@Anonymous wrote:Hello all,
I just wanted to say that I had some success reconning a denial with UnitfyFCU (formerly Western). I applied and didn't hear anything for a couple of days, so I called in to see what was going on, and the very nice CSR told me that it was declined and gave me some direction as to why. I had read here that this credit union was simpathetic to rebuilders, so I emailed the CEO and explained my situation and expressed my desire to find a credit union to do business with on a long term basis. It was a bit of a journey, so I am going to bullet point my experience below for some data points.
- Objections to high balances on cards.
- I explained that I regularly pay off my cards, but until recently I didn't know the reporting dates and how it was affecting my scores.
- I keep my balances at 0 now except one card, where I keep a small balance. I sent in credit card statements to prove this was the case.
- Objections to my app spree. Lots of inquiries, they explained that it looks like I am shopping for credit.
- I explained that I'm not really shopping for credit per se, I want to get a mortgage and I need some positive revolving history. In addition to explaining in my recon later that I wouldn't jepordize my chances at a mortgage by making a late payment, I was able to back up my claim by showing that I am not keeping balances on these cards.
- Reporting inconsistencies in work history.
- I had to get a company letterhead stating my work history, and how long I had been with the company.
- Recent collection reporting (stated account opened in January of 2019)
- I'm actually a bit thankful they pointed this out to me, I was unaware this CA was reporting this debt innacurately. They reported the DoFD as Jan 2019, but this account was opened in 2015 and the DoFD was nowhere near the beginning of this year. I had to send them the original contract to prove that their reporting could not possibly be accurate since the contract term was not long enough for it to extend in to 2016 let alone 2019.
- Prove income.
- I had to send 30 days of pay stubs, I sent them 45 just to be safe.
- 2018 W2 (re-reading this actually wouldn't have been required, but I sent it anyway)
- Provide 3 months of primary bank account statements.
- Provide ID
- Provide Utility Bill (for residency verification)
- Pulled Experian Twice (First time denial on Rewards Card, second time was for Visa Classic.) Useful data point to know that they are separate credit products with different requirements. I asked if they could product change, but they said I'd have to re-app.
- Final Data Points
- Pulled Experian for Classic Approval (Score was 617)
- $1K Starting Limit
- 13.49 % APR introductory ( 17.49% APR after introductory )
Hope these data points help someone along the way!
Congratulations on pulling it out.
Your persistence was a wise move, because Unify is a good outfit, worth getting to know.
Thank you for sharing the well crafted data points.
Congratulations on your approval!
Congratulations on your approval!
@Anonymous wrote:Funny you mention that, I was thinking the same thing. I just figured I was going to have a mortgage at some point anyway, I might as well start building a relationship now. I am a member with NFCU, and they will not show me any love. I have had that secured card for almost 3 years now and they won't budge. It pains me to consider a new credit union, but when one won't give you the time of day..
I think it's good to diversify anyway.
I don't like or trust financial institutions. I like to know that if one of them were to turn on me, I have others to go to.
Both NFCU and Unify are among the better institutions I've dealt with, but I don't ever want to have to count on any of them.
I always hate to use the term "relationship" when talking about financial institutions, because their only relationship is with their own well being. Relatives don't cut you off at the knees if you run into trouble; lenders do.