topic Re: stay away from BCU in Credit Card Applications

not happy with BCU

Jccflat — Tue, 27 Jun 2023 23:34:16 GMT

i did the membership last week was approved instantly ,

Then today I applied for the visa travel card went to review from the underwriter

They said I will get the email. I never got a email so I called back and then they said oh your application was declined since you are at the maximum death.

Just to give you, my credit is excellent Trans Union fico 710. No negatives besides bankruptcy discharge 2014.

Utilization is 16% out of $350,000

I decided to call back now and ask for reconsideration of the guy was very nasty and not nice the way he spoke

he said no sorry we won't give credit now u need to pay off your debt like mortgage credit cards. I said you want me to pay off my all house right now for a cc oh no just pay any other things u owe and said good bye

i wasted a whole inquiry

Re: stay away from BCU

CH-7-Mission-Accomplished — Tue, 27 Jun 2023 22:20:12 GMT

So do you owe over $50K on your credit cards?

Re: stay away from BCU

CreditCuriosity — Tue, 27 Jun 2023 22:35:32 GMT

@CH-7-Mission-Accomplished wrote:
So do you owe over $50K on your credit cards?

50k+ on CC's.. Is how I read it as well.. Depending on income that will scare a lot of lenders not just BCU. If that is correct put your house payment on top of it and car, etc.. Maybe I am misunderstanding something.

Re: stay away from BCU

Jccflat — Tue, 27 Jun 2023 23:14:09 GMT

yes it's close to 50 K

so I'm thinking now I'll try again in 30 days since I'm paying off in the next few weeks some of the balances,

plus I do have a card that i am a authorized user with a 30 K credit line and at it has balance of over 10 K and I guess this adds to my utilization balance. Is it worth it to take it off ? does the balance affect me more than what the available credit of this card helps me for the utilization?

should I take the card off my report ?

Re: stay away from BCU

creditfan — Tue, 27 Jun 2023 23:19:50 GMT

sorry to hear you have bad experience with BCU. However, one negative experience might not speak up anything regarding FI as a whole.

BCU is my primary. I have CC, auto loan, ploc and a long time member. I LOVE THEM

Re: stay away from BCU

northway — Tue, 27 Jun 2023 23:38:09 GMT

@Jccflat wrote:
i did the membership last week was approved instantly ,
Then today I applied for the visa travel card went to review from the underwriter
They said I will get the email. I never got a email so I called back and then they said oh your application was declined since you are at the maximum death.

Just to give you, my credit is excellent Trans Union fico 710. No negatives besides bankruptcy discharge 2014.
Utilization is 16% out of $350,000
I decided to call back now and ask for reconsideration of the guy was very nasty and not nice the way he spoke
he said no sorry we won't give credit now u need to pay off your debt like mortgage credit cards. I said you want me to pay off my all house right now for a cc oh no just pay any other things u owe and said good bye

i wasted a whole inquiry

The fact that you're writing them off because you owe too much and they turned you down is kind of ridiculous. Your DTI ratio isn't where they'd like it to be, so they declined you. Move on and try again later when you've paid down your debts or your income significantly increases.

FWIW, I'm thinking it's your income as I had a utilization rate much higher when I was approved, but I was just slow to pay down some BTs. Also, just because you had a BK discharged a while back doesn't make it magically disappear nor does it make lenders any less wary that you DID default at one point and might be on your way there again.

Re: stay away from BCU

Jccflat — Tue, 27 Jun 2023 23:57:12 GMT

reported a income of 140k

i wanted to give household income which is 250k but they said no when I gave the application over the phone

Re: stay away from BCU

Jnbmom — Tue, 27 Jun 2023 23:51:08 GMT

I think owing 50K they were being cautious and didn't want to risk it .

We all have creditors we are not fond of for various reasons , but I can certainly understand their thinking you might be a risk .

Re: stay away from BCU

CreditCuriosity — Wed, 28 Jun 2023 01:04:10 GMT

@Jccflat wrote:
reported a income of 140k

Ya I would be working off paying off that debt ASAP as depending what interest you are at that is going to hurt on that income and that isnt knowing what your house payment is and car payment and possibly sl's etc.. Get aggressive or as mentioned you might be in that. BK situation again if don't get spending and repayments under control. Not meaning to sound rude at all as interest can eat you alive and mins on that CC of 50k alone even if no interest is a decent size payment.

Re: stay away from BCU

creditfan — Tue, 27 Jun 2023 23:58:03 GMT

@Jccflat wrote:
yes it's close to 50 K
so I'm thinking now I'll try again in 30 days since I'm paying off in the next few weeks some of the balances,

plus I do have a card that i am a authorized user with a 30 K credit line and at it has balance of over 10 K and I guess this adds to my utilization balance. Is it worth it to take it off ? does the balance affect me more than what the available credit of this card helps me for the utilization?
should I take the card off my report ?

Sorry, one of their best part I forgot to mention. They reused the same HP for 30-45 days. You will definitely get the same result of what you have today.

you might try again after the current HP expired if you want something different.

Re: stay away from BCU

Jccflat — Wed, 28 Jun 2023 00:10:36 GMT

i'll take off the authorize user card which has a balance of 10k out of 36K credit limit it's a few years old card hope it won't hurt removing it more than helping me ,

unless they don't count authorize user accounts ?

Re: not happy with BCU

sznthescore — Wed, 28 Jun 2023 00:32:20 GMT

FOTM bandwagons aren't for everyone one. Even those who have decent credit. Move on... it's not the end of the world. What one creditor won't do another one will.

Re: stay away from BCU

AndySoCal — Wed, 28 Jun 2023 00:48:04 GMT

@Jccflat Authorized user accounts usually wont count because you are not financially responsible for it. It would lower the total amount owed yes. The question is BCU factoring that debt amount into the underwriting decision

Re: not happy with BCU

Guyatthebeach — Wed, 28 Jun 2023 01:07:05 GMT

Jccflat,

Sorry to hear that you're application was denied. You're the second person I have read that got declined for a credit card with BCU. This can happen with FOTM CU's. I remember this from Redstone FCU.

Personally I think the issue is your DTI not the 16% credit utilization. From my conversation with the CSR that called me after starting my membership and talking to an underwriter, BCU does focus on DTI and your ability to pay for debt. To me they seem like a conservative lender. After going through a bankruptcy, I fully understand your frustration. I learned that making my DTI looking better based on my income not household income has opened a lot of credit and loan opportunities.

I personally would try again in 3 to 6 months.

Hang in there you got this.

Guyatthebeach

Re: not happy with BCU

Anonymous — Wed, 28 Jun 2023 04:21:32 GMT

@Jccflat wrote:
email. I never got a email so I called back and then they said oh your application was declined since you are at the maximum death.

Just to give you, my credit is excellent Trans Union fico 710.

And not to pile on, but 710 is not "excellent". It's certainly fine for most purposes but it doesn't signal to a lender "exceptionally low credit risk" the way an 840 would for example.

Re: not happy with BCU UPDATE approved second 30 days after

Jccflat — Tue, 01 Aug 2023 17:33:23 GMT

I just placed another application It was approved for $5000. After I lowered my utilization form last month declined app