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Established Member
Posts: 54
Registered: ‎09-08-2016
0

Denied for NFCU secured card with good scores and income

[ Edited ]

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?

 

 

New Member
Posts: 7
Registered: ‎05-15-2017
0

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

[ Edited ]

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. 

 

 

Frequent Contributor
Posts: 263
Registered: ‎11-04-2016

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.

Frequent Contributor
Posts: 895
Registered: ‎02-07-2017

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.

Rebuilding credit since 2015 (BK filed 8/14, discharged 12/14) - started out in 570's, now approaching 700 (FICO 6/28:TU 646/EX 680/EQ 677 FICO 8 or 690 NG 2, VS 3.0 6/21/17: TU 696/EX 684/EQ 693)! $951 Cap One secured Platinum/$3000 Cap One Quicksilver/$800 Amazon Prime Store Card/$3300 Discover It/$4000 Overstock Store Card/$1200 Walmart Store Card/$2000 Apple FCU Platinum Visa/$10k PenFed used car loan/$5k Navient student loan. Back in the garden as of 6/21/17 until at least Sept. 2017 unless I get a preapproval I can't refuse...
Community Leader
Senior Contributor
Posts: 5,190
Registered: ‎07-12-2012
0

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
732 EQ FICO 06/2017
740 TU FICO 06/2017
735 EX FICO 06/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $6.6k Cap1 Quicksilver | $10k Amazon Store | $14k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa
Frequent Contributor
Posts: 263
Registered: ‎11-04-2016

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

[ Edited ]

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

New Member
Posts: 7
Registered: ‎03-13-2013

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
Highlighted
Community Leader
Senior Contributor
Posts: 5,190
Registered: ‎07-12-2012
0

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
732 EQ FICO 06/2017
740 TU FICO 06/2017
735 EX FICO 06/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $6.6k Cap1 Quicksilver | $10k Amazon Store | $14k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa
Frequent Contributor
Posts: 263
Registered: ‎11-04-2016
0

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

[ Edited ]

Oh , sorry.

Community Leader
Senior Contributor
Posts: 5,190
Registered: ‎07-12-2012
0

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
732 EQ FICO 06/2017
740 TU FICO 06/2017
735 EX FICO 06/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $6.6k Cap1 Quicksilver | $10k Amazon Store | $14k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa

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