Re: How forgiving is Golden 1 Credit Union to thin... - myFICO® Forums

MissAlexandra · ‎04-05-2023

I just turned 22, have had a checkings & saving account with them since I was 17, co-signed an auto loan 8 months ago with my mom(800+ credit score & 100% payment rate), have a 670 Experian score, and am looking to get my first credit card. How likely would I be accepted for the Member Cash Rewards+ credit card with this credit union? If I'm not likely to be accepted for this card, how likely is it that they will do a product change if I apply for their "lower tier" card? Tha

bourgogne · ‎04-05-2023

unknown, you are a hard pull away from becoming your own data point and finding out, good luck. I came here because I helped a young individual get into credit and he has had 2 car loans and a loc from them. solid little outfit. I strongly suggest hanging a few au cards around yourself to fortify your scores, 3 cards and a loan reporting would be ideal and would give you an easy ~740. then you are cooking w gas. low limit cards have marginal utility imo, better to position yourself to hit it big out of the gate. if there is a way to get an american express account under your name that would totally do the trick, in 6 months I am sure they would be very generous with you, they are by far my favorite first card company. I help a 20 year old last year after having AUs for a few years and her first card, a cash mag came @ a $20K sl, totally blew me away. have a plan

M_Smart007 · ‎04-06-2023

@MissAlexandra wrote:
I just turned 22, have had a checkings & saving account with them since I was 17, co-signed an auto loan 8 months ago with my mom(800+ credit score & 100% payment rate), have a 670 Experian score, and am looking to get my first credit card. How likely would I be accepted for the Member Cash Rewards+ credit card with this credit union? If I'm not likely to be accepted for this card, how likely is it that they will do a product change if I apply for their "lower tier" card? Tha

Hi @MissAlexandra and welcome to the forum!

I would give decent odds of being approved based on your relationship of 5 years.

Having said that, I do not want to steer you the wrong way. It will take (1) HP to find out?

"If your card application is approved for a limit lower than $5,000, you may be offered the Member Cash Rewards credit card."

When applying, it is hard for someone to give you a guaranteed approval odds.

I have the mindset, if I think I have decent odds, I apply. (I am outside the normal, I know)

While my credit profile is radically different than yours,

They "Approved" Me with 38 EX inquiries and 17/24 new accounts. (So they must be somewhat forgiving)

I cannot say for sure how they would be with a first card/thin profile?

You might have to be willing to accept a "secure card" to build better credit.

I would call and speak to a "loan specialist" and ask all the questions.

I don't know if it is possible?, to go into a physical branch and speak with someone? (Probably the best method)

ETA: Per some older post, it seems to be a Soft Pull for in person application.

There are not many DP's on young/thin profiles with CU's,

perhaps @SouthJamaica / and or others ..could chime in with better guidance?

SouthJamaica · ‎04-06-2023

@MissAlexandra wrote:
I just turned 22, have had a checkings & saving account with them since I was 17, co-signed an auto loan 8 months ago with my mom(800+ credit score & 100% payment rate), have a 670 Experian score, and am looking to get my first credit card. How likely would I be accepted for the Member Cash Rewards+ credit card with this credit union? If I'm not likely to be accepted for this card, how likely is it that they will do a product change if I apply for their "lower tier" card? Tha

Sorry, I don't have any input on it. You'll just have to bite the bullet, take your shot, and see what happens.

Since you're doing your banking with them, you have the option of going into a branch and doing it with one of the bankers, who might be able to put in a word for you, if needed. (Me I always do things online, because I'm chicken )