tl;dr: Choice Rewards MC approved in defiance of many First Tech FCU DPs. Wondering whether UW criteria is changing.
I joined First Tech earlier this year under a checking promo, and with the hope that *someday* it might help my approval for of their CC's. That always seemed like a long shot because I have over $300k in CLs - let's call it 3x my annual income - and historically they haven't liked anything over ~$60k (there are a few DPs of super-high income individuals getting approved with more, but I don't think I'm up there). Additionally, I've been on a bit of a spree the past 24 months and, having acquired something like 12 cards in that span, figured it wasn't worth taking a shot at First Tech for another ~2 years. Still, they've historically been generous with limits and are one of the few chip-and-pin lenders out there so I was tempted.
Last weekend a letter from First Tech arrived in the mail. A preapproval notice for the Choice Rewards M/C, in fact. It wasn't the Odyssey card I was dreaming about, but it offered a foot in the door, 20k points for spending $3k in 60 days, a 0% APR BT for 12 months, and a $50 credit just for opening the card. I spent a few days hemming and hawing over it because I have some BT balances floating around that increased my utilization (couple cards at ~60%, but less than 8% overall) in addition to the aforementioned high CLs and high velocity.
I caved Wednesday evening and pulled up the application. The mailer directed me to an offer page, which in turn had me log into my existing online account. There wasn't any special offer code to enter, but at the end of the app there was mention about the special terms associated with the preapproval. I opted not to provide POI via Plaid because my work DD is spread across a bunch of accounts. After filling out the application and hitting apply, the app spun for a good 15 seconds before telling me my application was under review. Shortly thereafter I received a fusillade of emails notifying me of an Experian HP. "Well gregorius, it's not an outright denial, but we know how this is going to end. Try again in 2 years."
I received an email confirming the app about 2 hours later, but otherwise silence. First Tech doesn't have an online app status link so I couldn't track the status, but my phone and email were quiet all of Thursday. I was expecting a phone call, possibly to provide POI, but mostly to tell me that unfortunately the app was declined because of existing CL and possibly high outstanding utilization. My file is otherwise clean with a score of 736, so maybe a comment about lack of installment loan or some other reason code.
Mid-day Friday, an email came through. "Approval Notice", $15k CL, 12.65% APR. To say my jaw hit the floor is an understatement. No POI was requested, no phone calls made in either direction. I'm absolutely psyched for the chip-and-pin option and the opportunity to transfer some balances over to a 0% card for 12 months with 0 BT fee. The card only earns 2x on some fairly standard categories and at 0.8cpp, it certainly won't replace my AOD or SDFCU Visas. I'll see in a few years if I can get the interest rate reduced or the CL increased.
I'm typing this out so verbosely first because I'm excited, but more to include more information on an unusual approval. By most existing DPs I'd be disqualified from a new CC at First Tech from my existing CLs alone, not to mention my 3/12 + 12/24 status. Even with relatively good credit, those were showstoppers. On top of that, I have some cards with higher utilization that have knocked my scores down 50pts from when the year started. That's earned me a bunch of mailers for debt consolidation loans, and I assumed would further DQ me here. Ultimately I'm not quite sure what led to the approval. Maybe higher income opened some doors? Maybe they've changed UW criteria across the board or for preapprovals? Historically preapprovals haven't helped with the existing CL problem, but this is the second DP (on top of @a1320's approval a few days ago which emboldened me - https://ficoforums.myfico.com/t5/Credit-Card-Approvals/First-Tech-Choice-Rewards-Approval/td-p/65488...) where it was in the mix. Two points is enough to draw a trend, right?
Grats on your First Tech approval 
Congratulations on your approval 💳✨
🍻 Congrats on the First Tech CC approval!
Since February of this year I've had a few friends discuss with me the same feeling you are sharing about possible changes in First Tech's lending practices. Your DPs seemed to in that pool of proof that First Tech underwriting may have already or are currently changing their practices. I hope to see atleast a few more positive DPs in the near future as I will take that to be a strong indicator that people with higher amounts of CLs may be more likely to gain approval for credit products (CC and other lines) from this CU. 😃
Since February of this year I've had a few friends discuss with me the same feeling you are sharing about possible changes in First Tech's lending practices. Your DPs seemed to in that pool of proof that First Tech underwriting may have already or are currently changing their practices. I hope to see atleast a few more positive DPs in the near future as I will take that to be a strong indicator that people with higher amounts of CLs may be more likely to gain approval for credit products (CC and other lines) from this CU. 😃
