NFCU GoRewards Denied

[Jaydawg220]

On 4/26/17, i applied for NFCU, instantly denied. Recon denied as well.

The letter states:

UTILIZATION OF REVOLVING ACCOUNT CREDIT LINES IN LAST 3 MONTHS

LIMITED CREDIT EXPERIENCE

NUMBER OF DELINQUENT PAST OR PRESENT CREDIT OBLIGATIONS

RATIO OF ACCOUNTS OPENED IN LAST 24 MONTHS TO ALL ACCOUNTS

Your Navy Federal credit score: 198

Low 100 to a high of 450

I went ahead and got their secured card with a $800 CL on 4/30/17.

My UTI was at 89%, but I have since brought it down to 46%.

I have 3 collections accounts on each CR, 1 paid in full, 3 still open.

EX-601 TU-611 EQ- 585

How can I get approved for a NFCU Unsecured Card?

[Anonymous]

Their algorithm seems to be be weighted toward low uti by a lot. Get your utilization below 10%, and you'll be given the red carpet treatment. Keep it below 30%, maintain it, and theyll give you a recon. My guess is they know they like giving $20-30k CLs and they can't afford to approve profiles they may burn through that much and not PIF.

[Jaydawg220]

Thanks Rebuilding in SC. I too am rebuilding in SC, Myrtle beach to be exact Haha.

Anyways, iv got all 5 of my credit cards to 0%, except for 1 with is at about 15%. They havent all be updated yet, so its only down to 46% from the original 80-90% when I applied.

Do you think I should reapply when my CRs update to 10%?

Also, one of the reasons was my UTI in the last 3 months... How can they see my UTI in the last 3 months?

[Anonymous]

Agree with rebuilding.   Work on UTI, DTI, get those collections paid..  Most collections will negotiate for half or less than half of original balance.  I know cause i've done it.  When banks see collections that are still pending unpaid is not a good sign to them..  Plus, your score will jump some when they are paid. 

EQ 624, TU 669, EX 658

[Jaydawg220]

Thanks Scott.

My UTI will be 10% hopefully within the next 30 days.

All my collections are now paid, however only 1 shows paid and closed. The others have not yet updated. I got all the collections paid within the past week, so Im assuming I wont see them update for a month or 2. How long till I should reapply do you think? I would really love to get even a small SL unsecured card.

[Anonymous]

I would wait till everything shows updated. To Banks seeing is believing.  Like they've told me before they can only go by what they see on the report.  If it's not updated then to them its not done.  

[Jaydawg220]

Well, I went ahead and got the NREWARDS Secured card and made the CL $800.

I'm contemplating weather or not to add to it and make it 2 or $3000 CL.

Hopefully if I try to app again in a few months for the unsecured cc, they'll approve me.

[Anonymous]

Don't do anything until your reports are all up to date. You should see a rather nice bump to your scores at that point which will greatly increase your chances, and options.
Absolutely do not get any new secured cards, as they will only serve a very limited short term purpose and be useless after that. Save the inquiries. You are on the cusp of being eligible for some decent cards with Navy and others, wait until you get there.
Update us with your scores once everything reports and then let's see what to do, but don't apply for anything yet!

[Jaydawg220]

Thanks yupyup.

Definatly good motivation. Ok. I'll do that. And I will def keep updated once everything updates on my CRs.

I got 2 of the 4 collections to agree to delete, just waiting for the update there too. Well see how much it gets my score up

[Jaydawg220]

Tu- 638 Ex- 628 Eq- 624

Should I apply again for NFCU Unsecured?

I still have 1 outstanding Collection account for $3500 from 2013.