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My Golden1 Credit Union CLI Experience

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Cpmcmxc
Established Member

My Golden1 Credit Union CLI Experience

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.

Screen Shot 2021-03-23 at 1.18.54 PM.png


 

Starting Score: 640
Current Score: 715
Goal Score: 750

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19 REPLIES 19
AllZero
Mega Contributor

Re: My Golden1 Credit Union CLI Experience

That is unfortunate about the denial. Good luck on your reconsideration.
Message 2 of 20
blindambition
Senior Contributor

Re: My Golden1 Credit Union CLI Experience

Good luck on recon. Hope that decision is overturned. Thanks for providing DP on CLI process!!

Smiley Happy

Message 3 of 20
cashorcharge
Community Leader
Super Contributor

Re: My Golden1 Credit Union CLI Experience

Sending you good vibes on the recon!  Seems counterintertuitive to your latest position with credit.  Good luck!!

Message 4 of 20
Cpmcmxc
Established Member

Re: My Golden1 Credit Union CLI Experience

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).

Message 5 of 20
blindambition
Senior Contributor

Re: My Golden1 Credit Union CLI Experience

Sorry about the denial, but they provided useful criteria for future CLI consideration.

Message 6 of 20
Mr_Mojo_Risin
Senior Contributor

Re: My Golden1 Credit Union CLI Experience

I'm sorry to hear it. Yeah those mortgage scores can be drastically different than ones FICO 8 or 9. 

I think they're kind of old and outdated. 

I wish you luck next time.

 

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Message 7 of 20
CreditMagic7
Mega Contributor

Re: My Golden1 Credit Union CLI Experience

So sorry after those efforts they still gave you a disappointment on that particular type/version of FICO alone. Anymore some places to me seem to be just a racket no matter if their customer is progressing for them with usage, proving other cards with higher SL, income, so on and so forth.

 

I would just move on and research alternative or current lenders and almost guarantee that setback was their policy of choosing lower rated versions of FICO and leave it at that.

 

One door closes but another is waiting to open for you. Thank You for sharing that experience with the forum.

Message 8 of 20
AllZero
Mega Contributor

Re: My Golden1 Credit Union CLI Experience


@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.

Message 9 of 20
BAD_UP
Established Contributor

Re: My Golden1 Credit Union CLI Experience

Sorry for the CLI denial and thanks for the DP's🎉👍




Starting Score: 541
Nov 15 2020 score: EQ FICO8 635, TU8 636, EX8 644
Dec 15 2020 score: EQ FICO8 633, TU8 658, EX8 661
Jan 15 2021 Score EQ FICO8 698, TU8 689, EX8 706
Feb15 2021 Score EQ FICO8 704, TU8 702 , EX8 712 Goal Score: All Scores 760+,

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Message 10 of 20
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