I think a lot of people will apply if only because getting a card with a CU you're a member of is easier than getting one "on the outside" from a regular creditor. Not necessarily for the terms/features.
ELFCU - Rebuilder Friendly Credit Union Master Thread
Started by
lilyflower
, Apr 14 2012 11:30 AM
961 replies to this topic
#576
Posted 21 May 2012 - 08:43 AM
#577
Posted 21 May 2012 - 08:51 AM
I think a lot of people will apply if only because getting a card with a CU you're a member of is easier than getting one "on the outside" from a regular creditor. Not necessarily for the terms/features.
Yeah, but there's nothing exclusive about ELFCU that I can tell. People could just as easily get into DCU, Alliant, SDFCU, etc. I guess maybe I've turned a corner in rebuilding... but i'm starting to look more closely at usefulness than approval and limit alone.
Plus I'm not big on fluff and those "features" are surely fluff. Hopefully the cards will help out some people that are early in rebuilding efforts. If approvals and limits are tight, I doubt many here will be taking them up on their products.
#578
Posted 21 May 2012 - 08:54 AM
I think a lot of people will apply if only because getting a card with a CU you're a member of is easier than getting one "on the outside" from a regular creditor. Not necessarily for the terms/features.
Yeah, but there's nothing exclusive about ELFCU that I can tell. People could just as easily get into DCU, Alliant, SDFCU, etc. I guess maybe I've turned a corner in rebuilding... but i'm starting to look more closely at usefulness than approval and limit alone.
Plus I'm not big on fluff and those "features" are surely fluff. Hopefully the cards will help out some people that are early in rebuilding efforts. If approvals and limits are tight, I doubt many here will be taking them up on their products.
I'm mainly talking about people who have already jumped through the various hoops to join ELFCU. And yes, you're in a different place now, so you see it differently. The "you" of a few years ago might jump at the chance at an "easier" (WE HOPE) approval just to have the tradeline. I'm not applying either. I don't need this card. But a lot of people do.
#579
Posted 21 May 2012 - 09:57 AM
Many of us thought it was going to be big like easier to get approved. It is not much different than other CU cards I have seen. The rate is not that great compared to the others. The APR is similar to the big banks. I don't know they will give out high CL. I haven't applied yet. I'm waiting for the other's results.
Ron.
Ron.
#580
Posted 21 May 2012 - 10:05 AM
Yeah that's what I'm saying. If it's not lenient to rebuilders, there's not much appeal to those that are not rebuilders or that are further along in rebuilding. The LOC results didn't seem too promising. I'm hoping we see better results from the CC.
So... any approvals yet?
Edit: typo.. to, too, two.
So... any approvals yet?
Edit: typo.. to, too, two.
Edited by road2freedom, 21 May 2012 - 10:08 AM.
#581
Posted 21 May 2012 - 10:06 AM
By the way, I didn't see the full terms and card agreement of the card.
Ron.
Ron.
#582
Posted 21 May 2012 - 10:26 AM
Well I'm sitting here checking this topic and waiting to see if ANYONE gets approved or instantlty approved.
It looks like ELFCU will be a BUST, as far as handing out huge CL's like NAVY or easy approvials like PSECU did in the beginning.
But having another CU on your team never hurts but I seriously doubt I'll waste a Hard pull (even if it can be B* off).
Good luck everyone. (I had been waiting till te 20t to apply like a lot of folks and holding off on a pre-approved Discover card as well as apping for an AMEX Blue, which I think I'll go ahead and do my little mini APP spree.
Hope someone hears from good news from ELFCU.
It looks like ELFCU will be a BUST, as far as handing out huge CL's like NAVY or easy approvials like PSECU did in the beginning.
But having another CU on your team never hurts but I seriously doubt I'll waste a Hard pull (even if it can be B* off).
Good luck everyone. (I had been waiting till te 20t to apply like a lot of folks and holding off on a pre-approved Discover card as well as apping for an AMEX Blue, which I think I'll go ahead and do my little mini APP spree.
Hope someone hears from good news from ELFCU.
