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Coastal Federal Credit Union - OMG (thanks, Mom!)

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Established Contributor

Coastal Federal Credit Union - OMG (thanks, Mom!)

I began a credit rebuild in March and April. As of March, I had an unpaid charge-off for $92 and nothing else on my credit reports newer than 2012. And the old stuff only appeared on Equifax. I paid the charge-off and then got it removed via GWL saturation method. I opened a bunch of new accounts, the first on April 2. I say this for context: my credit situation is (in my mind) not good. I have no derogatories at all, but I have a ton of inquiries and new accounts, most of which are secured cards or other easy-to-get stuff like that. See my signature for the list.

 

BUT, my mom did me a huge favor back in April 1987: she took me to Coastal Federal Credit Union and opened a joint account with me. When I was an adult, we took her off the account. I didn't use it for most of that time, but I maintained it in case it ever came in handy. And boy has it! Thanks, Mom!

 

On Saturday, I got a $30k car loan at 3.74% from Coastal! UPDATE: The car loan showed up on my account listings on the Coastal web site, and it is 3.54%, not 3.74%! And although I wasn't really planning to get another credit card (have plenty), since they already pulled my credit, I asked them about a card.

 

Today, my new best friend at Coastal told me I have been approved for the Signature Visa, $5k limit, 13.5% APR!!

 

I know that's basically the minimum CL for a signature Visa and the points rewards are nothing special, but I am not even preapproved for a Quicksilver One or basically any "normal" card when I look elsewhere. It took me three tries to get a Discover secured card last month!

 

Sorry for the double exclamation marks, I am a 48-year-old man, it's not like me, but I can't believe it! Is this the real life, or is this just fantasy?!


FICO 8 scores are deceptively high. My profile is very young with a lot of recently opened accounts and large number of inquiries. My AU card isn't on TransUnion, so I won't have a FICO score there until October. No derogs. Over 5/24 until summer 2021.

Authorized user / Corporate

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 045/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Unsecured personal loan from Coastal, $1,000, 05/19-08/19.

Goal cards: Ducks Unlimited, Chase Sapphire Reserve (or Preferred, haven't decided). Increased CLs across the board.
Long-term goal: Legitimate 770s on EX/EQ/TU, able to qualify for most normal credit products. Prime-rate mortgage.
Message 1 of 20
19 REPLIES 19
Community Leader
Mega Contributor

Re: Coastal Federal Credit Union - OMG

Congrats on your approval! 

EX 754 EQ 774 TU 752


Message 2 of 20
Established Contributor

Re: Coastal Federal Credit Union - OMG

Congrats on your card approval and car loan!!
Message 3 of 20
Valued Contributor

Re: Coastal Federal Credit Union - OMG

Excellent results - congrats! I hear you on mom and the FCU account. I’m 44 and have had an account with my CU since mom took me there in 9th grade. They’ve been my primary institution my whole life. One mortgage, 5 car loans, and a card in the past. I know everyone on a first name basis. That long term relationship has paid off many times. I have set my kids up with accounts there as well, and if they want to withdraw or deposit, I have them go inside to the tellers - never too early to cultivate those same relationships.

Congrats on your success!


Rose Gold | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020




Message 4 of 20
Valued Contributor

Re: Coastal Federal Credit Union - OMG

Congratulations on all of your new accounts! Great job on maintaining the relationship with Coastal.

Boy, did I ever step out of the garden!
Message 5 of 20
Senior Contributor

Re: Coastal Federal Credit Union - OMG (thanks, Mom!)

"Sorry for the double exclamation marks, I am a 48-year-old man, it's not like me, but I can't believe it! Is this the real life, or is this just fantasy?!"

 

Congrats on you're Approval!!!

Message 6 of 20
Valued Contributor

Re: Coastal Federal Credit Union - OMG (thanks, Mom!)

YOU...

awesome congratulations GIF by Slanted Studios

From 1 Rebuilder to another Rebuilder, CONGRATS  on your Coastal FCU aoto loan Approval and your Visa Signature card Approval/SL!!!

AMEX BCE $4K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $12.2K | Citi AAdvantage WEMC $12.5K | Discover $15.5K | OpenSky $300 BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) | BBVA Compass Rewards VS $10.5K |
Apple Card MC $6K
TCL - 100K+ | Rebuilding since April 2018
Message 7 of 20
Community Leader
Super Contributor

Re: Coastal Federal Credit Union - OMG (thanks, Mom!)

Way to go! Great story and glad your Mom set you up big time for the futureSmiley Happy. I moved in with my Dad back in good ol '87, so heres to a vintage yearSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 8 of 20
New Contributor

Re: Coastal Federal Credit Union - OMG (thanks, Mom!)

Congratulations on the approval!!!

Message 9 of 20
Regular Contributor

Re: Coastal Federal Credit Union - OMG (thanks, Mom!)

Congrats!
Message 10 of 20
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