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Hello MYficoers. I've been rebuilding pretty well since October 2017. So after my recent success earlier this month with NFCU, I thought that it would be a good idea to try for an unsecured card with Baxter Credit Union since I've also had their non graduating secured card since October 2017. So on 5/20/2019 , I called the nice CSR and explained how well my rebuild had been going since the early stages when I received the secured launch card with a 478 credit score after my BK7 in October 2017. I explained that my FICO scores (8&9) have increased at least 200 points since the rebuild began and the secured card was going nowhere. BCU provides a free TU vantage score and the CSR told me that that is the score that they use for credit card lending decisions. What!?!?! The CSR was able to see that I had a TU Vantage Score of 674, not great but not terrible, so I decided to go ahead and apply for the Simply Visa and rquested a reasonable credit line. No immediate decision. So I waited and a few days ago I received the denial letter with the following reasons:
A.Escalating Debt Load
B. Limited re-established credit since bankruptcy
Of course, I'll get over the rejection, but the fact that they pulled "Vantage Score" not FICO and their denial reasons were very interesting to say the least.
Lots of lenders pull vs along with fico. Vs trends data for the past 2 years. Fico has started offering trended data, but it's not as good as vs. Thats why you're number 1 reason for denial is escalating debt. They looked at the trended data from vs.
Thanks. I think I'll just sit tight right now and wait 6 months to try for the NFCU CLI.
Hi Brian. Trended data over a two year period versus the more recent snapshot of the credit profile. Very Interesting indeed. Thanks for that information
@jmos wrote:Hi Brian. Trended data over a two year period versus the more recent snapshot of the credit profile. Very Interesting indeed. Thanks for that information
NFCU is using trended data now, as well. I was recently denied because my average debt over 12 months was too high. I made a thread about it.
I'm going to have to check out your thread regarding trended data. I think that I'll have to sit tight for awhile, as well. Thanks.
Just wanted to give you a heads up. I have been a member of BCU for several years. I have a CC with them, LOC, several personal loans, and several auto loans. They have always conducted a hard pull on Experian for any type of business that I have conducted with them. Be it from new CC's to CC increase requests. The only thing the CU uses the vantage score for is a rate reduction. If your vantatge score is between xxx-xxx they will give you are rate reduction. They tell you these scores when you obtain their products. I got rate reductions on auto loans because of this feature. Hope this helps.
Within the last 8 months BCU switched exclusively to Vantage 3 for their scores. Doesn’t matter what product you are applying for, they are no longer using FICO. Vantage is beginning to matter more and more.
Exactly, Newzie. That's why I wanted to point this out.