You have the scores but may need to garden for a while to be approved because of new accounts and such, good luck though!
8/22/24
3/09/25
@Tinkiegrrl wrote:
@Crowhelm wrote:
@Tinkiegrrl wrote:
@LawStudentCivilis wrote:@TinkiegrrlAny update? Hope to see you in approvals.
I still haven't gotten the letter but I called and a rep told me it was looking like it was going to be declined. I jumped the gun on this. Too new to building credit. No negatives on my file but still. I'm going to try calling again on Monday and see if I can use that same hard pull to turn it into SOMETHING at least. Maybe a small personal loan to get an installment loan on my file for credit mix. Or maybe a LOC for overdrafting my checking account with them, just in case I ever need too.
Oh, that is too bad. Yeah, I think making contact before applying helps a lot with credit unions if you have any doubts about approval. Just because they usually are just in one state or two. With 5 new accounts in the last 6 months ( 3 each individually plus 2 as AU on the other one's cards) showing on our credit report my wife and I were successful in getting the Affinity and AOD card. But both times I made contact and had nice chats with some very friendly and helpful people. I basically asked given the facts if it was a good idea to apply or better wait. Both times I was told scores sound great and new accounts matter but are not the deciding factor. At AOD the guy told me they manually underwrite so they have the last say. I am 100% convinced that my reaching out got us approved instead of just applying as an unknown, Of course, our scores were a bit higher than yours and I guess there is a cut-off somewhere but credit unions are there for their members and recon is much easier with them. I successfully reversed a declined auto loan (our first loan after BK13 and foreclosure due to the 2008 housing crash and my year and a half unemployment due to being tied to the housing industry) by telling them they are supposed to be different from banks, that they are supposed to give people (members) a chance to recover and heal. It worked. It was the start of our recovery and I got my dream car in the process (yeah, the reason I was highly motivated). Still have it too, mint condition almost 25 years old now :-). I love credit unions overall, they are way more approachable. If you do get declined, call them and try to recon, it could work. Or at least find out what needs to be better to be successful next time. Good luck
I'll definitely call them back. Really, I should have waited for pre approvals, but I was told that if I wanted a mortgage in a year, which I might, that I needed to get the cards I want now and then let them age for the year. It's the reason I dared try now, with only 10 months of credit history to my name. I was also told it's best to have 5 accounts when I go mortgage shopping and I'm 1 account short. So, either recon works in some fashion or I need to try my luck with the 4 accounts I have in a year. Or maybe the really solution is I hold off for a COUPLE more years on the mortgage. My fault really for being too paranoid about credit to try building before now. I'm 43 yrs old already. Never touched credit in my life until March 2021.
Well, I can tell you we had zero credit cards and two loans (one car loan and one paid-off secured loan to get us rolling again) on our credit profile after our disaster in 2008. Because we were really spooked and distrusting of banks after what was done to us we went with a credit union, BECU, with 660 to 675 scores we got our mortgage in late 2017. We then sold in mid-2020 and moved to Montana, bought a huge house and huge garage (important to me😊 ) and at that time we had one credit card, one auto loan, and the mortgage. Got a super rate with a small bank in Montana at 2.5%. So you see it does not require lots of accounts. Our scores were 770+ at that time. So don't sweat the 5 accounts thing.
