Credit Union Visa Offer... real?

[nupey10]

Hi All

So I got my first VISA offer from Sportsman club using the SCT last week.  Out of the blue I just received a VISA offer from one of my CUs,  Delta Community.  The offer says:

• Get a low 10.25% variable APR
• enjoy a $20K limit
• no annual fee and no BT fee
• 5k rewards
• 1.5% cash rebate on BT in 1st 90 days
• Use your unique Coupon Code:

The "funny" wording on the back of card says: " This offer is contingent upon your continuing to meet income and creditworthiness requirements.  Income verification may be required"

My question to you is this potentially a lock offer for me???  I recently ( October 2016) got an Auto Loan from them.  Could this be why the wording say " continuing to meet...?"

Right now my scores are all  across the board at 721 (fi 08).  My hardpull counts max is 2.  I'm so paranoid about getting a HP and I only have 2.

 My util is at 19%.  Probably can't get util any lower before the offer expires 3/31

 Baddies are 3 paid collections on EQ and 1 on EX and 0 on TU.

 Also 2-30day lates on closed CC that are 4yrs old on EX,TU,EQ.  And I still owe $2800 on closed card.... That's it.

I was trying to wait until I paid off the closed card then join PenFed to try and get a VISA but if this is the real deal then I will pull the trigger.

Anyone ever received an offer with this type of wording and it be the real deal?  I'm so ready to try it. I've never had a CC with a CL over 10K.

Thanks All

[austinguy907]

CU pre-app's are a lot firmer than most other banks around here.  They don't like to spend marketing $ on people that don't actually qualify.  As long as you have some pay stubs lying around and are willing to send them over it's pretty much a lock.

I don't know about the $20K but I would shoot for the moon on a limit since CU's are a HP CLI scenario.  In general thuogh CU cards are a great tool to keep around for a rainy day and they're upfront about the fine print and don't play games.  The 1.5% rebate on a BT though is unheard of!!!  IF you have some BT's that need to be done this would be an ideal fit besides the other perks!

[Anonymous]

Whenever you are considering any CC or loan you have to be willing to take and perhaps waste an HP.  The wording on every prequalified offer includes language about having and maintaining acceptable criteria because they used a SP from say a week ago and theoretically you could have filed a bankrupcy the day after the SP.  If you have not had a recent change in your credit then there is no reason to believe this prequalification would get denied.  

My opinion on HP's is that they are really not as big of a deal as many think.  You don't want to waste HPs and have a ton to live with for 2 years but you don't need to worry about a few a year.  My policy is to take the HP if its a card I think will have a decent limit and interest and to not take any HP for a CLI, as a result I generally only apply for cards that offer SP CLI's.  

I think with this one you are on pretty solid ground.

Let us know what you decide to do and what happens.

[CreditInspired]

Nupey10, IMO, this is a splendid offer and worth a HP!

+1 for austinguy907 and workingfor85.

Yes, please keep us in the loop.

[SouthJamaica]

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@nupey10 wrote:

Hi All

So I got my first VISA offer from Sportsman club using the SCT last week.  Out of the blue I just received a VISA offer from one of my CUs,  Delta Community.  The offer says:

• Get a low 10.25% variable APR
• enjoy a $20K limit
• no annual fee and no BT fee
• 5k rewards
• 1.5% cash rebate on BT in 1st 90 days
• Use your unique Coupon Code:

The "funny" wording on the back of card says: " This offer is contingent upon your continuing to meet income and creditworthiness requirements.  Income verification may be required"

My question to you is this potentially a lock offer for me???  I recently ( October 2016) got an Auto Loan from them.  Could this be why the wording say " continuing to meet...?"

Right now my scores are all  across the board at 721 (fi 08).  My hardpull counts max is 2.  I'm so paranoid about getting a HP and I only have 2.

 My util is at 19%.  Probably can't get util any lower before the offer expires 3/31

 Baddies are 3 paid collections on EQ and 1 on EX and 0 on TU.

 Also 2-30day lates on closed CC that are 4yrs old on EX,TU,EQ.  And I still owe $2800 on closed card.... That's it.

I was trying to wait until I paid off the closed card then join PenFed to try and get a VISA but if this is the real deal then I will pull the trigger.

Anyone ever received an offer with this type of wording and it be the real deal?  I'm so ready to try it. I've never had a CC with a CL over 10K.

Thanks All

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Does it say you're prequalified? If so it's probably genuine, although prequalifications are never guarantees.

There's nothing wrong about 'continuing to meet' language, because all prequalifications are based on that concept. If your situation has changed for the worse, in between the soft pull which led to the prequalification and your actual application, they may not grant your application.

[Anonymous]

Does it have the opt out verbiage on it? I'm hesitant to think this is just a mailer for anyone who has a creidt product with them. Usually the verbiage is on the back of the letters.

[nupey10]

Here is the verbage on the card.  

I am going to go for it but after the 13th when my 2 of my 3 cards will report to the CRAs.

My Citi will report 0  AMEX will have approx $40/$500 and my closed Visa $2800/10K..... Should I just zero out AMEX or will it not matter because of the closed account?

I'm waiting just in case there is a HP to have better numbers showing.

I just peeped my EX report and this CU SP me again late Feb.... side note AMEX SP me at the same time but has only offered me a business gold pre-app ... I don't have a bizness

Thanks all for your help

[austinguy907]

That's a true pre-screen where they SP'd your report to get a match.  I would say your chances are high enough to get an approval.  It may not be the full $20K but, it should be decent. Maybe take the $2800 on the closed one and BT it over since you'll get 1.5% back on it and there's no cost to do it.

[nupey10]

I'm hoping that its $20K.  On their website the verbage for this card says CL up to $50K.  I'm hoping that because they didn't say up to 20K that it would be a lock...... dreaming.....

[austinguy907]

Speaking from experience and holding 4 CU CC's currently it's possible.  It kind of depends on your current limits though and your income.  If you make 30K/yr chances are they would max out at 10K.  Hearing though that they go up to 50K cap though is pretty good for a CU since most top out anywhere from 15K-30K usually depending on their size.