 4 weeks ago. It's a slow process!

Re: Waiting on AOD

CreditCobra — Tue, 30 Nov 2021 21:26:33 GMT

@ptatohed wrote:
When I talked to the rep on the phone to fund my savings account a few weeks ago, she said she would submit for approval and I can expect the card in 7 - 10 days. Well, yesterday I received a letter stating I was approved and my card ending in #### is now active and that my card should arrive within two weeks. I started this whole process 3 - 4 weeks ago. It's a slow process!

Thanks, I sent them an email just checking in. Don't want to be a pest, but I thought a week was a suffiueient wait to simply check in. Seems liike this card is well worth the wait.

Re: Waiting on AOD

ptatohed — Tue, 30 Nov 2021 21:37:16 GMT

Many times I felt like reaching out to them but I fought back the urge. It's possible the rep you were assigned to took all of last week off. Hang in there. I was approved for membership within days, the credit card took longer. Then I realized, either they didn't have an authorized user option on the application or I somehow missed it. So, after card approval, things were delayed again while my wife submiited her requested items.

Yes, definitey worth the wait. If I knew before I had a snowball's chance of getting this card, I would have applied much sooner!

Re: Waiting on AOD

CreditCobra — Tue, 30 Nov 2021 21:41:25 GMT

@ptatohed wrote:
Many times I felt like reaching out to them but I fought back the urge. It's possible the rep you were assigned to took all of last week off. Hang in there. I was approved for membership within days, the credit card took longer. Then I realized, either they didn't have an authorized user option on the application or I somehow missed it. So, after card approval, things were delayed again while my wife submiited her requested items.

Yes, definitey worth the wait. If I knew before I had a snowball's chance of getting this card, I would have applied much sooner!

Does an AU get their own card and number, just share the same credit line? Sorry, I don't know how an authorized user works. Appreciate your feedback on this.

Re: Waiting on AOD

ptatohed — Tue, 30 Nov 2021 22:34:19 GMT

@CreditCobra wrote:
@ptatohed wrote:
Many times I felt like reaching out to them but I fought back the urge. It's possible the rep you were assigned to took all of last week off. Hang in there. I was approved for membership within days, the credit card took longer. Then I realized, either they didn't have an authorized user option on the application or I somehow missed it. So, after card approval, things were delayed again while my wife submiited her requested items.

Yes, definitey worth the wait. If I knew before I had a snowball's chance of getting this card, I would have applied much sooner!
Does an AU get their own card and number, just share the same credit line? Sorry, I don't know how an authorized user works. Appreciate your feedback on this.

No prob. My wife and I have almost every credit card together (she has a hotel card or two I have no interest in). Usually I am the applicant and she is the authorized user. In almost all circumstances, we share the same number and always the same credit line. I think once we had different numbers but I forget which card that was.

Do you know if we can cancel the bicycle association after we get our cards? I assume AOD doesn't ask for regular membership proof?

Re: Waiting on AOD

CreditCobra — Tue, 30 Nov 2021 22:38:26 GMT

@ptatohed wrote:
Do you know if we can cancel the bicycle association after we get our cards? I assume AOD doesn't ask for regular membership proof?

To the best of my knowledge (from reading a TON of posts on AOD), once you're in, you're in for life. So yeah, you can leave the bicycle association. Same would be true if you joined a CU that required you to live in a specific area, and then moved away. You'd still be a member if you chose to remain one.

Re: Waiting on AOD

Aim_High — Tue, 30 Nov 2021 23:07:48 GMT

@ptatohed wrote: Do you know if we can cancel the bicycle association after we get our cards? I assume AOD doesn't ask for regular membership proof?

Absolutely not! Not only must the NEABA membership must be maintained, but anyone who fails to show two Saturdays in a row for the 7 a.m. weekly trail ride is automatically disenrolled!

... Yes, you can cancel. I usually recommended that someone join with the monthly $5 automatic contribution and then cancel after the first billing. It may be the cheapest way to get AOD FCU membership.

