CU question

CUs are all different. But I always hear that they are more lenient in general.

 

Hi,

I do carry a Visa from my credit union; but sorry to say I do not know their "specific requirements" unfortunately. That said, I will give out some facts, and see if it makes some sense for you.

Me: Been with the credit union since 1998, applied for credit card only in 2000, was approved for $7500 platinum, EFX pulled, don't know score, but approval was instant. Of course, I had 9 years of never-late credit history on about 15 accounts in my credit report. Interest rate = 9.9%.

My friend: Recent immigrant to USA, joined the CU through our employer, no credit history whatsoever, got a gold card for $3K, but interest rate higher than mine (12.9%). Required 2 paystubs from employer -- it was initially a conditional approval; card to be sent out only if they received copies of paystubs, so my friend had to wait for a month to receive the card. FWIW, he makes $65K per year. In Nov 2002.

My wife: no credit history prior to getting married to me, in her job she makes $22K per year. Application rejected, but they came back with an offer for a secured card: deposit $500 as security, the credit line will be $2000. 10.9% interest rate. We took it. This was done in 2002.

None of us has any bankruptcies on our credit reports -- as mentioned. Can't say what will happen in your case. What seems to me is that, they will NOT be score based. Some human will actually look at your credit report, and makes decisions. And most of the time, they will try to be as helpful as possible.

Hope this helps something ...
-- lakpr