#583
Posted 21 May 2012 - 10:29 AM
I didn't really expect to see huge CLs. But I did hope to see easier approvals. When I applied for a card with Senate FCU (my one and only CU card), I heard from them with an approval in less than an hour.
#584
Posted 21 May 2012 - 10:32 AM
I didn't really expect to see huge CLs. But I did hope to see easier approvals. When I applied for a card with Senate FCU (my one and only CU card), I heard from them with an approval in less than an hour.
Gaby10,
I got approved for LOC within 5 mins. last month. It was easy. Will they offer any pre-approval? They soft pulled EQ when we joined.
Ron.
Edited by Ron1, 21 May 2012 - 10:33 AM.
#585
Posted 21 May 2012 - 10:46 AM
wheres the approvals?
#586
Posted 21 May 2012 - 11:08 AM
I agree that they are probably doing manual review matching to automated decision making cross checks at first which is probably why it's taking so long for approvals/declines to come through.
But also remember although they seem re-builder friendly and easy for deposit account approvals, revolving accounts no doubt, will be more stringent.
Keeping my fingers crossed for everyone though!
But also remember although they seem re-builder friendly and easy for deposit account approvals, revolving accounts no doubt, will be more stringent.
Keeping my fingers crossed for everyone though!
#587
Posted 21 May 2012 - 11:34 AM
UPDATE:
Jamie just called me to see if I'm still interested to apply for the card. I told her to go ahead to put one in for me. They're not going to pull the credit again. They're going to use the same report (when I applied for LOC last month). She told me they can get approved for the max of amount of $17K because I have 748 EQ score. The rate will be the 14.99%. I alos ask her about the Visa Signature Card. The Visa Signature is for big spender. They have different credit underwriting and it's going to be tougher to get. She will let me know later on this afternoon.
Ron.
Jamie just called me to see if I'm still interested to apply for the card. I told her to go ahead to put one in for me. They're not going to pull the credit again. They're going to use the same report (when I applied for LOC last month). She told me they can get approved for the max of amount of $17K because I have 748 EQ score. The rate will be the 14.99%. I alos ask her about the Visa Signature Card. The Visa Signature is for big spender. They have different credit underwriting and it's going to be tougher to get. She will let me know later on this afternoon.
Ron.
Edited by Ron1, 21 May 2012 - 11:36 AM.
#588
Posted 21 May 2012 - 11:36 AM
Good luck Ron! Thanks for taking one for the team!
#589
Posted 21 May 2012 - 11:38 AM
Good luck Ron! Thanks for taking one for the team!
Thanks. They will be no hard pull. That's why I wasn't not applying online last night when they rolled out.
Ron.
#590
Posted 21 May 2012 - 11:42 AM
Didn't lilyflower mention a decent secured card for rebuilders coming today too?
Ron, they used your existing hard pull for this card because you already applied for a loan, right? Assuming everyone who didn't WILL get a hard pull for the card. They won't be going by the soft EQ pulled for membership.
Ron, they used your existing hard pull for this card because you already applied for a loan, right? Assuming everyone who didn't WILL get a hard pull for the card. They won't be going by the soft EQ pulled for membership.
#591
Posted 21 May 2012 - 11:47 AM
They used the same pull for EZ Loan last month for the credit card. That's what she promised last time. I assume the card apps is not instant decision. It will be manual review like LOC. They will call when they finalized the apps.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
#592
Posted 21 May 2012 - 11:49 AM
They used the same pull for EZ Loan last month for the credit card. That's what she promised last time. I assume the card apps is not instant decision. It will be manual review like LOC. They will call when they finalized the apps.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
I won't be getting one because I told her recently that I am not in need of any credit/loan products at the moment.
#593
Posted 21 May 2012 - 11:50 AM
I forgot the min. CL of the card is $500(according to her).
Ron.
Ron.
Edited by Ron1, 21 May 2012 - 11:50 AM.
#594
Posted 21 May 2012 - 11:51 AM
They used the same pull for EZ Loan last month for the credit card. That's what she promised last time. I assume the card apps is not instant decision. It will be manual review like LOC. They will call when they finalized the apps.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
I won't be getting one because I told her recently that I am not in need of any credit/loan products at the moment.
