Should I try to recon NFCU cc decline?

[jenne223]

@tydawg - I have one $500 secured card with SDFCU.  I may do NFCU if I have too..Right now IDK because I may be moving soon.  Should I really get another secured card?

[Guyatthebeach]

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@jenne223 wrote:

Hi all.  I recently came back to the boards after having a very hard time dealing with my bankruptcy etc. I file for bankruptcy last year in December and receive my discharge in April of this year. I found out about the state department federal credit union secured card on another site while I was researching the Bank of America secured card.  I've had that for about three months or maybe four but that's it. I came back to this site last month and searching around I found the way to get into in nfcu  The civilian way and just recently received membership on the 23rd. So I thought about it yesterday as I was thinking about it since I got membership, and I went to head and filled out an app for one of their credit cards.  I saw that I needed to wait until they reviewed it and then this afternoon I received an email that said I had to secure message in the card was declined. They said I would get information in about 5 to 7 days. I also know that they checked Trans Union for both hp's I found that out from credit karma.  That is my lowest score right now.  TU 578, EQ 637, EX 624.  Everything looks to be in order on my credit report so I'm not sure why Trans Union is lagging behind with the score. Anyway I wanted to ask should I try to recover this declined card? Or should I just wait and try and apply again at another time? The decline message stated that I did not meet the credit union's lending  criteria for approval. 

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Jenne223,

If I were you, I would go into a NFCU branch and get them to do a recon in the branch. I would take your last two paychecks and your discharge papers since it's been less than a year since your discharge.

There are two things holding you back is you have less than 6 months on the BOA card there is a really big difference on the point spread on your scores. I had the same problem with my scores after my bankruptcy. It took 2 years for my scores to normalize.

During the recon, remind them of your perfect payment history since your discharge. Also be prepared to discuss what steps you have taken to prevent you from having the debt issue that caused your bankruptcy. Let them know that you are willing to accept a $500 limit just to get your foot in the door. If NFCU says no in the end, see about a secured card, with NFCU it will graduate over time.

Just remember bankruptcy didn't happen over night and that it will take time to recover. I'm approaching the sixth anniversary of mine, and this past year I've seen huge increases in my credit lines. I just wish I could get my scores back up to my prebankrutcy scores.

If I can bouce back from bankruptcy , so can you.

Guyatthebeach

[Guyatthebeach]

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@jenne223 wrote:

@Anonymous - I have one $500 secured card with SDFCU.  I may do NFCU if I have too..Right now IDK because I may be moving soon.  Should I really get another secured card?

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I also bank with SDFCU. To me, they are an excellent credit union. They are extremely conservative but they will work with you. It could take you a while before you are able to an unsecured card with them.  I think you have to have a minimum FICO of 650 on all them to get approved.

[azguy13]

It seems as if there are a couple of people in this thread that are not as familiar as others on the abbreviations used on the forum. Here is a link explaining each one:

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

OP, I am sorry you were not given the news you wanted during Recon. I am an NFCU member and if you go secured, you will be good to go after graduation. Good luck!

[jenne223]

@Anonymous @Guyatthebeach Thank you for your recommendation.  I will take a trip to the branch and hopefully it is worth it. It's like 45 min away, but the credit union rep said one was closer but its in NY and I'm in NJ. But I will go to one of those branches and see if I have better outcome there.  I will go ahead and get another secured card if that is what they offer.  Thank you!

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@Guyatthebeach wrote:

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@jenne223 wrote:

Hi all.  I recently came back to the boards after having a very hard time dealing with my bankruptcy etc. I file for bankruptcy last year in December and receive my discharge in April of this year. I found out about the state department federal credit union secured card on another site while I was researching the Bank of America secured card.  I've had that for about three months or maybe four but that's it. I came back to this site last month and searching around I found the way to get into in nfcu  The civilian way and just recently received membership on the 23rd. So I thought about it yesterday as I was thinking about it since I got membership, and I went to head and filled out an app for one of their credit cards.  I saw that I needed to wait until they reviewed it and then this afternoon I received an email that said I had to secure message in the card was declined. They said I would get information in about 5 to 7 days. I also know that they checked Trans Union for both hp's I found that out from credit karma.  That is my lowest score right now.  TU 578, EQ 637, EX 624.  Everything looks to be in order on my credit report so I'm not sure why Trans Union is lagging behind with the score. Anyway I wanted to ask should I try to recover this declined card? Or should I just wait and try and apply again at another time? The decline message stated that I did not meet the credit union's lending  criteria for approval. 

