topic Re: CU mini app spree with partial success in Credit Cards

CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 07:58:55 GMT

Background: 3 y.o. Credit history, no negative entries, total available revolving credit is $177400, new mortgage has not yet hit CR. EQ 731, TU 763, EXP 746.

Reasons for app.

1. A mortgage company belongs to builder and I am pretty sure that when mortgage hits CR some lenders (Amex, BOA) will CLD my lines.

2. I do believe that due to new law CCC's are going to worsen terms of mine existing cards (AF, APR, CLD etc.). AF and CLD will cause to closure of cards by consumer (myself). At the same time, I believe that CU's won't do that

http://www.mazuma.org/chairman_letter.htm, so I decided to get a couple of CU CC's before new law kicks in.

I have searched hundreds of CU's and decided to go with Alliant, Addison Avenue, Affinity and local CU's.

Addison Avenue. Large CU, based I think in CA. Open FOM. Just apply for any product(s) and memberchip set up during an application. Extremely nice customer service. Loan/application department does not take phone calls but always calls back within 4 business hours if you leave message. AAFCU pulls EXP for membership/creditproducts (one pull). Savings rates are not attractive, but CC has 5.24% APR (I am a PIFer, but it is nice to have low APR card just in case...), btw, even secured card has only 7.25% APR. Offers BT with no fee at 3.99% for 12 mos. Max CL is 50K. Financial documents required upfront (w2, paystubs etc., better before, than after).

Approved for $20000.

Local CU. Restricted FOM. Offers 5.01% reward checking account. A CC has 6.9% APR. Max CL is 50K. Pulls Chexsystem for memberhip and TU (bonus) for credit card.

Approved for $16000

Alliant. Alliant let me down. I have been member of Alliant FCU for a year, it is my main saving institution. Applied for Visa on-line, asked for max. CL - 50K, talked to LO next day and told that 50K line offered only to people who've been Alliant members for 30 years. Fine with me. Got counteroffer for 5K line, reason given is too new to Alliant (?), of course rejected this offer. Two days latter offered 10K line, reason - too much available credit obtained in short period of time, rejected the offer and told LO that my minimum is CL equal to 50% of mine savings, Alliant refused. Well, as I see it Alliant decided right now that it is the only CU on Earth due to MF/CB/FW effect or maybe LO did not like my accent, anyhow my money on move out of 2% saving to 5.01% checking, my kids savings are being moved out of Alliant too, checking is about to be closed (after I transfer DD to another account). I am keeping there only HSA and $5 on share account.

Affinity FCU. The biggest FCU in my state. Open FOM. Extremely nice CS. Pull Chexsystem for membership and EXP for credit products (agreed to pull TU, EXP is on ice). Does not have any remarkable products, but has plenty of them. Offers Visa and MC. APR is 8.6% for Visa Platinum, 10.6% for Classic and secured card and 12% for rewards card.

Offered Classic card with 1K CL, rejected the offer, reapply when I set up on line access.

Side note. Credit is neither right nor privilege. Credit is a product. In case of Affinity and Alliant I decided that a price is not right for a product offered. Affinity offered 1K line in spite high TU FICO and spotless but short credit. I guess that short is a key word. That's OK I accept it.

Alliant has known me for 12 months, had my money, seen my savings patterns, had my direct deposit and still refuses to extend me SECURED CREDIT equal to half of my savings and by this to lose me as a customer. I would not call it wise. Alliant is conservative, but in my case this either overkill at best or stupidity at worst.

The biggest surpise. I've had PenFed's Visa CashBack Platinum for 15 mos. Also, I have autoloan with them, no savings at all. Penfed Visa is my daily card. Charge about 1K monthly, always PIF. Hoped to get preapprovals at 6 mos. mark - none, at 12 mos. mark - none. Decided that's because I served in potential enemy's army .

Got preapprovals at 15 mos. mark. Long story short, my current CL is $50000. WOW. I am still in shock, I have in my wallet 2 brand new, well equipped cars in form of plastic card. No pull, no documents, nothing.

And PenFed is a father of conservatism.

Fired.

1. Saks World Elite MC HSBC

2. Saks store card HSBC

3. PayPal Buyers Credit GEMB

4. Walmart store card GEMB.

I am very itchy to fire JCP, but DW refuses to authorize this move.

Take a look at those cards.

1.Fort Knox FCU's Visa http://www.fkfcu.org/visacards.htm

2. Lake Michigan CU's Visa https://www.lmcu.org/Loans/Credit.aspx#nav1

3. TDECU's Onyx MC https://www.tdecu.org/Loans/Credit-Cards/Onyx-Credit-Card.html

This concludes my 3 year journey into American credit system and goal was a house. Well, we moved a few days ago into new, beautefull house. Mission accomplished.

I have frozen my and DW's EQ and EXP. Tu is open for future car shopping and because TU is manageable.

I have plenty of credit ($228800) and I am not planning to refinance at least 2 years.

