@coldfusion wrote:
@Rockysocks wrote:
@BenTramer1978 wrote:
@Rockysocks wrote:Please make sure your DTI is "reasonable". I would shoot for 30-something percent or, preferably, less. Give it a shot, but they will say no just for high DTI even if everything else looks clean.
My DTI is 25% so I think im good there. Is there a certain income they are looking for here? I probably am on the low side compared to most of you here.
Also by the time I apply I will have 5 inquiries, all over a year old. Still too much?
4 new accounts in 1 year but when I apply I will be 0/12 but I will be 6/24. Again any problems?
I don't think they care too much about income, but it HAS to be verifiable by THEIR standards. I believe other Myfico members who aren't paid with the "traditional" paystubs with consistent frequency have had difficulties getting approved. I'm lower income as well compared to many here. I think when I applied I was $30,000-$35,000 annual. I can't provide much input on new inquiries/accounts since I got the card nearly two years ago now, but, if you're 0/12, my PERSONAL OPINION is to try for it. Just go into it accepting the fact you MAY be declined because they've tightened the reigns on the card. That's honestly the mindset to have with any card application though lol.
This is true. As is pretty typical for a CU they require POI but multiple members here who were self-employed reported difficulties with the application process.
It was also reported that they have their own unique way of factoring in student loans when calculating DTI. From memory they basically don't use your actual monthly payment but instead use AOD math to come up with the amount to be used for calculating DTI.
this is accurate. if you are 1099 or receive compensation in any other way other than W-2, they will question it. They worked me over on it hard. Also, @coldfusion is right about student loans, they have their own formula when calculating student loan debt as it relates to DTI.
@Rockysocks wrote:
@BenTramer1978 wrote:
@Rockysocks wrote:Please make sure your DTI is "reasonable". I would shoot for 30-something percent or, preferably, less. Give it a shot, but they will say no just for high DTI even if everything else looks clean.
My DTI is 25% so I think im good there. Is there a certain income they are looking for here? I probably am on the low side compared to most of you here.
Also by the time I apply I will have 5 inquiries, all over a year old. Still too much?
4 new accounts in 1 year but when I apply I will be 0/12 but I will be 6/24. Again any problems?
I don't think they care too much about income, but it HAS to be verifiable by THEIR standards. I believe other Myfico members who aren't paid with the "traditional" paystubs with consistent frequency have had difficulties getting approved. I'm lower income as well compared to many here. I think when I applied I was $30,000-$35,000 annual. I can't provide much input on new inquiries/accounts since I got the card nearly two years ago now, but, if you're 0/12, my PERSONAL OPINION is to try for it. Just go into it accepting the fact you MAY be declined because they've tightened the reigns on the card. That's honestly the mindset to have with any card application though lol.
It's crazy to believe that it's almost been two years ago since this card became a FOTM. I didn't realize until I looked at my credit report, but I guess it does make sense since it started at the height of COVID. Time really does fly. It has really been a good card with effortless everyday spend rewards.
This post caught my eye about their 3% card. Few questions to those that are members:
How long does it take for rewards to post? Is it quick, when the purchase posts or like AMEX where it takes a month?
Does cashing out rewards have a minimum?
As far as membership goes, will there be a minimum that has to be kept in a checking or savings account?
Finallly, obviously nothing is set in stone, but does it look like this 3% is a temporary thing or will it last?
@BenTramer1978 wrote:So im eventually going to try and get this card instead of the Penfed because 3% on everything sounds incredible but I have some questions.
Im going to have to go the bicycle club route. I have heard it's a simple $5.00 donation but im not seeing that option for the year. Am I going to have to pay 5 bucks every month? If I could did it once and then quit the club would AOD know? Im just not looking to pay 39 bucks a year. Also are theyinquiry sensitive? I keep my utilization at 1-2% so im good there. Anything else I need to know? Thanks.
Here is the thing. They will hard pull you just to join so you might as well apply for the credit card at the same time since they use the same hard pull for all their offerings up to 30 days. No point in not giving it a shot right away since you got the HP anyway. Yes, you read that correctly, HP is for joining but they will use the same HP for the credit card and any other thing you want to apply for. If they decline you on the CC, no biggie because you would have taken the HP either way.
My wife and I jointly applied for both membership and the credit card. Both are still pending. I joined the bicycle club and paid for a year membership. I figure why go cheap on an application that if approved will pay for the $50 spent in no time. Also if declined I don't have to do it all again in 6 months when I would re-apply. However, with a credit union, it is wise to make contact first, which I did. Good luck
@Openwater wrote:This post caught my eye about their 3% card. Few questions to those that are members:
How long does it take for rewards to post? Is it quick, when the purchase posts or like AMEX where it takes a month?
