Anyone know about the credit criteria for this bank? On their information it states CC rates and CL are based on your credit report, which leads me to think they might be flexible.
This info is via http://www.generationsbank.com When you apply for unsecured credit, Generations Bank limits total unsecured credit to 20% of your gross annual income. This limit is inclusive of your current obligations to other credit cards. An example would be: If you make $30,000 in annual income, your unsecured credit card debt could be $6,000. If you have no current debts and meet the underwriting guidelines, you would be approved for a $6,000 credit limit. If you currently have $5,000 in credit card balances, you would be approved for a $1,000 credit limit. If you have $8,000 in current credit card balances you would be denied due to insufficient income. We hope this helps you as you consider your request. Besides good credit, loan underwriting at our Bank requires proof of income and identity. We normally accept a current copy of a state driver's license for proof of identity and a copy of your current pay stub, listing year to date income. If you are self-employed, you will need to send a copy of last year's Federal Income Tax form 1040. You can mail these copies to: Loan Department Generations Bank P.O. Box 213520 Kansas City, MO 64121-3520 You also can fax a copy of these items to: Generations Bank 816-303-0845 These requirements will not be waived. These requirements protect you - the consumer - from identity fraud. They also allow the Bank to make a determination as to the amount of credit and the interest rate charged in the first year. Remember, our card reduces its rate 3% each year (with timely payments) until it reaches our lowest rate tier - currently 9.9%.
How does Generations Bank underwriting consider other open credit lines that are not being used? For example, I have unsecured credit available to me equal to 20% of my income but my current debt obligations may only be 5% of my income. Will Generations Bank still consider me for one of their lines? Also, does Generations Bank have any small business unsecured credit options?
Blue....I saw that they do on their website, so I too would be curious about how that income vs. current obligations is applied in a biz situation. Anyone know?
Since my previous post I was approved for 20K with Generations. My income woould allow me 25K with them but I had 20K of revolving credit used when they pulled. However, when I proved to them that I had paid off 15K of the 20K in balances they raised the limit to 20K before I even got the card. I have a substantial amount of other unused revolving credit available and those lines did not affect their decision. Regarding the business credit line product, the representatives I talked to don't seem to know much about it except it is really the same product as the personal line but with the business name on it. They don't appear to pull business credit for evaluating the line.
SOUNDS LIKE A DENIAL TO ME...EVEN WITH >$100,000 H/H INCOME..."IF" YOU OWE >$20,000 ON CARDS...YOU WOULD AUTOMATICALLY BE DENIED REGARDLESS OF F.I.C.O. SCORE AND 25+ YEARS OF PERFECT CREDIT HISTORY??? I WOULDN'T EVEN WANT TO TRY!!! YOU HAVE TO "PROVE" TOO MUCH!!! AND AT 9.90% (THAT YOU HAVE TO "WORK AT GETTING" OVER TIME) WHY BOTHER??? AWFUL "HOITY-TOITY" DO THEY HAVE 418 CUSTOMERS NOW??? OR IS IT 419??? SOUNDS LIKE THEY PROBABLY WOULD HAVE A 90+% DENIAL RATE!!!
George, I had way more than 20k debt when I was approved and I got 9.9 to start with. They gave me a limit of 25k. This was quite a while back though. I like that the max. cash advance fee is $2. So I have access to quick cash when ever I want and the apr is still 9.9%. It is also a hidden line too.
I am interested in business credit for the "non reporting" issue, but I guess it's a non-issue with Generations. I am guessing if I show the large revolving debt I have is a HELOC they won't consider it unsecured, right? Is that 20% of household income, or my personal income? I understand that most business lines do assess personal credit and income. Are they very score driven?
Re: Re: Generations Bank ? I have an auto loan with Generations and I believe that it is not the actual amount that you owe but your minimum payment obligations that don't need to exceed 20% of your income.
We were contemplating applying for the generations card personally since it doesn't report and THEN the biz line. (Since we wanted to be able to show pay stubs from the company for the first one.) Anyone tried this technique?
I do not know how they consider a HELOC. And also I don't know if they will let you have both a personal and a business LOC. The representatives that I talked to seemed to say the biz LOC was just a personal with the biz name on it. I would assume that both are almost exclusively personal credit based. Our scores for the approval for the personal line were 720+.