Good Luck

Re: CU mini app spree with partial success

haulingthescoreup — Sun, 12 Jul 2009 12:57:15 GMT

Great summary, and I for one appreciate your posting your reasoning through the process.

Good old PenFed, they do like to surprise you, don't they? Not bad for their favorite former Red Army sergeant.

I hope this doesn't mean that you'll be leaving the forums??

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 15:06:32 GMT

@haulingthescoreup wrote:
Great summary, and I for one appreciate your posting your reasoning through the process.Thanks

Good old PenFed, they do like to surprise you, don't they? Not bad for their favorite former Red Army sergeant.

I hope this doesn't mean that you'll be leaving the forums?? H*ll, no.

Message Edited by wmarat on 07-12-2009 08:06 AM

Re: CU mini app spree with partial success

haulingthescoreup — Sun, 12 Jul 2009 15:07:41 GMT

lol, good. I was afraid that you had graduated!

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 15:19:47 GMT

Super job fishing in the ultra deep waters. Congratulations!

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 15:35:00 GMT

Congrats wmarat

I just joined Addison Avenue (today online) and they did an EX "soft" pull (twice) for membership/share savings setup....so it appears they don't pull hard for membership.

I am curious exactly which financial docs AAFCU required. Was it all of the items listed (w2, paystubs, "etc" ) or just one of them? What was the "etc" and were these submitted with the application or upon request after application?

I also joined PSECU a week ago since I have heard they offer EX FICO to members for free on monthly statements (supposedly on savings/checking - no credit required). WAMU used to give the TU, which was nice, wish Chase would have continued it.

Message Edited by txjohn on 07-12-2009 08:35 AM

Re: CU mini app spree with partial success

haulingthescoreup — Sun, 12 Jul 2009 15:53:12 GMT

txjohn wrote:

...I also joined PSECU a week ago since I have heard they offer EX FICO to members for free on monthly statements (supposedly on savings/checking - no credit required).

Sweet! How did you qualify, if you don't mind my asking? I keep trying to remember if I ever attended college in Pennsylvania, but other than being accepted at Dickinson College 37 years ago (and not attending), I got nuthin'.

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 16:00:28 GMT

@haulingthescoreup wrote:
@Anonymous wrote:

...I also joined PSECU a week ago since I have heard they offer EX FICO to members for free on monthly statements (supposedly on savings/checking - no credit required).

Sweet! How did you qualify, if you don't mind my asking? I keep trying to remember if I ever attended college in Pennsylvania, but other than being accepted at Dickinson College 37 years ago (and not attending), I got nuthin'.

I qualified through a family member having attended one of the listed colleges. They did not have to be a PSECU member, just eligible by attendance.

Got my free checks in the mail yesterday. Still waiting for my welcome letter with membership number so I can get online with them, they won't give member number to you over the phone or by email.

Message Edited by txjohn on 07-12-2009 09:00 AM

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 16:03:13 GMT

@Anonymous wrote:
Congrats wmarat

I just joined Addison Avenue (today online) and they did an EX "soft" pull (twice) for membership/share savings setup....so it appears they don't pull hard for membership.

I am curious exactly which financial docs AAFCU required. Was it all of the items listed (w2, paystubs, "etc" ) or just one of them? What was the "etc" and were these submitted with the application or upon request after application?

I also joined PSECU a week ago since I have heard they offer EX FICO to members for free on monthly statements (supposedly on savings/checking - no credit required). WAMU used to give the TU, which was nice, wish Chase would have continued it.
Message Edited by txjohn on 07-12-2009 08:35 AM

I was required to provide w2, two paystubs, adress proof, DL and green card after application was submitted. I got email saying that they are about to approve for 20K credit card and if I am satisfied with it I should fax/mail/e-mail above documents.

I was checking PSECU, but did not find FOM on their site. How did you qualify for membership?

Message Edited by wmarat on 07-12-2009 09:03 AM

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 16:02:31 GMT

@Anonymous wrote:
Super job fishing in the ultra deep waters. Congratulations!

Thanks.

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 16:07:28 GMT

@wmarat wrote:

I was required to provide w2, two paystubs, adress proof, DL and green card after application was submitted. I got email saying that they are about to approve for 20K credit card and if I am satisfied with it I should fax/mail/e-mail above documents.

I was checking PSECU, but did not find FOM on their site. How did you qualify for membership?

Sibling attended a qualifying school. The fact that she attended and that she is "eligible" was enough to qualify me for membership. I did 'not' have to get her to join.

Message Edited by txjohn on 07-12-2009 09:07 AM

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 16:24:07 GMT

Hmm, intresting if I can "invent" relative.

John, if you are in TX, I would advise to take look at TDECU's Onyx MC, very intresting and fairly new concept for CC, besides, 2% of cashback and I think this MC beats Schwab and Fidelity.

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 16:32:24 GMT

I think that Addison Avenue has been given very little exposure on this board. My impression is that CU much better organaized and managed than Alliant. Today's Alliant's rates are not so great, CC's are defenetly unremarkable.

