Rebuilding - Just App'd for local CU Help!

[Anonymous]

So I'm in the process of rebuilding and need (it would help a lot) to have a 3rd revolver reporting.

So far I have:

Secured PL from CU $600
Discover Secured - $400 CL (already reporting on CR)
CapOne Secured $250 CL still waiting for it to come in mail.

I opened a secured PL about a month ago with this CU and I've been reading on here that CU's are the best place to app with not so good credit.

When I app'd a month ago they pulled my FICO8 from TU (lucky for me that's my highest) it came up at 630. I'm assuming they'll just base my app on that information. My SO had a similar situation (but she has much better credit) and they HP'd at opening her checking account but didn't bother for the CC.

Their minimum for this card is $500 a part of the application asked me how much CL do you want or are you requesting. I wanted to seem genuinely interested in rebuilding while realizing I have a LONG way to go so I requested the absolute minimum, $500.

Once I hit submit it took about 30 seconds and I got this message,

"Visa not approved
Dear XXXXXX,

Thanks for applying! We’re honored you chose us. We reviewed your request for a Visa© credit card and before we can proceed, we need to speak with you directly to go over some of the details.

Someone will reach out to you shortly but if your matter is urgent, please give us a call at XXXXXXXXXX, or stop by any of our branch locations. Your application number is XXXXXX"

Is this bad? Please help!

[creditguy]

Sounds like verification

[Anonymous]

Okay does that usually lead to an approval? I've never had a verification.

[Anonymous]

It says not approved so I thought probably a denial and they'll call to say why.

[creditguy]

I imagine it says not approved because it's not, at least not yet. If it were a straight up decline I doubt they'd waste the time of reaching out to you and the wording "before we can proceed we need to speak to you directly" indicates they need additional info. I can't say one way or the other if this will lead to an approval but you have a 50/50 shot at this point, good luck.

[Anonymous]

Okay I'll update tomorrow!

[Anonymous]

Good luck!

[austinguy907]

Since most CU's are on the samller side unlike BOA / Chase / Etc. they tend to give more of a personal touch.  They may have initially denied you based on the secured card you have already with them.  It's possible they're just trying to make sure you want to switch to the unsecured product.  It doesn't hurt to talk to them and see what the possibility of switching would be.  Also, keep in mind with most CU's you'll end up getting HP's when you reqeust a CLI down the road so, shoot a bit higher than you think they'll approve you for and wait for the counter from UW when they review it.  For instance I took a HP from JFCU for a CLI and asked them for the 40K max on the card they had on the details page for it and they countered back at 29K which was almost 3 x what it was before initiating the request.  

[Anonymous]

Just because it says Not Approve (yet) doesn't necessarily means it's already been denied. Since, if it was flat out denied they wont bother to ask you to call them.

With that said, I think they need to verify some information from you, on my case 8/10 that I get verification email I usually get the approval followed. 

I'm hoping for the best! Don't try to read between the lines, if you have access to find out the real answer, go ahead and call worst that can happen is they say no.

With your TU at 630, you should probably be okay applying for Walmart card, my brother got it at 581 and I got it at 619 with $500 CL. You can also try for Amazon Prime, these 2 (Walmart and Amazon) are pretty easy to get at 600 TU based from a lot of data shares on here. But ofcourse it's always YMMV... but just to trying to give you some other options if all else failed.

May I also suggest try to get in NFCU - you can read so much about it on here and they are VERY generous with their limits. They do pull TU and EQ. 

Good luck and keep us posted!

[Anonymous]

I'm doubtful mainly because on my TU repot they pulled it has.

5 Collections
1 Charge Off which was sent to collections and is one of the 5 above.

Other than that it shows 100%payment history
AAoA 5 years 5 months
I'm am AU on 4 Cards totaling 14k UT
And what I originally posted a secured PL and Discover Secured still waiting for the CapOne in the mail.