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Denied for NFCU secured card with good scores and income

Established Member

Denied for NFCU secured card with good scores and income

So I applied for an unsecured card after getting a solicitation from NFCU in the mail, inviting me to apply. Was denied. Asked for reconsideration - denied.

 

Then I applied for a secured card - Denied.

 

- Lots of money in savings and checking

- High income

- 10,500 unsecured credit with 1% util

- Credit Karma equifax = 691

- FICO 8 equifax = 668

- BK7 discharged 8 months ago

- Perfect payment history before and after BK

- Did not burn them

 

Why do they hate me?

 

 

Message 1 of 47
46 REPLIES
New Member

Re: Denied for NFCU secured card with good scores and income

yep. Credit Unions get WAY too much praise on this forum. I was a member of Navy Federal for 6 years. USAA gave me better offers back in those days. just sayin so you don't feel as though you're alone here. There's thing a credit union will shoot down for instantly. I'm not sure exacty what that entails though. its frustrating.  
I noticed you didn't have Transunion score listed. Here's why I ask. My transunoin score is 100 points lower than all my other scores! Thats going to be a huge issue if it doesn't go back up after my discharge (tomorrow). May as well check your transunion, maybe?

 

- just to clarify, I'm no expert at ALL. In fact, I'm pretty much an idiot with credit, and the do's and don'ts. for example, I tried a capitol one auto loan pre approval application 2 days before my discharge out of impatience. (tomorrow is the official discharge). yeesh.  I was denied. No credit union will touch me for auto loans. I asked -  or credit cards, othere than secured cards. Although a secured card is the best way to start back to recovery so I've been told. 

 

the point is, check, and re-check your records with an advisor and keep positive.  - Hoping your scores go up, and no more denails. best of luck sir. 

 

 

Message 2 of 47
Frequent Contributor

Re: Denied for NFCU secured card with good scores and income

I believe that you have to wait a year past bankruptcy.  I think I read that somewhere on here.

Message 3 of 47
Established Contributor

Re: Denied for NFCU secured card with good scores and income


Em71 wrote:

I believe that you have to wait a year past bankruptcy.  I think I read that somewhere on here.


You're correct - I don't remember the exact threads but several people have pointed that out. As with anything else in credit, it's not a 100% hard-and-fast rule, as I've come across one or two cases of people being approved sooner, but one should indeed take this as a general rule of thumb and wait a year, or longer, after filing bankruptcy at least and possibly after BK discharge, before applying for new credit. In my case, I waited nearly 13 months after my BK discharge before applying for my Cap 1 secured card, and over 2 years before going to Penfed for my car loan, and was immediately approved in both instances.

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/1/17: TU 699/EX 687/EQ 693. $32.3K revolving credit as of 11/7/17; $951 Cap One secured Platinum MC, $2000 Apple FCU Platinum Visa,$3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $3600 Discover It, $4000 Care Credit, $4300 Overstock Store Card, $7000 Penfed Power Cash Rewards Visa, $10k PenFed used car loan, $5k Navient student loan. In the garden again from 10/26/17 for at least the next 3 months unless I get a really really good preapproval.
Message 4 of 47
Community Leader
Senior Contributor

Re: Denied for NFCU secured card with good scores and income


dudebro wrote:

So I applied for an unsecured card after getting a solicitation from NFCU in the mail, inviting me to apply. Was denied. Asked for reconsideration - denied.

 

Then I applied for a secured card - Denied.

 

- Lots of money in savings and checking

- High income

- 10,500 unsecured credit with 1% util

- Credit Karma equifax = 691

- FICO 8 equifax = 668

- BK7 discharged 8 months ago

- Perfect payment history before and after BK

 

Why do they hate me?

 

 


Have you called to ask why you were declined? I have been away from the boards for a bit and don't know if the 1 year rule is new, but I was approved the day I was discharged. As always YMMV. I would be very curious to hear the reasoning behind your denial though

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 5 of 47
Frequent Contributor

Re: Denied for NFCU secured card with good scores and income

I was just referring to NFCU.  I applied for Capital One and Discover (both unsecured) the day mine was discharged and was approved.

Message 6 of 47
New Member

Re: Denied for NFCU secured card with good scores and income

I was approved for secured card through NFCU last month at 5 months post BK
Message 7 of 47
Highlighted
Community Leader
Senior Contributor

Re: Denied for NFCU secured card with good scores and income


Em71 wrote:

I was just referring to NFCU.  I applied for Capital One and Discover (both unsecured) the day mine was discharged and was approved.


I was also referring to the NFCU secured nRewards card.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 8 of 47
Frequent Contributor

Re: Denied for NFCU secured card with good scores and income

Oh , sorry.

Message 9 of 47
Community Leader
Senior Contributor

Re: Denied for NFCU secured card with good scores and income

If only we could figure out the minds of NFCU Smiley Very Happy
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 10 of 47