First Tech offered " Restricted Membership"

[Anonymous]

Have anyone heard about getting "restricted Membership". I m in TX and First Tech community Credit union is local to us and their credit union mainly is in Oregon, California and Washington.

So i work for tech company so based on it i am eligible for membership. However, upon further checking, they require CHEX Systems for membership and Experian for everything else ( PLOC/New Auto/Refinance/credit cards/).

Yes they allow 30 days to apply for anything using the same credit pull.

So i go online and set an appointment to meet with FirstTech. I was reminded of my appt and i went in thinking i was going to just get more information from them and decide. There is this very nice lady greeting me and talking about the bank and its community offers.  Then I bring up the following

1) I have Fraud on my chexSystems. its three years old.

2) Can I apply for just credit cards PLOC only without membership,.

3) I m interested in Auto Refinance and would like to apply.

So she tells me that membership is required to apply for credit cards and first tech has to go thru chexSys (a hard Pull) to see whats in there & see If there is anything they can do, but first we have to find out if we can OFFER you a personal loan or credit card so i need your drivers license and fill out an app for credit card/PLOC and see if approved then i can work with my Manager to see what can be done about membership.

So now my chexSys gets pulled and so is Experian and i m APPROVED for $10k SL on Platinum rewards MasterCard and $10k in PLOC. my EX score at app is 709. She hands me approval letter and it comes with CONDITIONS; MEMBERSHIP,

next day i get a call from firstTech stating a "Restricted Membership" meaning

We can only open a "Savings Account" with $5 to open account with, i cannot open Checking Acct until ChexSys is cleared. You can make payments towards PLOC/CC but no checkwriting, transactions has to be in Branch only no shared branch deposits allowed, you can only make deposits no withdrawals allowed except to pay for PLOC/CC.

We can issue your Credit Card and PLOC but we need proof of Income!!!!!!! (i actually thought they approved me without it).  so bring me your work Badge & PayStub.

i do not think i want to provide my proof of income . I m suspicious of POI becoz i know i mentioned diversified self employment income and its self employed gross income for 2016 tax return and my income is spread out over financial services (insurance/investments/taxes/realestate/Uber/Warehouse (W2 Income) and its just hassle.

What do you think folks. PULL OUT (forget FirstTech & Move On)  or GO IN & atleast talk and find out,. Credit with Exp only was soft Pull it looks like and ChexSys was hard Pull. The credit card offers 0% APR Balance Transfer with No Fees  for 12 months and approved for 10k per their approval letter. APR is in 12/14% range for CC/PLOC, I also have discover with $2000 SL but with 3% BT fee.

Except PenFed, r there CU without ChexSys check? is alliant, langley amongst it. i m non-military.

[CreditCuriosity]

First tech is a decent CU and would love to have a card with them but was denied for too many recent cards.  Honestly most CU do require POI over a typical bank.  It is ultimately your choice and no one elses to make the decision whether it is worth it for the PLOC/CC.. Best of luck whatever you decide

[heyryan]

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@Anonymous wrote:

 So now my chexSys gets pulled and so is Experian and i m APPROVED for $10k SL on Platinum rewards MasterCard and $10k in PLOC. my EX score at app is 709. She hands me approval letter and it comes with CONDITIONS; MEMBERSHIP,

next day i get a call from firstTech stating a "Restricted Membership" meaning

We can only open a "Savings Account" with $5 to open account with, i cannot open Checking Acct until ChexSys is cleared. You can make payments towards PLOC/CC but no checkwriting, transactions has to be in Branch only no shared branch deposits allowed, you can only make deposits no withdrawals allowed except to pay for PLOC/CC.

We can issue your Credit Card and PLOC but we need proof of Income!!!!!!! (i actually thought they approved me without it).  so bring me your work Badge & PayStub.

i do not think i want to provide my proof of income . I m suspicious of POI becoz i know i mentioned diversified self employment income and its self employed gross income for 2016 tax return and my income is spread out over financial services (insurance/investments/taxes/realestate/Uber/Warehouse (W2 Income) and its just hassle.

What do you think folks. PULL OUT (forget FirstTech & Move On)  or GO IN & atleast talk and find out,. Credit with Exp only was soft Pull it looks like and ChexSys was hard Pull. The credit card offers 0% APR Balance Transfer with No Fees  for 12 months and approved for 10k per their approval letter. APR is in 12/14% range for CC/PLOC, I also have discover with $2000 SL but with 3% BT fee.

Except PenFed, r there CU without ChexSys check? is alliant, langley amongst it. i m non-military.

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First of all, congrats on the approvals! I've heard they're a pretty generous CU, and generally easy to work with.

Now, on to the other stuff. First piece of advice - never apply for a credit product at a credit union unless you're comfortable providing POI. I've been a member at a lot of them, and I can't think of one other than NFCU that hasn't asked me for it. Will they accept your tax returns? That might be easier than trying to gather all the other docs together. If not, if you really want the LOC and CC, you'll need to get all your docs together to show them the income you reported on the app. At this point, all you've got to lose is some time gathering the docs and talking to them. Either they'll take them or they won't - but if they do, you'll have a couple of nice new tradelines

For the fraud on your ChexSystems - do you mean that someone fraudulently opened an account in your name that's reporting to them? Or do you mean that a FI reported you as being fraudulent? I guess the main point is - is the ChexSystems entry against you valid? If not, do you have a police report or any documentation to show them that it wasn't you? You might be able to get them to override the restriction. I don't know of any CUs off the top of my head that don't use Chex - it's pretty ubiquitous. Some have "second chance" checking that you might want to look into though. 

Good luck, let us know what you decide to do, and if you go for it - what the outcome is!