Re: Waiting on AOD

ptatohed — Wed, 01 Dec 2021 00:31:52 GMT

This is strange. My wife e-mailed me at work to tell me my AOD card came. Yeah-Hoo!!!!! But....... her card is not in the envelope. Odd. I guess/hope it will come separately. I'm stoked!

I remember how happy I was when I took my daily driver from 1.5% Quicksilver to 2.0% citi DC. And now 3.0% AOD! 100% increase in CB rate from where I started.

Actually if I go back even further, I think my previous was 1.0% CB. And, if I am not dating myself too much, I think my very first CB card was a Disco where the first $1000 was 0.25%, then 0.50%, and so on, up to 1%.

Re: Waiting on AOD

CreditCobra — Thu, 02 Dec 2021 00:45:27 GMT

Update #1 - I've been approved to join AODFCO! Your goals can come true, I'm living proof.

Still haven't been contacted about funding the account, but it was late in the day when I got approved, so likely tomorrow.

Still waiting on the Signature Visa, but even if I don't wind up getting that right now, I can always try again down the road. Either way, this is progress.

Re: Waiting on AOD

ptatohed — Thu, 02 Dec 2021 09:13:18 GMT

@CreditCobra wrote:
Update #1 - I've been approved to join AODFCO! Your goals can come true, I'm living proof.

Still haven't been contacted about funding the account, but it was late in the day when I got approved, so likely tomorrow.

Still waiting on the Signature Visa, but even if I don't wind up getting that right now, I can always try again down the road. Either way, this is progress.

I love to see someone as giddy as I over this card! As previously mentioned, it is a process. Be patient. I would come home from work to a series of requested docusign signatures and uploads. I provide the sigs and the document uploads. Same thing the next day. Rinse and repeat. But you'll get there! And it will be worth it! Enjoy!

Re: Waiting on AOD

sugarcreek67 — Thu, 02 Dec 2021 15:14:50 GMT

Congrats on new AOD membership, wish you best of luck on the Visa card

Re: Waiting on AOD

Crowhelm — Mon, 06 Dec 2021 01:53:01 GMT

@Aim_High wrote:
@ptatohed wrote: Do you know if we can cancel the bicycle association after we get our cards? I assume AOD doesn't ask for regular membership proof?
Absolutely not! Not only must the NEABA membership must be maintained, but anyone who fails to show two Saturdays in a row for the 7 a.m. weekly trail ride is automatically disenrolled!

... Yes, you can cancel. I usually recommended that someone join with the monthly $5 automatic contribution and then cancel after the first billing. It may be the cheapest way to get AOD FCU membership.

lol, too funny. I did the yearly one. I felt if they make it possible to get my hands on this great card they deserve a bit more. $50 is nothing for the potential this card has. I just applied for a checking and savings account. Will play the long game. And no I didn't get the socks :-). And yes, once you join a credit union you are in for as long as you want to no matter if your original eligbility has changed or not.

Re: Waiting on AOD

Crowhelm — Mon, 06 Dec 2021 02:05:33 GMT

@CreditCobra wrote:
Update #1 - I've been approved to join AODFCO! Your goals can come true, I'm living proof.

Still haven't been contacted about funding the account, but it was late in the day when I got approved, so likely tomorrow.

Still waiting on the Signature Visa, but even if I don't wind up getting that right now, I can always try again down the road. Either way, this is progress.

Awesome, congrats. One down, one to go. From what I read here I decided to app for the card late next year. Age some of the recent new accounts. But I hope one advantage I have is that we only keep money with credit unions and I can offer references so to speak. If they want it. But even if they don't care about that they should feel good that my wife and I are credit union people. And I could be totally out to lunch on that one as well, lol. I just know credit unions network together and it is easy to make regular transactions at a different credit union if you are either out of town or like in our case, moved away. So as far as funding your account, that could probably be done at a local credit union that is part of the CU network.

