Unexpected NFCU Denial... Recon help?

[Anonymous]

Hi everyone I applied to a cash rewards visa and it was sent to review, they then asked for poi and I sent it in. The next day they denied me. I was very surprised because there were no discrepancies with my poi I even called and checked and they corroborated that there was no issue with my poi and that it matched the income I listed on the app. I have direct deposit for half my income ($2500/month) into the navy checking account since April to show that I wanted to build a relationship. I received the letter today and the only reason for denial is "limited credit experience." Here is a bit of my credit profile:

TU FICO 08: 698

AAOA: 3y3m

Accounts: 5 installment (4 student 1 auto), 4 revolving (cap1 quicksilver opened January, BOFA opened January, Overstock store card opened February, AMEX charge card AU opened December 2016)

Utilization: 5%

Inquiries: 4 - 2 from navy for membership and cc, 1 for BofA cli, and 1 for cap1 cc.

Derogs: Charge off paid in full ($840) 10 months since payment.

No late payments on any open accounts only on the charge off. I have no idea how to appeal this. Yes my oldest open cc account is 7 months old but I've done a lot to rebuild my credit since the charge off. How should I approach this?

[Meanmchine]

None of your revolvers are a year old.  Try again after New Years

Sorry to hear about your denial

[Anonymous]

So you don't think that's something i can appeal?? I've seen them give cards to people with far riskier profiles

[AverageJoesCredit]

The problem probably isnt your overall profile. Navy is very good at forgiving people with baddies and such, its just if all your cards are from this year, thats probably why they are denying. I like the suggestion to wait til you have a solid year. You can still try to recon and plead your case, you never know, but theyll probably stick to their guns so to speak.

[Meanmchine]

I have no idea what NFCU is like. Im just matching their denial reasons against your current credit profile. If you do try to recon this

stress how reliable you are despited your short history. The "Ive seen you approve worse people" recon rationale doesnt work.

Keep us posted on what you do

[AverageJoesCredit]

+100 MM on the " ive seen you approve wose people" line. Not good to throw that can of worms at a tiger shark. Unfortunately, its hard to compare ones profile to another as there will always be some difference that may not show up on the stat sheet

[Anonymous]

Oh yeah I completely agree I was never going to use that in my appeal! That was just part of my internal dialogue when I was denied. I was hoping that the direct deposit would garner some trust from them though

[Anonymous]

This is the difference between how a lay person might 'see' RISK and how UWer evaluates risk

Lay person 'sees' a 'bad' profile and a middling score
UW sees a former payer making a possible 'come-BACK'

One profile, again is seen has a profile that HAS paid in past, has a history of paying, maybe hit a bad patch but now their BACK in the game.

That's DIFFERENT from a profile with 3 TL barely into 6-7 billing cycles and even the AU hasn't cut 10 bills yet... there's nothing to hang a hat on that said profile a successfully JUGGLE 3,4 and possibly MY 5th account w/o a hitch

So let's just SEE how things go

Funny thing is the same UW would have likely approved the same profile IF it were the 2nd or 3rd TL but it complicated when it looks like a NEWBIE is just piling on a bunch of TLs....who knows WHAT will happen?

This is no big deal...think college at a point an advisor might tell a newer student... let's SLOW it down and deal with the courses you've already signed up for, ya got plenty

Whereas later in that student's career the same advisor might sign-off on overloading because there is EXPERIENCE and history in the file.

Let on grass grow under the feet on what ya have now and you'll be fine!

[CorporalAv]

I feel like with NFCU it is sometimes a crapshoot. I wish you the best on your next app with them, never lose hope

[Anonymous]

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@Anonymous wrote:
This is the difference between how a lay person might 'see' RISK and how UWer evaluates risk

Lay person 'sees' a 'bad' profile and a middling score
UW sees a former payer making a possible 'come-BACK'

One profile, again is seen has a profile that HAS paid in past, has a history of paying, maybe hit a bad patch but now their BACK in the game.

That's DIFFERENT from a profile with 3 TL barely into 6-7 billing cycles and even the AU hasn't cut 10 bills yet... there's nothing to hang a hat on that said profile a successfully JUGGLE 3,4 and possibly MY 5th account w/o a hitch

So let's just SEE how things go

Funny thing is the same UW would have likely approved the same profile IF it were the 2nd or 3rd TL but it complicated when it looks like a NEWBIE is just piling on a bunch of TLs....who knows WHAT will happen?

This is no big deal...think college at a point an advisor might tell a newer student... let's SLOW it down and deal with the courses you've already signed up for, ya got plenty

Whereas later in that student's career the same advisor might sign-off on overloading because there is EXPERIENCE and history in the file.

Let on grass grow under the feet on what ya have now and you'll be fine!

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That sounds pretty accurate.