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Denied for NFCU secured card with good scores and income

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Anonymous
Not applicable

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

How long after opening a new NFCU checking account can I apply for a credit card?
Message 41 of 53
Scupra
Super Contributor

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


@Anonymous wrote:
How long after opening a new NFCU checking account can I apply for a credit card?

Within seconds Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k 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 | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 42 of 53
Anonymous
Not applicable

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

What about CH13 BK? Are the guidelines different?

Message 43 of 53
Anonymous
Not applicable

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

Leonel9 thank you for the criteria you gave for being approved for a NFCU CC after BK. Does this also apply to those of us who have a CH13 BK discharged? I meet all the criteria you list (except mine was a CH13 BK), but I was denied an app for the cashReward card and denied on recon. I am 10 1/2 months post DC (almost 6 years since filing). 

 

 I also called to discuss the criteria with a rep and was told that it was her understanding that they are looking for 2 years post DC. (The rep I talked to did not know whether I had a CH7 or 13, she just said 2 years post DC). If that’s true, then from a CH13 perspective, it’s no different than having to wait for the BK to fall off your report.

Message 44 of 53
Anonymous
Not applicable

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

Leonel9 I need to add that the only reason given for denial in both cases was BK.

Message 45 of 53
Anonymous
Not applicable

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

@TXBlueBonnet It's my understanding that the guidelines are the same for CH13 vs. CH7 (1 year post D/C for an unsecured card), but I can confirm that tomorrow morning. 

Message 46 of 53
tnvols
New Contributor

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

Wife and I each applied for NFCU $500 secured cards just 1 week post DC.  Both approved immediately with 2 MyFICO scores in the low 600's, TU was actually still in the high 500's.  We had just joined about a month prior to getting our DC and do not direct deposit or keep more than just a few hundred in there.  There is no one year wait for Unsecured as long as the DC is reporting and you don't have lingering baddies.  We also got secured Discovers and unsecured Cap One's the first week after DC.  Now just lightly charging and paying off in full and letting time do it's thing.  Good luck!

Oct 2017 Scores MyFICO FICO 8

Equifax 633
TU 582 (Suck it TU)
Experian 615


July 2018 Scores MYFICO 8
Equifax 700
TU 674
Experian 689


November 2019 Scores(24 mos post CH13 discharge) MYFICO 8
Equifax 783
TU 799
Experian 794
Message 47 of 53
Anonymous
Not applicable

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

I had the same issue.

I am a new member. Called in on 3/1/18 asked about cards. And wanted a basic card to increase my overall limit a bit to help with utilization. Was told about a rewards card. So I applied. . . denied. So I figured. Must be because of the student loan on my TU. That shows 180 past due. But is paid as agreed.

Applied for secured today and was also denied. . . I'm confussed. I also got my mother to sign up. And at the Ft. Knox / E town area branch. She was given a welcome pack with referral strips. That pro.ised 50 per person. Where is my 50?
Message 48 of 53
Anonymous
Not applicable

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

So a few thoughts:

 

As far as an unsecured card denial, a 180-day past due account would certainly have an impact on your credit score. The denial letter will detail what the reason for denial is. Be sure to review this. 

 

As far as the secured card denial goes, generally the only way a new member would get denied for a secured card is by having a bankruptcy that is not reporting as discharged, or by having an excessive debt-to-income ratio. Do you know if either apply to you? Again, the denial letter will provide an explanation.

 

For the new member referral, the $50 bonus only applies to the person making the referral, not the new member. And the referrer only gets the bonus if the new member does one of four things:

  • Opens a Special EasyStart CD (this required a checking account with direct deposit)
    • No cash/bonus to new members.
  • Is approved for a More Rewards American Express credit card
    • New member will receive 20,000 bonus points worth $200, if $3,000 is spent within 90 days.
  • Is approved for a GoRewards credit card
    • New member will receive $100 credit if $500 is spent within 90 days
  • Refinances an outside auto loan, brining it to Navy Federal
    • New member will receive $200
Message 49 of 53
Anonymous
Not applicable

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

Hi. I was wondering what your credit scores were the day after your discharge? Also was Capital One included in your bankruptcy & did you do the prequalify first?
Message 50 of 53
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