Re: Waiting on AOD

CreditCobra — Mon, 06 Dec 2021 07:07:15 GMT

@Crowhelm wrote:
@CreditCobra wrote:
Update #1 - I've been approved to join AODFCO! Your goals can come true, I'm living proof.

Still haven't been contacted about funding the account, but it was late in the day when I got approved, so likely tomorrow.

Still waiting on the Signature Visa, but even if I don't wind up getting that right now, I can always try again down the road. Either way, this is progress.

Awesome, congrats. One down, one to go. From what I read here I decided to app for the card late next year. Age some of the recent new accounts. But I hope one advantage I have is that we only keep money with credit unions and I can offer references so to speak. If they want it. But even if they don't care about that they should feel good that my wife and I are credit union people. And I could be totally out to lunch on that one as well, lol. I just know credit unions network together and it is easy to make regular transactions at a different credit union if you are either out of town or like in our case, moved away. So as far as funding your account, that could probably be done at a local credit union that is part of the CU network.

I was able to fund the AOD Savings account with my Navy Fed debit card. Only put $25 into it to fund it, but since then I was able to get set up with the AOD online banking and figure out the account numbers for my new AOD Gold Checking (as I'm over 50) and Savings accounts. I've since transferred some additional funds from Navy Fed to them as well. Still haven't heard back yet about the AOD Signature Visa, but fingers crossed it gets approved. Worse case scenario is I wait six months or a year and re-apply. Still hopeful and I'll post here when I know their decision. I think the only thing that could likely mess this up is that I have too many recently opened accounts.

Re: Waiting on AOD

ptatohed — Mon, 06 Dec 2021 07:27:04 GMT

I wish this forum wasn't so quick to lock threads. I would have liked to keep adding and updating my original AOD thread. Now I have to tack my input onto other's threads. I am a moderator on a car forum and I rarely lock threads. I find value in keeping them open.

Anyway, something weird happened. I got a 100% duplicate AOD card in my name a few days ago. And, we have not received my wife's. So, I am assuming there was an error and, instead of sending my wife's card (authorized user), they sent me a duplicate?

Re: Waiting on AOD

ptatohed — Mon, 06 Dec 2021 07:30:37 GMT

@CreditCobra wrote:
@Crowhelm wrote:
@CreditCobra wrote:
Update #1 - I've been approved to join AODFCO! Your goals can come true, I'm living proof.

Still haven't been contacted about funding the account, but it was late in the day when I got approved, so likely tomorrow.

Still waiting on the Signature Visa, but even if I don't wind up getting that right now, I can always try again down the road. Either way, this is progress.

Awesome, congrats. One down, one to go. From what I read here I decided to app for the card late next year. Age some of the recent new accounts. But I hope one advantage I have is that we only keep money with credit unions and I can offer references so to speak. If they want it. But even if they don't care about that they should feel good that my wife and I are credit union people. And I could be totally out to lunch on that one as well, lol. I just know credit unions network together and it is easy to make regular transactions at a different credit union if you are either out of town or like in our case, moved away. So as far as funding your account, that could probably be done at a local credit union that is part of the CU network.
I was able to fund the AOD Savings account with my Navy Fed debit card. Only put $25 into it to fund it, but since then I was able to get set up with the AOD online banking and figure out the account numbers for my new AOD Gold Checking (as I'm over 50) and Savings accounts. I've since transferred some additional funds from Navy Fed to them as well. Still haven't heard back yet about the AOD Signature Visa, but fingers crossed it gets approved. Worse case scenario is I wait six months or a year and re-apply. Still hopeful and I'll post here when I know their decision. I think the only thing that could likely mess this up is that I have too many recently opened accounts.

Congrats! Exciting! Step by step, you're getting there. I too funded my AOD savings with a credit card. My citi DC. I was flustered during the phone call and didn't give it much thought so I only did $25 but later it hit me. This is basically a free cash advance! I wish I had funded more, get my 2% CB with citi, and have the cash sitting in my account. Oh well, still just happy to have the AOD!