Addison atracted me by low APR and BT offer.

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 16:49:27 GMT

hmmm 2%, pretty nice.

I have a 2% CapOne card, but it has a $39 AF and they only gave me an initial $3k CL, and it appears they aren't in CLI mood right now.

I like my NFCU cashrewards, because it's 1.5% (after $10k, but I did that in 2 months). I used to have a 2% Discover (Discover Escape), but it had a $69 AF and they only gave me a lousy $2k CL, so I PC'd to Discover More.

I would LOVE to have a 2% card with a decent CL. CapOne is only $3k. So, this is why my NFCU gets so much exercise.....$25k with 1.5% so I have room to actually do something meaningful.

Also NFCU gives you real time rewards that you can transfer to any deposit account, toward a loan/cc account, with only a $20 minimum. Last month I transfered $75 to savings from rewards.

I actually like my BoA Visa rewards. It's 1.25% (again, after $10k otherwise 1%), but it allows you to transfer rewards to any deposit account (including outside bank), take a check or transfer to another BoA customer (like CapOne reward transfers).

I'll check out TDECU to see if I can qualify for membership and if it looks like a good place to start a CU relationship.

Message Edited by txjohn on 07-12-2009 09:49 AM

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 16:55:01 GMT

@wmarat wrote:
I think that Addison Avenue has been given very little exposure on this board. My impression is that CU much better organaized and managed than Alliant. Today's Alliant's rates are not so great, CC's are defenetly unremarkable.
Addison atracted me by low APR and BT offer.

Hey wmarat, just curious, but what is your income range when you were applying for your spree?

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 16:58:44 GMT

66-70 hours a week, gives me around 120K annually.

@Anonymous wrote:
@wmarat wrote:
I think that Addison Avenue has been given very little exposure on this board. My impression is that CU much better organaized and managed than Alliant. Today's Alliant's rates are not so great, CC's are defenetly unremarkable.
Addison atracted me by low APR and BT offer.

Hey wmarat, just curious, but what is your income range when you were applying for your spree?

Re: CU mini app spree with partial success

Anonymous — Sun, 12 Jul 2009 17:48:14 GMT

@wmarat wrote:
66-70 hours a week, gives me around 120K annually.
@Anonymous wrote:
@wmarat wrote:
I think that Addison Avenue has been given very little exposure on this board. My impression is that CU much better organaized and managed than Alliant. Today's Alliant's rates are not so great, CC's are defenetly unremarkable.
Addison atracted me by low APR and BT offer.

Hey wmarat, just curious, but what is your income range when you were applying for your spree?

I thought only I worked those kind of hours

Re: CU mini app spree with partial success

score_building — Sun, 12 Jul 2009 20:13:31 GMT

Congrats on your cu and home purchase success!

i find the affinity offer surprising except as you say for somewhat short history. you could have easily gone from 10k to 20k+ with alliant w/i 6mos-1yr had you chosed to stick with them. there have been some rumblings that they are not able or willing to use deposits to gague credit issuance but if you hang with them they open up much like pen fed ultimately did for you i'd imagine. cie la vie. sounds like you're in great shape, nice work.

Re: CU mini app spree with partial success

wmarat — Sun, 12 Jul 2009 20:57:19 GMT

Thanks score for kind words. I'll reapply for Affinity a bit latter.

Alliant might set whatever rules it wishes but I do not have to accept it. They trust me enough to take my money, but do not trust me to extand credit. Not in my book. Trust goes both ways and in mine internal scoring system Alliant lost a lot of points.

I can be patient and probably could wait 6-12 mos. and get whatever credit line ( as it happened with BOA), but:

1. I am not hungry for credit, have more than I need.

2. I did not like LO's atitude. He apparently suspected dirty game, when asked me how I got such big lines in such short time. Besides, LO, by definition, must understand that available credit is not a debt.

Re: CU mini app spree with partial success

score_building — Sun, 12 Jul 2009 21:29:10 GMT

wmarat wrote:
Thanks score for kind words. I'll reapply for Affinity a bit latter.

Alliant might set whatever rules it wishes but I do not have to accept it. They trust me enough to take my money, but do not trust me to extand credit. Not in my book. Trust goes both ways and in mine internal scoring system Alliant lost a lot of points.
I can be patient and probably could wait 6-12 mos. and get whatever credit line ( as it happened with BOA), but:
1. I am not hungry for credit, have more than I need.
2. I did not like LO's atitude. He apparently suspected dirty game, when asked me how I got such big lines in such short time. Besides, LO, by definition, must understand that available credit is not a debt.

as always ymmv but the addison ave LO i dealt with left me with this impression (was denied for too many new accts, perhaps i'll try for them or pen fed again in 24 mos.)

addison does seem to have their act together (and i understood their concerns about my new accts) overall more so than alliant.

btw, i agree wholeheartedly that it's yours to choose not to play alliant's game, for you to great effect. they need good customers like you imo. if you leave, they lose.