topic Re: PSECU Visa Requirements in Credit Cards

PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 17:17:14 GMT

I've seen a few posts about how PSECU has tightened their requirements for their Visa. Will I get approved with two new accounts opened in the past few months (the only opened in the past year) or should I wait the 6 months before applying? I have no baddies and I will find out my FICO on my first statement (I imagine it will be in the low 700s).

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:11:34 GMT

In regards to your post.. I just apped to raise my credit limit on PSECU from $2000 to $12500. Instant approval.

I opened two accounts in the past 3 months, BOA Amex and Lowes Credit. My scores were in the 720 range.

They seem to be more debt to income ratio sensitive than anything. I would app for it... as long as your inquiries are

not crazy. They pull EX. Its a good credit union, if you are good to them, they will be good to you!!

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 19:13:48 GMT

@MrCredit wrote:
In regards to your post.. I just apped to raise my credit limit on PSECU from $2000 to $12500. Instant approval.
I opened two accounts in the past 3 months, BOA Amex and Lowes Credit. My scores were in the 720 range.
They seem to be more debt to income ratio sensitive than anything. I would app for it... as long as your inquiries are
not crazy. They pull EX. Its a good credit union, if you are good to them, they will be good to you!!

What debt to income ratio would you say would be safe?

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:18:56 GMT

I honestly don't know. I know from talking with an analyst there, they seem to really be critical on that.

(when I apped for a car loan $40k) Went into review because I already had one with them at the time.

They will do an FR if they think you are misstating income. My DTI is about 10%. What are the ratios like

on your CC's? Balance to CL? They will probably look at that closely too. I would say no more than 30-40%

DTI on all balances. What is your AAoA and the highest limit you are carrying? Can you give me some facts

to evaluate? I could probably tell you what a good credit limit to ask for would be.

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 19:22:52 GMT

I just applied and was approved

They asked what amount I would like, which was the max of $20k, put me on hold and came back with an instant approval. I believe it is the combo of $10k each

I have a decent income $70k and my util is at 9%. My scores are average of 690. I did apply 6 months after opening up my savings/checking account with them.

I also applied for the Discover and instant approval after verifying some information for $3500! YAY....I am super happy at the moment.

Go for the max as they will probably adjust it down if they can't approve you for that amount.

Good luck

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:25:12 GMT

Congrats! Now you are making me want to go back and re-app for the max $20k.

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 19:47:40 GMT

My overall DTI is under 5%.

My AAoA is 1 yr (my oldest is 4 yr).

My ratios per card range from <5% to 15% (balance to CL).

My limits range from $2,000 to $10,000.

Also, can I apply before I'm approved for membership or do I need to wait for my welcome packet?

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:32:24 GMT

You actually have to become a member before applying. It takes them sometimes two weeks to process

new memberships. Just make sure you do not have too many inqs on EX, otherwise I think you will get

approved as long as your cards are not maxed out, less than maybe 30% util. I would app for $5k and

start there IMO.

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 19:33:53 GMT

How many inquires on EQ would be bad? (not including the PSECU hit for new account)

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:43:20 GMT

in the last 2 years maybe 6-8. I just re-apped for the max, I got the $20K WOOOOO HOOOOO!!!

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 19:48:52 GMT

Went from $2k-12.5k-$20k! PSECU ROCKS!

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 20:15:41 GMT

Wow!!!

Congrats! Did you just apply for the increase today?

I am so excited about this....first card with a good cl.....YAY.....

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 20:16:39 GMT

Yep. Right after you said you did, I could not help it! I am excited too. They are

a very good CU. I have my autos through them as well.

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 20:22:01 GMT

@Anonymous wrote:
I just applied and was approved

They asked what amount I would like, which was the max of $20k, put me on hold and came back with an instant approval. I believe it is the combo of $10k each

Tricky subject here so I want to see if I can help clarify... the max is combo of $20k each... for a grand total of..... wait for it... $20k

Kinda weird, but that is what makes PSECU attractive for util. You get a $20k credit card, and a $20k line of credit. In reality, you have a TOTAL of $20k and you can use it on whichever combination of LOC or credit card usage you want, but you can't extend yourself past $20k between the two. However, when PSECU reports, they show your balance on the credit card with a limit of $20k, AND your LOC balance with a limit of $20k. $40k total reported, $20k accessible to you, with up to $20k between the two, however you want to use them (though using the LOC doesn't seem to offer any benefits over the lower APR credit card).

Good luck, and congrats! And I probably just muddied the waters instead of clarified... :-)

Re: PSECU Visa Requirements

Anonymous — Thu, 02 Jun 2011 20:29:48 GMT

No, you didn't muddle it....I did understand it was a total of $20k between the two, but I thought it was divied up to $10k each. Thank you for claifying that, yipeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee.....the reporting is so much more important to me.

Congrats to everyone that has recently been approved. I am looking to have a long and healthy relationship with PSECU.

Re: PSECU Visa Requirements

MrCredit — Thu, 02 Jun 2011 21:02:33 GMT

That will be good reporting... Good for FICO score. I love the way they do it, its awesome!!

They must love me. Instant approval... I always wondered how their systems figure this stuff

out like what kind of algorithm they use.

Re: PSECU Visa Requirements

Chaos122 — Thu, 02 Jun 2011 21:44:44 GMT

PSECU grants very generous credit lines to people with pretty good credit. from personal experience ive noticed that they really hate when people have too many recently open accounts and or too many recent inquiries. If you have no baddies, and not too many recent inquiries then i'd give it a shot.

When i applied they gave me the smackdown because i had 4 new accounts within the last year and about to 10 inquiries (5 from when i had recently purchased a vehicle)

How many recent inquiries do you have?

Re: PSECU Visa Requirements

MrCredit — Fri, 03 Jun 2011 00:37:05 GMT

I have three. Two of which are from them.

Re: PSECU Visa Requirements

Anonymous — Fri, 03 Jun 2011 08:22:10 GMT

darn this thread... I really want to wait until I see my EX Fico before I app... but this just makes it hard.

I'm also debating if I should app 10k or 20k...

Re: PSECU Visa Requirements

MrCredit — Fri, 03 Jun 2011 12:07:46 GMT

Well with the scores on your two other bureaus, seems good. Check your DTI and ratios. Make sure no crazy

amount of new accounts or inq and your good. They are easy to work with in my experience. If you are good to them

they are good to you.