@slipper wrote:To start, I have a 780 FICO, I work in finance with an income of $250,000/yr, a $2600 mortgage, an auto loan with a $1000 payment and another for $600, and about 10% credit card utilization at time of application earlier this month which is now at 2 or 3%. My debt to income ratio at time of application was 35%.
I originally joined two and a half years ago because of reports of high starting limit credit cards but I did not realize you need to be a member for at least a year to qualify for a loan. I’ve since been a member for 2 1/2 years and always maintained a savings account balance between $25,000-100,000 during this time.
I thought I’d be a prime candidate for a credit card but UN FCU did not feel the same.
From what I've read around here, 35% DTI seems to be a cut off point for most lenders, with some being more sensitive than this. (AODFCU for instance...) While I have zero experience with UNFCU, I would imagine your DTI being the reason behind your app decline.
@slipper wrote:To start, I have a 780 FICO, I work in finance with an income of $250,000/yr, a $2600 mortgage, an auto loan with a $1000 payment and another for $600, and about 10% credit card utilization at time of application earlier this month which is now at 2 or 3%. My debt to income ratio at time of application was 35%.
I originally joined two and a half years ago because of reports of high starting limit credit cards but I did not realize you need to be a member for at least a year to qualify for a loan. I’ve since been a member for 2 1/2 years and always maintained a savings account balance between $25,000-100,000 during this time.
I thought I’d be a prime candidate for a credit card but UN FCU did not feel the same.
UNFCU is not the most generous of lenders, has weird rules, and even weirder underwriting.
I had applied when I had an account with them a while back. It was declined for being under a year of membership, which was fine. Until three months later when they called and said my "information provided did not match your documentation" and suspended my membership. I was furious and was even going to complete the 4506-C they asked just to shove it in their faces, but I told them to get lost if they're trying to accuse me of fraud and closed the membership. They're not worth the hassle in the long run.
@slipper wrote:To start, I have a 780 FICO, I work in finance with an income of $250,000/yr, a $2600 mortgage, an auto loan with a $1000 payment and another for $600, and about 10% credit card utilization at time of application earlier this month which is now at 2 or 3%. My debt to income ratio at time of application was 35%.
I originally joined two and a half years ago because of reports of high starting limit credit cards but I did not realize you need to be a member for at least a year to qualify for a loan. I’ve since been a member for 2 1/2 years and always maintained a savings account balance between $25,000-100,000 during this time.
I thought I’d be a prime candidate for a credit card but UN FCU did not feel the same.
Welcome to the forum.
I would close my accounts with a credit union like that. There are lots of better fish in the sea.
FWIW, have you tried MoveCU? They're a soft pull back door into multiple CU's where you see your rates and credit limits before taking the HP dive. This is how I got my Dept of Interior CU Visa with a $25K SL. While your DTI is high, it's a soft pull and a good barometer to how CU's are reacting to your profile at any given time. Also when you get an offer, it's solid.
@BuckyB wrote:I've had an account with UNFCU for nearly a year now and I never really used them because dealing with them is an exercise in frustration. I have not applied for any credit with them but their app is terrible, their account rules are wonky and even getting them to approve my initial application was an absolute nightmare because they wanted full copy of my utility bill even though the last page was empty so I didn't originally send them the last page but they demanded to see it even though it says "This page is intentionally left blank." 😂
About a month ago I drained my accounts to zero and I'm waiting for them to simply close them for non-use. I would definitely avoid UNFCU if you have a chance. I hear getting credit with them is horrible and if you look at their app ratings they're really bad. Moving money around is no fun and it's just a crap credit union as far as I'm concerned. I'm also with PenFed and Affinity and Navy Federal and they're far, far better.
Welcome to the forum.
And thank you for the information.