topic Re: Thanks for the advice... got approved with the credit union yesterday!! in Credit Cards

Thanks for the advice... got approved with the credit union yesterday!!

Anonymous — Sat, 29 Mar 2008 18:00:33 GMT

I posted a few days ago that I wanted a card with a higher limit & it was suggested that I tried my credit union. I called yesterday, they faxed and app to me and I was approved!

I am just curious regarding limits at credit unions.... I have heard that they are usually more generous, so I asked the lady what the general limit is ... she said that you multiply your gross monthly income times 4.5 and that is your limit. That would be like $10k... does that sound right to you guys? Sounds very high to me, considering no one else wants to offer more than a grand..

Message Edited by Freedombound on 03-29-2008 02:00 PM

Re: Thanks for the advice... got approved with the credit union yesterday!!

Anonymous — Sat, 29 Mar 2008 17:59:09 GMT

I don't know the calculation they use-

When I apped for my CU CC- They told me you need to show $XX gross for the 10K CL you requested.

Congrats-

Re: Thanks for the advice... got approved with the credit union yesterday!!

haulingthescoreup — Sat, 29 Mar 2008 18:43:47 GMT

@Anonymous wrote:

I posted a few days ago that I wanted a card with a higher limit & it was suggested that I tried my credit union. I called yesterday, they faxed and app to me and I was approved!
I am just curious regarding limits at credit unions.... I have heard that they are usually more generous, so I asked the lady what the general limit is ... she said that you multiply your gross monthly income times 4.5 and that is your limit. That would be like $10k... does that sound right to you guys? Sounds very high to me, considering no one else wants to offer more than a grand..

That might be in the ballpark. Seems huge, doesn't it? Like those mortgage calculators that show how much of a monthly payment you can afford. Ummm, don't think so...

Do you also bank with your CU? I have all my personal stuff at USAA (banking, savings, MMA, Roth, HELOC, etc.), with direct deposit on everything, so maybe it reassures them since they know every last detail of my financial life!

Did they in fact approve your for $10K? Even if it's less, it's hard to go wrong with a CU.

Re: Thanks for the advice... got approved with the credit union yesterday!!

Anonymous — Sat, 29 Mar 2008 21:42:48 GMT

Freedombound wrote:
I posted a few days ago that I wanted a card with a higher limit & it was suggested that I tried my credit union. I called yesterday, they faxed and app to me and I was approved!
I am just curious regarding limits at credit unions.... I have heard that they are usually more generous, so I asked the lady what the general limit is ... she said that you multiply your gross monthly income times 4.5 and that is your limit. That would be like $10k... does that sound right to you guys? Sounds very high to me, considering no one else wants to offer more than a grand..

Message Edited by Freedombound on 03-29-2008 02:00 PM

Eerr, you guys sure that calculation is right cuz if it is I would be able to get like a 20k CC from a CU. Thats a bit crazy. And i am not including my BF soon to be DH's income. Wow I need to start looking into those CU's around me. Ohhh wait i am trying for the Penfed thing in dec/jan. wow i don't think they would go that high though.

Re: Thanks for the advice... got approved with the credit union yesterday!!

haulingthescoreup — Sun, 30 Mar 2008 00:12:13 GMT

@Anonymous wrote:

Eerr, you guys sure that calculation is right cuz if it is I would be able to get like a 20k CC from a CU. Thats a bit crazy. And i am not including my BF soon to be DH's income. Wow I need to start looking into those CU's around me. Ohhh wait i am trying for the Penfed thing in dec/jan. wow i don't think they would go that high though.

No, I don't think that PenFed is one of the big-bucks CU's.

But I have a total of $37K CL on two cards with USAA, and from a phone call I had with them, I think it could be a bit higher. They asked for HHI, and I think I told them $120K (which is a bit low; DH and I work 3 jobs between us), which would put it at $45K. So not too far off! Very different from banks.

Although I don't think they'll offer that much if you're carrying a lot of balances, etc. Maybe it's sort of an "up to 4.5X."

Re: Thanks for the advice... got approved with the credit union yesterday!!

Red1Blue — Sun, 30 Mar 2008 00:13:20 GMT

Congrats.....

Re: Thanks for the advice... got approved with the credit union yesterday!!

Anonymous — Sun, 30 Mar 2008 18:32:02 GMT

I am not sure, but that is what she said to me... 4.5 times your gross monthly income & I asked her twice, because I thought I had misunderstood. I will be elated if it is that much, but if not, that is fine too. It is no annual fee, no fee for cash advances (you can get money from the teller) and the interest is between 6.99 & 16.99 (varies by person). So, regardless, I am happy to get a better card & I feel like I am finally accomplishing something in the "credit" arena.

Re: Thanks for the advice... got approved with the credit union yesterday!!

MidnightVoice — Sun, 30 Mar 2008 19:29:34 GMT

Freedombound wrote:

I have heard that they are usually more generous, so I asked the lady what the general limit is ... she said that you multiply your gross monthly income times 4.5 and that is your limit.

That is probably your limit - that is not necessarily what they will give you. I would guess that is their guideline for long term customers with high credit scores