Does cashing out rewards have a minimum?
As far as membership goes, will there be a minimum that has to be kept in a checking or savings account?
Finallly, obviously nothing is set in stone, but does it look like this 3% is a temporary thing or will it last?
The bummer thing is, I still don't see my rewards anywhere on their site. I have had the card since November. My first due date was Dec 20 but it said $0 due even though I had a balance (I've spent about $1,000 so far). I guess because it hadn't been a full 30 day cycle? Not sure? But I freaked out and paid it anyway (even though I have auto full balance pay set up). Once I see the rewards and I go to redeem them, I can report how the redemption process works.
Yes, the minimum is $25 in savings.
I ask myself this all the time. There is no way to know if this card is sustainable or not. I'm holding on to my 2% DC and my 3% AARP and 3% Savor category cards just in case. Fingers crossed!
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@ptatohed wrote:
@Openwater wrote:This post caught my eye about their 3% card. Few questions to those that are members:
How long does it take for rewards to post? Is it quick, when the purchase posts or like AMEX where it takes a month?
Does cashing out rewards have a minimum?
As far as membership goes, will there be a minimum that has to be kept in a checking or savings account?
Finallly, obviously nothing is set in stone, but does it look like this 3% is a temporary thing or will it last?
The bummer thing is, I still don't see my rewards anywhere on their site. I have had the card since November. My first due date was Dec 20 but it said $0 due even though I had a balance (I've spent about $1,000 so far). I guess because it hadn't been a full 30 day cycle? Not sure? But I freaked out and paid it anyway (even though I have auto full balance pay set up). Once I see the rewards and I go to redeem them, I can report how the redemption process works.
Yes, the minimum is $25 in savings.
I ask myself this all the time. There is no way to know if this card is sustainable or not. I'm holding on to my 2% DC and my 3% AARP and 3% Savor category cards just in case. Fingers crossed!
All new accounts work that way. I mean if you always want it to show zero balance, sure pay as you did. But I pay only a few days before it is actually due. Unless I need to boost my score for something. Guess it is whatever you prefer
As far as the card lasting with the 3%. Well, credit unions are non profit. So they can do a lot more than banks can. So if banks are throwing around 2% cards and are ok a credit union can easily do a 3% card.. I mean look at their interest rate on this card as well. Unheard of for a cash back card. Credit unions are supposed to give back profits to their members. This is how AOD does it.
@Otto77 wrote:
@Openwater wrote:This post caught my eye about their 3% card. Few questions to those that are members:
How long does it take for rewards to post? Is it quick, when the purchase posts or like AMEX where it takes a month?
Does cashing out rewards have a minimum?
As far as membership goes, will there be a minimum that has to be kept in a checking or savings account?
Finallly, obviously nothing is set in stone, but does it look like this 3% is a temporary thing or will it last?
The rewards are automatically applied when each statement is generated. There is no rewards minimum since it is automatic every month. I love it since there is no need to go in and manually redeem.
Wow, really? That is incredible for a small credit union like that. FNBO, BECU, CIti, and Chase all make you do it manually. Don't know about Affinity yet. I love that already.
I can attest the income factor. I make around 38k a year. With my day job and DoorDash together. However they seem to not count it unless it's for the last two years. I've worked for around a year and a half with constant flowing income and it wasn't enough for them.
Here I make decent change for DD along with my day job. They just are very very very peculiar about POI. They said it didn't count (my DoorDash) even with an official letter head from support with my earnings as an independent contractor.
I also have a car loan too so I don't know how they factor that in as well. I have a checking with them (which is fine and dandy) I just gave up on their 3% card.
I have my CRO card debit that's 3% so I'm okay with having AOD as a checking girlfriend 😁🤣👍
I applied almost a year ago too if that helps.
She's a fussy one she is.
For anyone that doesn't make a straight no variation W2 salary, POI has historically been 2 years tax returns and you needed that income over said two years to be "stable."
This somewhat recently loosened up a bit in the mortgage market (courtesy of Fannie), I would expect CUs to shift slowly over time but it may be a while... see how many of them are still underwriting apps on a FICO score from 15 or more years ago.
Anyway gig economy and newer ways of accounting for income on apps is slowly shifting to be more consumer friendly... but it wasn't that common for people to be paid 1099 or claiming income on a Schedule C or whatever between call it 2003ish and 2015 and those that were, 2 years wasn't necessarily unreasonable it was just irritating.
