Hi Everyone,
I wanted to share my CLI request experience with the Golden1 Credit Union (CU), as I have noticed there are not many posts about them. To give some background, I have been a member of Golden1 for the last 4 years with a premium checking account and the Platinum Rewards credit card. When I originally applied for the card 2 years ago I had a 650 Fico 8 score and was approved for a SL of $3,000.
The application process for a CLI requires a hard pull of your Experian data. Considering I'm actively working on building my relationship with them, I decided to take the dive and allow them to pull my credit as I am currently at a 715 Fico 8 score. The application process can be done either online or in branch, though I chose to complete everything online. After submitting my application online, I was asked to go into a branch to verify my identity (I've previously had my indentity stolen, so I have a "hold" on my account that requires me to verify in person I am taking out any new loans or products) - so this step wont apply to most. After verifying my identity, the funding department began processing my request. The following day I received an update on my online application (shown below) that my application had been denied due to "Failing to meet the minimum credit score, and Excessive obligations in relation to income." I recently paid off all of my credit cards and two loans, so my revolving outstanding balances are $0, with an available credit of over $10,000 between all my accounts.
I am now on the line with the lending team to see if I can get some more detailed information on their decision, and hopefully convince them to reconsider the application. More details to follow.
 Starting Score: 640Current Score: 715 Goal Score: 750 Take the myFICO Fitness Challenge | Current Cards (03/2021): Golden One Platinum Rewards - $3,000 Discover IT - $1,000 Chevron/Texaco Advantage - $1,600 Apple Card - $1,500 American Express Everyday - $2,000 American Express Gold - NPSL |
That is unfortunate about the denial. Good luck on your reconsideration.
Good luck on recon. Hope that decision is overturned. Thanks for providing DP on CLI process!!
@Cpmcmxc wrote:Thanks everyone for all your positive notes, I appreciate it.
Firstly, Golden1's lending team can be reached directly at 1-800-849-2579. After spending the last 30 or so minutes working with underwriting, I was informed that the credit union now uses the Fico 2 version, which showed my score being signficantly lower (657) than my Fico 8 of 715. Additionally, I was told that my high balances on loans were also what was affecting my approval, which included a previous loan that I had for about a year to consolidate accounts (paid off as of January of this year) and my student loans which are currently deferred. They asked if I was able to prove that my last major loan was paid in full, as well as that my student loans were actually in deferrment, which I did via their secured email. After going back to the underwriter, I was ultimately declined my CLI request due to my score being under their minimum threshold of 670 (F2) to qualify.
I'll admit, I am a little disappointed and irritated, as I wouldn't have applied for the increase at all had I known that they were now using Fico2. Alas, that's part of the game - better luck next time (if there even is one).
Thank you for sharing the data points. From reading the older posts, I think they were using EX8? The older scoring model EX2 unfortunately can be quite sensitive.
Sorry for the CLI denial and thanks for the DP's🎉👍