Gaby,
You can go for both LOC and CC with one pull like me.
Ron.
#595
Posted 21 May 2012 - 11:52 AM
i applied yesterday only because they will use the same credit pull used to get my EZ loan
#596
Posted 21 May 2012 - 11:53 AM
UPDATE:
Jamie just called me to see if I'm still interested to apply for the card. I told her to go ahead to put one in for me. They're not going to pull the credit again. They're going to use the same report (when I applied for LOC last month). She told me they can get approved for the max of amount of $17K because I have 748 EQ score. The rate will be the 14.99%. I alos ask her about the Visa Signature Card. The Visa Signature is for big spender. They have different credit underwriting and it's going to be tougher to get. She will let me know later on this afternoon.
Ron.
Is the max limit for this card $17k, or is that the max limit they will approve YOU for based on your score? I didn't quite understand that part.
#597
Posted 21 May 2012 - 11:56 AM
They used the same pull for EZ Loan last month for the credit card. That's what she promised last time. I assume the card apps is not instant decision. It will be manual review like LOC. They will call when they finalized the apps.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
I won't be getting one because I told her recently that I am not in need of any credit/loan products at the moment.
Gaby,
You can go for both LOC and CC with one pull like me.
Ron.
I don't need any credit/loan products at the moment. I've opened 2 cards and an LOC already this year. My next app will be Navy, probably in the fall or winter (after my latest EQ inquiry and newest card are at least 6 months old).
#598
Posted 21 May 2012 - 11:59 AM
UPDATE:
Jamie just called me to see if I'm still interested to apply for the card. I told her to go ahead to put one in for me. They're not going to pull the credit again. They're going to use the same report (when I applied for LOC last month). She told me they can get approved for the max of amount of $17K because I have 748 EQ score. The rate will be the 14.99%. I alos ask her about the Visa Signature Card. The Visa Signature is for big spender. They have different credit underwriting and it's going to be tougher to get. She will let me know later on this afternoon.
Ron.
Is the max limit for this card $17k, or is that the max limit they will approve YOU for based on your score? I didn't quite understand that part.
$17K is the max amount they will approve based on my credit score 748 as of last month. I think the Platinum Rewards CL might go as high $20K. That's why they have higher tier Visa Signature Card for big spender something like $50K I think. Bob, that's the card for you.
Ron.
Edited by Ron1, 21 May 2012 - 12:03 PM.
#599
Posted 21 May 2012 - 12:01 PM
They used the same pull for EZ Loan last month for the credit card. That's what she promised last time. I assume the card apps is not instant decision. It will be manual review like LOC. They will call when they finalized the apps.
By the way, I didn't ask her about the secured card. Did anyone get her call?
Ron.
I won't be getting one because I told her recently that I am not in need of any credit/loan products at the moment.
Gaby,
You can go for both LOC and CC with one pull like me.
Ron.
I don't need any credit/loan products at the moment. I've opened 2 cards and an LOC already this year. My next app will be Navy, probably in the fall or winter (after my latest EQ inquiry and newest card are at least 6 months old).
Gaby,
I heard they give out generous CL. It's too bad I can't get into Navy.
Ron.
#600
Posted 21 May 2012 - 12:03 PM
UPDATE:
Jamie just called me to see if I'm still interested to apply for the card. I told her to go ahead to put one in for me. They're not going to pull the credit again. They're going to use the same report (when I applied for LOC last month). She told me they can get approved for the max of amount of $17K because I have 748 EQ score. The rate will be the 14.99%. I alos ask her about the Visa Signature Card. The Visa Signature is for big spender. They have different credit underwriting and it's going to be tougher to get. She will let me know later on this afternoon.
Ron.
Is the max limit for this card $17k, or is that the max limit they will approve YOU for based on your score? I didn't quite understand that part.
$17K is the max amount they will approve based on my credit score 748 as of last month. I think the Platinum Rewards CL might go as high $20K. That's why they have higher tier Visa Signature Card something like $50K I think. Bob, that's the card for you.
Ron.
Wow, that's higher limits than I was expecting. My EQ is teetering on the brink of 800, wonder what they'd give me...
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