Experience with BCU Credit Products OUTSTANDING!

[titancylinder]

Hello MyFicoers,

I thought I would share my success and experience with BCU.

Approved 10k LOC @ 11.74% w/ autopay (I wanted to note the repayment on the LOC is around 3.25% of the balance)

Approved 5K Cash Back Credit Card @ 16.75%. (They gave me 18 months no interest, but I couldn't find this offer anywhere on their website, not sure if its an internal offer or not)

I applied for an unsecured LOC with BCU online that went to pending. Initially, I applied for 20k, but they only approved for 10k. Loan officer said they will increase it, but they want to see usage first. I'm fine with that, told them I don't mind relationship-building. 

I then inquired about their Cash Back card, because I'd been getting emails regarding their promotional 5% back on Gas and a few other categories. I told the loan officer I didn't want an additional inquiry, he said there wouldn't be, as it would be based on the same report for up to 30 days. The loan officer said he would submit the app himself, so he did. I swear, the App was approved in like 20 minutes. 

I only requested 5k on the Credit Card. I'm sure I left money on the table, but I'm not concerned. I can always go back for more later. Honestly, I just wanted the product to continue relationship-building as I want to build my dream house when rates drop a bit and potentially have that relationship with BCU.  

I figured there was going to be back and forth on the LOC, but there wasn't. They sent a Docusign within 10 minutes of getting off the phone and I had the line of credit available in my dashboard within less than hour!!!!

I don't have a LOC product on the personal side (except for my NFCU CLOC) so I wanted one and thought why not BCU!

BCU did request income verification. Specifically for me, they wanted my 1040. I normally don't send my 1040 in as its 45 pages and is considered very private to me, however, I knew there would probably be no way to get the LOC otherwise, so I submitted it to the loan officer on a Sunday and he responded back 8AM that Monday. 

All in all, be truthful as you can on the APP they will likely request income verification.

They pulled some score from TU that scales to 900. The score they pulled on me was 786. 

Attached photos as proof. LOC Approved

CC Approved

[Creditwiser]

Congrats on your BCU sweep    And thanks for the Data Points !

[MySunrise271]

Congratulations on your approvals 🎉🎉🎉 @titancylinder  you applied for the LOC first and then they used the same CR pull for the Cash Rewards CC ?

[SouthJamaica]

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@titancylinder wrote:

Hello MyFicoers,

I thought I would share my success and experience with BCU.

Approved 10k LOC @ 11.74% w/ autopay (I wanted to note the repayment on the LOC is around 3.25% of the balance)

Approved 5K Cash Back Credit Card @ 16.75%. (They gave me 18 months no interest, but I couldn't find this offer anywhere on their website, not sure if its an internal offer or not)

I applied for an unsecured LOC with BCU online that went to pending. Initially, I applied for 20k, but they only approved for 10k. Loan officer said they will increase it, but they want to see usage first. I'm fine with that, told them I don't mind relationship-building. 

I then inquired about their Cash Back card, because I'd been getting emails regarding their promotional 5% back on Gas and a few other categories. I told the loan officer I didn't want an additional inquiry, he said there wouldn't be, as it would be based on the same report for up to 30 days. The loan officer said he would submit the app himself, so he did. I swear, the App was approved in like 20 minutes. 

I only requested 5k on the Credit Card. I'm sure I left money on the table, but I'm not concerned. I can always go back for more later. Honestly, I just wanted the product to continue relationship-building as I want to build my dream house when rates drop a bit and potentially have that relationship with BCU.  

I figured there was going to be back and forth on the LOC, but there wasn't. They sent a Docusign within 10 minutes of getting off the phone and I had the line of credit available in my dashboard within less than hour!!!!

I don't have a LOC product on the personal side (except for my NFCU CLOC) so I wanted one and thought why not BCU!

BCU did request income verification. Specifically for me, they wanted my 1040. I normally don't send my 1040 in as its 45 pages and is considered very private to me, however, I knew there would probably be no way to get the LOC otherwise, so I submitted it to the loan officer on a Sunday and he responded back 8AM that Monday. 

All in all, be truthful as you can on the APP they will likely request income verification.

They pulled some score from TU that scales to 900. The score they pulled on me was 786. 

Attached photos as proof. LOC Approved

CC Approved

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Congratulations on your approvals

[coreyb80]

Congrats on the approvals!

[titancylinder]

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@MySunrise271 wrote:

Congratulations on your approvals 🎉🎉🎉 @titancylinder  you applied for the LOC first and then they used the same CR pull for the Cash Rewards CC ?

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This is correct. I applied online for the LOC, when I called the loan officer (mine gave me his cell) after everything was good, I asked him about the CC. 

[CorpCrMgr1]

Congratulations on your credit approvals.

[Traveler101]

First off congratulations on your approvals. I too was impressed with how easy it was to apply and get approvals from them. I also double dipped off the single hard pull. A car loan for 27k and a 30,000 cl travel rewards from the same pull roughly 25 days later. 

Some things I would like to tell you that I have seen that you should watch for.

I opted for credit life and disability on both. The car loan was opened Jan 25. I am big on paying early, often, and multiple times a month. I've noticed the credit life and disability fluctuates depending on your outstanding balance. The more you owe, the higher the charge. That and my payment is due on the 25th. At the start of the new cycle for the next month, the 1st, the charge for this coverage is added, and they earn interest on that amount until you make your next payment.

I signed up for auto payments. Again, I pay early and often. I paid the equivalent of 2 months payments in 2 separate payments. Both were applied to the loan amount, but not as a regular scheduled payment. It did NOT move out my next payment due date. Had I not of seen that, they could have potentially taken an autopay for the next due date. So beware of that.

Any additional payments you make during that monthly cycle will be applied to that month as an extra principal payment less the accrued intrest. If you want to pay the next month early, it must be in the new billing cycle.

While you had to provide docs, I was asked for none. Perhaps the loc could be different?

Enjoy you new lines. Again, very simple and polite to deal with. Just know what you should expect and watch for. You do not want to think you have a payment covered and find out it went to last month's cycle and be in shock.

[northway]

BCU's underwriting doesn't have hard caps like most other CUs. I have a $60K Travel Rewards card and a $50K LOC with them, but it will require a high level senior underwriter to approve high limits.

Most BCU underwriters tap out at $30K CC/LOC limits with around $80K being the limit for auto loans before it gets passed up to senior underwriting.

[Traveler101]

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@northway wrote:

BCU's underwriting doesn't have hard caps like most other CUs. I have a $60K Travel Rewards card and a $50K LOC with them, but it will require a high level senior underwriter to approve high limits.

Most BCU underwriters tap out at $30K CC/LOC limits with around $80K being the limit for auto loans before it gets passed up to senior underwriting.

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That's a great data point for future cli. I do know, my original loan officer said she had the ability to only go to 18k, after that, it's pushed up the ladder in underwriting. She said generally 1/2 hr to hr depending on busy they are. They can be extremely generous it seems.