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Jenne223,

If I were you, I would go into a NFCU branch and get them to do a recon in the branch. I would take your last two paychecks and your discharge papers since it's been less than a year since your discharge.

There are two things holding you back is you have less than 6 months on the BOA card there is a really big difference on the point spread on your scores. I had the same problem with my scores after my bankruptcy. It took 2 years for my scores to normalize.

During the recon, remind them of your perfect payment history since your discharge. Also be prepared to discuss what steps you have taken to prevent you from having the debt issue that caused your bankruptcy. Let them know that you are willing to accept a $500 limit just to get your foot in the door. If NFCU says no in the end, see about a secured card, with NFCU it will graduate over time.

Just remember bankruptcy didn't happen over night and that it will take time to recover. I'm approaching the sixth anniversary of mine, and this past year I've seen huge increases in my credit lines. I just wish I could get my scores back up to my prebankrutcy scores.

If I can bouce back from bankruptcy , so can you.

Guyatthebeach

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[Anonymous]

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@Guyatthebeach wrote:

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If I were you, I would go into a NFCU branch and get them to do a recon in the branch. I would take your last two paychecks and your discharge papers since it's been less than a year since your discharge.

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Recons in-branch are often a waste of time for two reasons:

1) Often MSRs do not know what the process is for a reconsideration.

2) Credit card lending requires appeals/recons be requested in writing. 

Aside from all that, NFCU generally likes to see 3+ tradelines at least six months from discharge before extending credit to those with a BK. It sounds like the OP may not meet those requirements, in addition to errenous/derog information on one credit bureau.

[Guyatthebeach]

Leonel9,

I disagree with on in branch visits for recon. The people at the branch are on the ball at they are at the branch I use. When you recon in the branch, branch requests are given priority over call center and email requests. From what I understand recons in the branch have a higher approval rate. You just have to have your ducks in a row.

Here is an example I saw I first hand. A friend on mine in the Air Force joined NFCU while visiting me for the weekend. She got declined for a Visa on the spot. The associate called the card dept, did the recon, explained she was moving from USAA to NavyFed,also explained she was reassigned to a new base directly after deployment, and the associate state she had all of her ID's, utility bill, and copy of new assignment orders. My friend was approved for CLOC and Visa on the spot. She was also able to refinance her car as well.

I believe the NFCU runs just like the government. If you follow the rules and treat people nicely, you come out ahead.

I also believe that the OP has enough to recon to get atleast a $500 Visa or end up with a secured card in my opinion.

Guyatthebeach

[Anonymous]

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@Anonymous wrote:

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@Guyatthebeach wrote:

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If I were you, I would go into a NFCU branch and get them to do a recon in the branch. I would take your last two paychecks and your discharge papers since it's been less than a year since your discharge.

---

Recons in-branch are often a waste of time for two reasons:

1) Often MSRs do not know what the process is for a reconsideration.

2) Credit card lending requires appeals/recons be requested in writing. 

Aside from all that, NFCU generally likes to see 3+ tradelines at least six months from discharge before extending credit to those with a BK. It sounds like the OP may not meet those requirements, in addition to errenous/derog information on one credit bureau.

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This^^^^^^ I am former employee of NFCU and after they took away branch underwriting authority recon in branch or even applying in branch is a waste of your time OP.

[Guyatthebeach]

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@Anonymous wrote:

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@Anonymous wrote:

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@Guyatthebeach wrote:

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If I were you, I would go into a NFCU branch and get them to do a recon in the branch. I would take your last two paychecks and your discharge papers since it's been less than a year since your discharge.

---

Recons in-branch are often a waste of time for two reasons:

1) Often MSRs do not know what the process is for a reconsideration.

2) Credit card lending requires appeals/recons be requested in writing. 

Aside from all that, NFCU generally likes to see 3+ tradelines at least six months from discharge before extending credit to those with a BK. It sounds like the OP may not meet those requirements, in addition to errenous/derog information on one credit bureau.

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This^^^^^^ I am former employee of NFCU and after they took away branch underwriting authority recon in branch or even applying in branch is a waste of your time OP.

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Tydawg,

Thank you for clarifying that. When did NavyFed take the recon in branch option away? I have a friend that reconned in a branch when she joined during the September membership drive. I knew about not being able to join through the Navy League in July.

Thanks!

Guyatthebeach

[Anonymous]

They have not taken it away per say but reconning in branch is the same if you send a secured message. Branch staff have to call underwriting the same as they staff who answer the secured messages. A manager no longer has discretion to approve or deny. By going into the branch you will have the same chances of getting approved as if you send in a message. The request will still go to corporate underwriting regardless.