Alliant Visa Denied...

chuckwood · ‎08-29-2022

I applied for the Alliant Visa Signiture and recieved the 2-3 day message Friday. I recieved an email today with a denial. After getting the pdf rejection letter it list amount of existing credit ( understandable) and credit obligations ( Don't understand ). I guess they don't like alot of credit available credit? I have over 200k in limits with 1% utilization (Small balances on 2 cards. I don't quite understand credit obligations... I have no open mortage ( paid for ) and a $650 car payment. I don't really see alot on denials on here so thought I would share. They pulled TU didn't say version number. I am currently 758 fico 8 1/6 3/12. 4 new accounts this year one being a vehicle loan.

M_Smart007 · ‎08-29-2022

@chuckwood,

Sorry for your denial

They use TU Vantage Score ver. 4.0

They have to give a reason for denial, most of the time, it is just a random straw pull.

Meaning that they don't always give their reason for denial.

I don't think to much credit was the issue, as I was approved with an excess of one million in available revolving credit.

Again sorry they denied you.

SouthJamaica · ‎08-30-2022

@chuckwood wrote:
I applied for the Alliant Visa Signiture and recieved the 2-3 day message Friday. I recieved an email today with a denial. After getting the pdf rejection letter it list amount of existing credit ( understandable) and credit obligations ( Don't understand ). I guess they don't like alot of credit available credit? I have over 200k in limits with 1% utilization (Small balances on 2 cards. I don't quite understand credit obligations... I have no open mortage ( paid for ) and a $650 car payment. I don't really see alot on denials on here so thought I would share. They pulled TU didn't say version number. I am currently 758 fico 8 1/6 3/12. 4 new accounts this year one being a vehicle loan.

I don't know if that's the case here, but there are credit unions which will deny your application for having too much available credit. Which I find to be a crazy reason.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 23700

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

Geo-fenced credit union Platinum Visa 10500

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 568220 (504020 reporting) FICO 8: EQ 689 TU 691 EX 682

bigseegar · ‎08-30-2022

Yep CU's especially will look at your avaliable open CL sometimes as "what if you max those out, can you pay them off without issue". If they don't think so or think you could get in over your head then a denial.

lgtwriter · ‎09-01-2022

I have the Alliant Visa card. I got it about 18 months ago. They approved me for 10k when everyone else was approving me for 15k - 25k. They are not one of the credit unions that are super liberal with credit lines from what I have read.

I recently asked for a credit line increase. It was a hard pull, but I got a 5k increase.

There were some threads around the time I applied for them, where people were getting denied even for opening up a checking and savings account lol. I opened up my accounts with them first, and then applied for the visa.

chuckwood · ‎09-01-2022

@lgtwriter wrote:
I have the Alliant Visa card. I got it about 18 months ago. They approved me for 10k when everyone else was approving me for 15k - 25k. They are not one of the credit unions that are super liberal with credit lines from what I have read.

I recently asked for a credit line increase. It was a hard pull, but I got a 5k increase.

There were some threads around the time I applied for them, where people were getting denied even for opening up a checking and savings account lol. I opened up my accounts with them first, and then applied for the visa.

Thanks for the heads up. I guess I should have opened a savings account first even know I really didn't want to. I was looking at alittle better rewards for a catch all card. I don't understand why credit unions do HP for cli even know they are known to give better increases. I was just getting itchy finger, lol. I will just steer clear of them and take it as a lesson learned.

AndySoCal · ‎09-02-2022

@chuckwood Here is a question regarding the credit obligations part of letter of denial. If you were to max out( 90 -100%) all of your existing credit card how well you be able to repay that debt with the stated income you reporting? I am not asking you to post an answer to the question. I merely ask the question for something to think about. The same question could be asked to those that have had all their credit cards closed by Synchronny Bank as well. The concern expressed in the question might the reason credit obligations is referrenced in the denial letter.

FICO Scores XPN v8 805 V2 831 (SDFCU) TUC V 8 800 07/25 EFX Bankcard v8 822 EFX FIC0 v8 808 Vantage score 4.0 817 via JC Penney
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Ramsport · ‎09-02-2022

I was once got denied because it rained the night before and a dandelion grew in my yard.

chuckwood · ‎09-02-2022

@AndySoCal wrote:
@chuckwood Here is a question regarding the credit obligations part of letter of denial. If you were to max out( 90 -100%) all of your existing credit card how well you be able to repay that debt with the stated income you reporting? I am not asking you to post an answer to the question. I merely ask the question for something to think about. The same question could be asked to those that have had all their credit cards closed by Synchronny Bank as well. The concern expressed in the question might the reason credit obligations is referrenced in the denial letter.

Never thought about that aspect of it if I maxed them all out. With alot of credit even minium payments could eat someone alive even with good income. I know banks are starting to tighten up. I would think my income would be supportive no problem. My debt to income is very low. I don't do apps very often and that was my first denial in many years. Thats why I was shocked I have a small car payment, less than $800 in debt and got denied. I will just know to do more digging next time before applying. I am just a reward chaser anyways. Gives me a extra hobby, lol. The wife lafts at me for it.

Janneman · ‎09-06-2022

@M_Smart007 wrote:
@chuckwood,

Sorry for your denial
They use TU Vantage Score ver. 4.0
They have to give a reason for denial, most of the time, it is just a random straw pull.
Meaning that they don't always give their reason for denial.
I don't think to much credit was the issue, as I was approved with an excess of one million in available revolving credit.
Again sorry they denied you.

I totally agree with you that too much available credit couldn't be an issue. They also approved me when I had almost $400k in total available credit.