CSE Federal Credit Union is a local credit union in the ohio region that I will be applying for a BT CC with in the next six weeks.
I've went twice in person and once over the phone in the last six weeks to ask questions about everything they offer, specifically scheduling appointments with one loan officer in particular to develop a rapport. This last time, today, I brought my wife with me.
When I joined over a month ago I made sure to do it with high credit utilization just as I was about to start making significant payments.
So I've showed this particular person that I can pay down debt and do it quickly. Talking about my goals and options as I continued to make progress.
Now as I'm making some of my last payments to get MY CC utilization to 0% I am coming to a point where I need to know what I should ask for.
Basically what I will be doing is absorbing what's left of my wife's CC debt (a bit less than 15k) at a lower interest rate, shifting our debt around to solely me because of my high credit score and my opportunities to get rates significantly lower than what she has.
I finally talked numbers and she assured me I'd be able to likely get the 15k SL needed to cover the entire balance.
I asked how they determined the spending limit on CCs they issue and I was told 4x your monthly gross income. The first time I asked six weeks ago I asked if OT was counted or not and was told it is! I asked again today, but didn't mention OT and how I'd be working it to inflate my gross income. She told me again 4x my gross monthly income.
I intend to work a schedule at work the next 28 days, two full pay periods, to gross 8k in one month. They want your two most recent pay stubs.
So hypothetically I could get approved for 32k (I know, haha, yeah right).
I could risk it and ask for a SL above 15k and I am seriously considering it.
The sole reason would be to get a BT card and do the transfer of what is left of our debt to that card but have the luxury of not maxing out that card and/or having it reported to the credit bureaus at a utilization of 90% or more.
The more I ask for, the closer I'd be to a utilization of 30% or less
To give you and idea this is what my utilization would look like if I got 15k SL and that was it.
0/500 Cap One Platinum, Primary User
0/1500 Cap One Journey, AU
0/3500 Cap One Platinum, AU
0/7500 Local Bank CC, AU
15000/15000 Local CU CC, Primary User
That'd put me at about 53.5% utilization
If I ask for the full 32k (I know, I know, haha) that'd actually put me at 33%
But what about 20k, 25k?
A lot of you guys have experience with mid sized credit unions, what would you suggest?
Am I over reaching, should I settle for 15k?
Nothing throws up a red flag quicker than asking for more than you need.
Yes, I only really wanna try to mitigate the beating my utilization will take, but how would they know that?
It's more important for me to pay down this last of our debt at a single digit interest rate than anything else.
But should I try to save my utilization as much as I can and request a higher SL?
Or not risk it for the biscuit and scare this lender and crippling what chances I have for 15k?
What are your thoughts on that?
If the CU Rep says they typically give 4 x monthly income then I am sure that's what they do. I wouldn't overthink this. It's common to ask for a certain amount (perhaps more than you think you'll get) and then they respond by countering with a smaller (but still large) amount.
As a matter of fact, when I apply for a new card, I unsually don't even have the option of asking for a certain SL. They just give me whatever they give me. Given the tremendously hands-on approach of this CU, maybe its different with them.
So since you want 15k, why not ask for 25k, and they will probably just give you that. Or they might counter with 20k.
Regardless, don't worry about it. Get the new card, and get your debt paid off.
I agree I would ask for the higher amount and see what they counter and count your stars and blessing that they do this My CU didn't give me an option they said this is what you get! Haha. BUT with that being said what if they give you the higher amount that would be awesome! It never hurts to ask and if they counter with a lower amount you will know then and it may surprise you that they may give a little lower than you settling for a lot lower!
The great golfer Tom Watson -- an agressive putter who would routinely run missed putts 2-3 feet past the cup -- when queried about his strategy said, "One hundred percent of the putts left short don't go in."
Trust Tom. Don't be short.
Honestly I would get this CU card and then turn around and get a card from NFCU too. You’re going to want to pad that utilization down some more and assuming your DTI is low, it seems quite likely NFCU will like your profile.
Also, $15K isn’t enough for a $15K balance transfer. That will destroy scores (89.9% utilization = maxed out) big time so I would apply for the NFCU Platinum as well and split the BT.
Saeran, I was thinking the same. I'd never put that much on one CC, maxing it out. Spread it around OP.
I'm a member of so many CUs. I have to pull up my Mint app to remind myself of some of them.
You can join as many as you want to.
Doesn't hurt a thing and gives you more options.
I've got BTs on Discover, DCU, Bank of America and Citi running all at the same time.
The easiest to work with is Citi and BofA. Discover is a bit OCD. lol
They've called me three times in a week to asked if it was me that did the BT and emailed me once.😂
I haven't heard a peep out of Citi. They dropped the funds in my bank account in 1 business day and left me alone.
Citi has a feature called Citi Flex. You pick the duration up to 60 months. They deduct the amount from your credit line.
Your rate is fixed and doesn't change for the life of the loan. This is what the page looks like.