My oldest son was recently approved for SSI benefits, so I paid a visit to our local credit union (Michigan Schools & Gov't CU) to set up an account for him. While there, I asked about their requirements for credit card approvals. The branch manager pulled up my account and said that I was eligible for instant approval (that is, without having to consult with an underwriter). I was approved for their 1% rewards Visa with an SL of $10K and their lowest APR (currently 9.25%). They pulled Experian and reported a score of 740, which must be something other than FICO 8 (Experian refreshed my report today and they report a FICO 8 of 778). Perhaps they pulled one of the mortgage scores instead?
According to the branch manager, they routinely offer 5% bonus rewards in categories that change each month (which makes it similar to the Langley cash back card). But I can't log into the rewards site until tomorrow to register for whatever they're currently offering.
It's a pretty lackluster card overall, but I'm only planning to use it for my son's recurring expenses, which will make it easier to generate a spending report if SSA ever decides to look into how I'm spending his benefits.
Anyways, here are the DPs: annual income $134K, DTI is roughly 20%, 23 INQs in the last 24 months (I knew it was a lot, but, like, whoa), util is just below 2%, and total CLs across all accounts now stands at $176,250.
