Declined by CU

[stagefoursurvivor]

By my own local CU for a MC with 9.25% AND I only asked for a measly $12.5K! They countered with a secured card...phooey on that.

The loan officer said you've got 17!!!! new cards since November!

I was tempted to correct her...it's 21

OTOH, they did approve me for an auto loan at 2.24% 60mos or 2.49 72 mos

I'm gonna dial it way back for awhile, over $110K in CLs since November, a 100-fold increase

[chalupaman]

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@stagefoursurvivor wrote:

By my own local CU for a MC with 9.25% AND I only asked for a measly $12.5K! They countered with a secured card...phooey on that.

The loan officer said you've got 17!!!! new cards since November!

I was tempted to correct her...it's 21

OTOH, they did approve me for an auto loan at 2.24% 60mos or 2.49 72 mos

I'm gonna dial it way back for awhile, over $110K in CLs since November, a 100-fold increase

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Good idea. I'm trying to do the same. I even got rid of a bunch of stuff I didn't want anymore in the hopes that I'd get what I really need the most on the cards I actually do use a lot like my Discover. I think long term I'll have things way better than I had before and maybe even a CU card one day from the likes of Penfed.

[FinStar]

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@stagefoursurvivor wrote:

By my own local CU for a MC with 9.25% AND I only asked for a measly $12.5K! They countered with a secured card...phooey on that.

The loan officer said you've got 17!!!! new cards since November!

I was tempted to correct her...it's 21

OTOH, they did approve me for an auto loan at 2.24% 60mos or 2.49 72 mos

I'm gonna dial it way back for awhile, over $110K in CLs since November, a 100-fold increase

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Ok, I'll bite.  So, you don't see how a CU could "somehow" perceive you as a high risk in approving you for another unsecured tradeline despite opening X number of new accounts (21 in your case) in less than 5 months?

Well, I suppose you might think $12.5K is "measly" but not for the average person. 

[stagefoursurvivor]

CUs are kinda weird, IMO. PenFed & Alliant have been very generous to me, DCU & NASA not at all. They definitely weigh profile parameters differently

[FinStar]

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@stagefoursurvivor wrote:

CUs are kinda weird, IMO. PenFed & Alliant have been very generous to me, DCU & NASA not at all. They definitely weigh profile parameters differently

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Why wouldn't they?  Riskand profitability models are not the same for every bank, let alone CUs.  And, while some may approve you without questions, others wouldn't necessarily follow suit.

[stagefoursurvivor]

FS,

My post illustrates the difficulty in communicating "tongue in cheek" on message boards!

She actually caught me off guard while discussing the auto loan or I'd have countered that I'm building a better base and closing accounts when better offers arise., being financially judicious.

Prid pro quo, better lenders make more discerning borrowers & vice versa

[Anonymous]

That happened to me and the DW too. Lots of these credit unions do not issue their own credit cards anymore unless they are super big ones like Navy, or Digital.

I bet your decline letter came from Élan Financial who handles credit cards for many credit unions and boy they are strict. They enclosed secured credit card apps in our decline letters too. They ran TU.

So your car loan was approved by the loan committee in house. Your cc app was manually reviewed in Fargo ND.

[joedtx]

Elan Financial = US Bank