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MSGCU Rewards Visa Approval

AverageJoesCredit
Mega Contributor

Re: MSGCU Rewards Visa Approval


@5KRunner wrote:

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.


NiceSmiley Happy ill take a 10k 1% sub 10% apr card anyday. I thought this was Madison Square Garden Credit UnionSmiley Wink

Message 11 of 25
5KRunner
Frequent Contributor

Re: MSGCU Rewards Visa Approval


@AverageJoesCredit wrote:


NiceSmiley Happy ill take a 10k 1% sub 10% apr card anyday. I thought this was Madison Square Garden Credit UnionSmiley Wink


Nah. I'm far, far away from that MSG! 😉

Message 12 of 25
mrcraft
Valued Contributor

Re: MSGCU Rewards Visa Approval

Congratulations on your approval!!






Message 13 of 25
CreditAggie
Senior Contributor

Re: MSGCU Rewards Visa Approval

Congratulations on your MSGCU approval!

Current Cards (in order of approval):


Current FICO 8 | 9:

Credit Age:

Inquiries (24 month):

Banks & CUs:

Goal Cards:



Currently: 2/6, 2/12, 5/24
Message 14 of 25
19eighty5
Senior Contributor

Re: MSGCU Rewards Visa Approval

Congratulations on your approval!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

Message 15 of 25
ZackAttack
Frequent Contributor

Re: MSGCU Rewards Visa Approval


@5KRunner wrote:

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.


How interesting to find another person that lives in Michigan and is near an MSGCU branch.

 

MSGCU uses Ex FICO 3 which is more sensitive about everything including ULT and HPs. As for the rewards, I am close to getting that card, but I think the monthly 5% rewards maybe a mistake. If they do such a thing, it would have been listed on the Rewards Card page. To the website, the only thing extra is the extra 5,000 points meeting the requirements.

MSGCU Rewards | $5k | 10/2/2020 | 9.25% APRDiscover Cash It | $4,550 | 1/4/2019 | 12.99% APRAmex 1.5% CB | $3.9k | 7/3/2019 | 20.99% APRBest Buy Store Card | $3kChase Freedom Flex | $1.2k | 4/10/2020 | 14.99% APRDiscover Cash It | $1,500 | 10/2/2020 | 11.99% APRCiti DC | $3.5k | 10/14/2020 | 16.99% APRDCU Platinum | $8k | 10/21/2020 | 8.5% APRNFCU cashrewards | $5.7k | 1/2/2021 | 16.99% APRNFCU Plat | $18.2k | 4/17/2021 | 10.99%

Loans
Ford Credit Car Loan 3-year 7/31/2018 ($199.26/month)
$8,000 DCU Personal Loan 5-year 5.99% 10/2/2020 ($155.38/month)

Closed
Michigan Schools & Gov't CU Titanium 1/4/2019 - 10/2/2020

Banks
 MI Schools & Gov't CUDCUNavy Federal Credit UnionChase BankAOD FCUDiscover BankGenisys CU
Message 16 of 25
Gotham-
Frequent Contributor

Re: MSGCU Rewards Visa Approval

Congrats on approval 🦇🦇🦇🥊💥🥊💥🥊💥✅✅✅


2018 Dec Starting Score: 700
Current Score: 778
Achieved Goal Score 2020: 800


Take the myFICO Fitness Challenge












Message 17 of 25
5KRunner
Frequent Contributor

Re: MSGCU Rewards Visa Approval


@ZackAttack wrote:


How interesting to find another person that lives in Michigan and is near an MSGCU branch.

 

MSGCU uses Ex FICO 3 which is more sensitive about everything including ULT and HPs. As for the rewards, I am close to getting that card, but I think the monthly 5% rewards maybe a mistake. If they do such a thing, it would have been listed on the Rewards Card page. To the website, the only thing extra is the extra 5,000 points meeting the requirements.


I thought the same thing... why wouldn't you promote such a benefit?

Message 18 of 25
5KRunner
Frequent Contributor

Re: MSGCU Rewards Visa Approval

Update for @ZackAttack - I figured out how to access those extra bonus points: while logged into online account management, click on the VISA Rewards link (I suspect that's only active once you've been approved for the card). Then click on the "Open in a new tab" button to get a full-screen view. From there, scroll down toward the bottom and click on Scoremore. It's based on specific retailers rather than categories, so it operates similarly to offers I've seen on my Wells Fargo and PNC cards.

 

Here's a sample list of active in-store bonuses (and there's another section with offers that require activation, and yet another for online-only offers):

 

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Message 19 of 25
5KRunner
Frequent Contributor

Re: MSGCU Rewards Visa Approval

Here's another tidbit for those who may be eligible for membership: they instantly issue cards in-branch if you're approved. I walked out with my debit card and credit card, as well as my son's debit card. Very nice!

Message 20 of 25
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