BECU (WA) min FICO for membership

[NWintellectual]

This is more a question for local Washington state residence, but does anyone have experience with BECU and the minimum credit score needed for basic membership? I applied to open a basic Advantage checking and savings account last month and was turned down based on my credit report (ChexSystems was clean, I verified with requesting a copy of the report). They pulled TU which hovers in the 530 range. I will admit I was a little ticked off for being declined a checking account, the branch manager I spoke to as well as another supervisor on the telephone were both very polite and professional although they could not give me any specifics as to what exactly needed to be fixed before attempting to apply again.

I'm working on cleaning up my collections but I want to establish a relationship with a large credit union because I hear they are more generous on their interest rates when applying for a car loan (and they offer mortgages, which my current credit union does not). Has anyone else had experience with BECU in this sense? What score should I attempt to reach before trying again?

Thanks

[TheGardner]

Do you have any bad banking accounts/bounced checks? Not sure about CU minimum CS but do know if you have any bad bank accounts/history this will stop you in a hurry.

[NWintellectual]

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@TheGardner wrote:

Do you have any bad banking accounts/bounced checks? Not sure about CU minimum CS but do know if you have any bad bank accounts/history this will stop you in a hurry.

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Zero negative banking history. Despite having a horrible history with credit, I have never had a bank account closed by the bank; it has always been done by me. My ChexSystems report was completely clean, as was Certegy (I checked because I know they are another repository of check-related info although not specifically mentioned).

[TheGardner]

I would shoot for closer to 600 before applying again. Don't really see many people denied due to credit scores in the forum most have eligibility issues or check system baddies. Looking through signatures of people with CU approvals seem to start around 600. 

Did they hard pull you then denie? Maybe try another local CU, take a copy of your CR and most current score and feel them out. Hopefully they can help pre-hp.

What does your current TU report look like? Maybe we can suggest steps to boost your score enough for membership?

Good luck!

[anca21bi]

I live in Seattle and know how BECU is a great place to get into. I applied last summer and was denied too but it was because of what I had in chexsystems not my credit score. I thought they didn't look at credit score? I know they pull TU for credit apps and even go down to an 580 min score for FHA. I would try opening a saving account first then while up work on your score open a checking account.

[NWintellectual]

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@TheGardner wrote:

I would shoot for closer to 600 before applying again. Don't really see many people denied due to credit scores in the forum most have eligibility issues or check system baddies. Looking through signatures of people with CU approvals seem to start around 600. 

Did they hard pull you then denie? Maybe try another local CU, take a copy of your CR and most current score and feel them out. Hopefully they can help pre-hp.

What does your current TU report look like? Maybe we can suggest steps to boost your score enough for membership?

Good luck!

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My TU report is pretty messed up. I have most of the details posted up on my rebuolding journal thread here. I plan on paying most of the small collections (sub-300) when I get a bonus from work here in a couple weeks. I'm expecting about 3500 net after taxes so I should be able to put a nice dent in the baddies at that time.

The good side of the denial (if there ever is a good one) is that it was only a soft-pull so I didn't get hit with any INQs for the process. Although at my score, I doubt very much INQs factor in much at all.

I'm already a member at another local CU that seems to specialize in folks with checkered financial pasts but the menu of financial options with them is very limited. For one, they do not do mortgages and they only have one branch in South Seattle, which is a significant distance out of the way from where I live and work. My current CU is also linked into the shared branching but for many things, I would have to set aside time off work to handle it at their branch.

I'm not really interested in getting any new credit lines with BECU at this time. I just want to get my foot in the door, establish a solid financial relationship and then ask for more in 6 months or so after opening. Plus they are currently offering 4% on the first $500 of savings and checking when you sign up for their Advantage package.

If anyone can help me I would seriously appreciate it.

[NWintellectual]

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@anca21bi wrote:
I live in Seattle and know how BECU is a great place to get into. I applied last summer and was denied too but it was because of what I had in chexsystems not my credit score. I thought they didn't look at credit score? I know they pull TU for credit apps and even go down to an 580 min score for FHA. I would try opening a saving account first then while up work on your score open a checking account.

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I had asked about just savings but they do CR pull for basic membership. When pressed as to why a CR pull was necessary given I was not asking to borrow money from them, they said it was to "get a better picture of how I manage my money" and it was legit since they are state chartered rather than federal. Do federal laws not allow pulls of CR to establish banking accounts?

[TheGardner]

All credit unions that I know of pull CR, usually EQ this is the first TU I have seen.

Does your other CU have rebuilder options? Some offer one secured account (interest bearing) that you can use for collateral for a secured CC and installment loan. These will help build fresh credit while you attempt to get the baddies removed.

[Backsightzero]

Not sure about checking, but I know it's 620 for a secured card there and 620+ for unsecured. Asked the other day. Also found out they dont do VA home loans unfortunately.

They pull TU only

[gypsymama]

No advice and don't know anything about that particular CU but you aren't the only one. Don't get too discouraged. I have no credit unions near me or any corporate ties to get me into any of them so I'm extremely limited on CU options. I applied for a savings account with DCU and was denied. No specific reason just denied and the standard you have a right to a copy of your CR letter. Blah.