? Is this a good time (with Covid 19) to app?

NoMoreE46 · ‎03-15-2020

So this is a general pulse question- do you think banks are now (with the quarantine environment) tightening up their UW standards i.e.: not granting new TL, or even holding off granting CLI?

I have a BBVA Clear Points Card mailer (like the 8th one over the past 16 months) that I was planning on submitting in April but may hold off on all apps for about six months.

M_Smart007 · ‎03-15-2020

MHO is, if you want it and can use that specific card, App for it. Things could be tighter down the road.

It takes them a while to get it together.

Anonymous · ‎03-15-2020

The virus will not affect credit reports 😉

Anonymous · ‎03-15-2020

@Anonymous wrote:
The virus will not affect credit reports 😉

Actually, the virus will. If this is as bad as predicted, people will lose their jobs. So getting credit now may actually be prudent. I am an UW at a community bank, and I have seen things declining in recents months, people losing jobs, delinquent pmts are on the increase and this is BEFORE the virus. So the economy was already starting to flounder. The virus is going to make it worse. If you are gainfully employed ATM, now is the time to bust a move on any loans. Heck my job is not secure if sh*t hits the fan, so there's that. No customers applying, no UW.

Anonymous · ‎03-15-2020

Can lenders close accts for any reason?

Anonymous · ‎03-15-2020

@Anonymous wrote:
Can lenders close accts for any reason?

Yes.

blindambition · ‎03-15-2020

I think it's a good time if you're showing responsible use. App'd Saver One in January with approx limit I thought of 8k. App'd DCU Platinum the other day. Known to be conservative, gave $7.5k on limited income. Carrying 2k on $62k of TCL. It's going to be profile specific.

gingerflower · ‎03-15-2020

This past friday I applied for a 10,000 personal loan @ my local Cu and was Instant approval. Don't let the Coronavirus 19 stop you from applying for credit. Good Luck!

Nomad3 · ‎03-15-2020

Check all the posts in approved. Situation normal. People getting huge increases, and I just got a 25% auto CLI on a 3mo Disco

Anonymous · ‎03-15-2020

Question when you applied for DCU account were you a member or did you donate money to the charity? Also how long did it take for them to tell you if you have been approved for a checking/savings?

@blindambition wrote:
I think it's a good time if you're showing responsible use. App'd Saver One in January with approx limit I thought of 8k. App'd DCU Platinum the other day. Known to be conservative, gave $7.5k on limited income. Carrying 2k on $62k of TCL. It's going to be profile specific.