topic Re: Denied credit at a CU with a 807 FICO score? in Credit Cards

Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 11:06:04 GMT

So here I am reading money magazine and found that Lake Michigan Credit Union Prime Platinum Visa offers a 6.25% APR (which sounds amazing to me). And it says: “For applicants with FICO scores of 760-plus”. So then im thinking to myself: “Great!! My FICO score is 807, they will love me and surely approve me”. So I applied and was so sure of myself. And I get a call the next day saying the credit request was denied.

Im thinking: “How can someone with a credit score ABOVE 800 be denied credit” according to myfico.com my score is better than 92% of the population.

What is the point of having an extremely high FICO score if it does nothing for you? Is it just a pretty number that I should frame and hang next to my college degree? Ive been upset about this all day long. I thought credit unions had a higher approval rate than regular banks.

Re: Denied credit at a CU with a 807 FICO score?

r34dy2fly — Fri, 08 Nov 2013 11:10:50 GMT

How old is your oldest card / what's your card history average?

I'm guessing those would be your issue over actual FICO score.

Re: Denied credit at a CU with a 807 FICO score?

lg8302ch — Fri, 08 Nov 2013 11:13:28 GMT

Sorry to hear. What is the reason they gave you? From what I have seen here Discover is behaving similar... Fico 720-750 get higher CL than 750+ ..wonder if this is simply business...more likely to carry balances and pay interest ?

Re: Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 11:24:20 GMT

Myfico.com report says the following:

"Your oldest account was opened 9 Years ago"

and then

"Average age of your accounts 6 years"

Does anyone have any tips on how i can get approved for that low 6.25% APR they are offering? (by the way that APR is NOT an intro APR, it is an ongoing rate).

Was it maybe the amount i asked for? I only requested $15,000 which i didn't think was a lot, considering the max they offer is $25,000

But Seriously i thought credit unions had a higher approval rate than regular banks. I was so sure i was going to get approved.

Re: Denied credit at a CU with a 807 FICO score?

Anonymous — Fri, 08 Nov 2013 11:28:13 GMT

Are you a member?

Re: Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 11:32:28 GMT

oh and a little more info about me from myfico.com report. it says: "Ratio of your revolving balances to your credit limits 1% "

Re: Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 11:38:45 GMT

a member of the credit union? No i am not.

but it states in Money Magazine: "THE CAVEATS, you have to be a member of the credit union. but you can join with a $5 dollar donation.".

heck i was going to donate more than just $5 dollars. but they just denied my request. Im wondering if a manager or some sort of back-door number will help me out in this situation.

Should i request a smaller credit line? Like maybe $8,000 or is that still too much?

Re: Denied credit at a CU with a 807 FICO score?

lg8302ch — Fri, 08 Nov 2013 11:41:36 GMT

maybe you need to join first and then apply ?

Re: Denied credit at a CU with a 807 FICO score?

KoolDev — Fri, 08 Nov 2013 11:55:38 GMT

Both my CU's mad eme join with the "donation" and opening a checking and savings. Then i applied.

Re: Denied credit at a CU with a 807 FICO score?

Repo-ed — Fri, 08 Nov 2013 12:13:04 GMT

Same here. Once I "joined" the CU, they were throwing money at me within 1 hour.

Re: Denied credit at a CU with a 807 FICO score?

navigatethis12 — Fri, 08 Nov 2013 13:43:12 GMT

A credit score is not the only thing that goes into decisioning an application. You can wait for the letter or maybe ring back to find out the reasons for the denial.

Re: Denied credit at a CU with a 807 FICO score?

B335is — Fri, 08 Nov 2013 15:30:35 GMT

I applied and joined Lake Michigan CU as well. I apped for the low APR card too. AAoA 3 years, oldest 16 yrs, TU Fico 803. Rep called me to go over my info and was denied for pyramiding debt. I had about $4k balance posted. She wasnt friendly either so I said its obvious good credit is meaningless to their CU. My total debt includes a car payment with a $15k balance down from $65k and the $4k revolving balance. What a joke, good credit means nothing to this crap cu

Re: Denied credit at a CU with a 807 FICO score?

B335is — Fri, 08 Nov 2013 15:31:48 GMT

Oh yeah, 2 TU pulls as well. Thanks Lake Michigan CU

Re: Denied credit at a CU with a 807 FICO score?

Rikku — Fri, 08 Nov 2013 15:40:12 GMT

What reason did they give for the denial?

If you have to be a member of the CU to get the CC, that's probably your problem right there - its sounds like you applied before joining. What are the requirements for joining the CU? Usually, CUs have some sort of baseline requirement for membership, such as living in a certain area.

Re: Denied credit at a CU with a 807 FICO score?

B335is — Fri, 08 Nov 2013 16:00:39 GMT

I am a member and live in lower Michigan which is the requirement. She simply said it looks like my debt is increasing but wouldnt go into detail (my debt has decreased by almost 20k in 1 year) when I pointed out her mistake. DTI 15%, util 4%

Re: Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 20:46:43 GMT

im going to try to open a regular checking account and then wait 6 months and try again to apply for the 6.25% APR credit card.

They did a hard pull via the transunion database on me. Will they do another hard pull if i apply for a checking account?

has anyone here ever spoken to a manager at this Lake Michigan Credit Union?? Did it help over-ride the decision?

Re: Denied credit at a CU with a 807 FICO score?

Down_2Bizness — Fri, 08 Nov 2013 20:50:52 GMT

Most likely you need to be a member of the CU before you apply, although it seems like the rep who called you would have mentioned that on the phone... maybe you can call them to confirm.

Re: Denied credit at a CU with a 807 FICO score?

Oppenheimer — Fri, 08 Nov 2013 21:17:59 GMT

Another detail that may or may not be important is that I live in texas and not Lake Michigan. As long as i make the donation and setup everything online, i didn't think it would matter where i live.

Re: Denied credit at a CU with a 807 FICO score?

B335is — Fri, 08 Nov 2013 21:51:15 GMT

You need to be a resident of lower Michigan. In their welcome packet membership is conditional on sending a copy of your MI drivers license.

Re: Denied credit at a CU with a 807 FICO score?

Kratos-TM — Fri, 08 Nov 2013 22:29:16 GMT

Is it possible they pulled a score lower than 760 for the OP? These scoring models are so different, it's crazy.