Thank you myFICO members!
I decided to take the plunge and apply for a Navy Federal membership after reading all of the great things they have to offer. I was able to become a member through the Navy League San Diego Council (Thank you to the person that shared this information on the forum). I applied for the cash rewards card the same day and was initially denied. I was disappointed to say the least. During my research on the forums, I recalled a few people mentioning they had success with a recon via the secure message center on NFCU’s website. I thought, what do I have to lose; I’ve already taken the hard pull. Following are some of the things I mentioned in my request for a recon:
Explained why I filed bankruptcy
What I’ve done to rebuild after BK
I told them about the multiple credit limit increases I received from other lenders as a result of my rebuild and perfect payment history
I told them I switched my direct deposit over to NFCU and was looking forward to establishing a long lasting relationship
Shared what I learned about credit over the years (good and bad)
I asked if they could please reconsider as I’ve already taken the hit.
I gave an explanation for the multiple inquiries and high utilization
What steps I took to protect my credit profile if I ever lost my job again
Provided a list of creditors I recently paid off that may not have been listed on my credit report. I also offered to fax or email proof
Praised the company and told them all the great things I heard about them. I also did my research and stated facts about the company (ex. How long they’ve been in existence, reasonable interest rates etc.)
Expressed my excitement about becoming a member and wanting a chance to prove my creditworthiness with NFCU
I initially asked for a balance transfer for some of my high interest cards but, decided to withdraw that request. I was willing to accept any limit to get my foot in the door.
I explained I had more than enough low limit store cards and a few high interest starter rebuilder cards that I no longer have any use for and only got them to rebuild and lower my utilization. A NFCU card would give me a credit line that will grow and allow me to close the starter/toy limit cards.
They pulled Trans Union for membership and credit card (3 times total…don’t know why).
My stats:
Filed BK in October 2015 (discharged January 2016)
High utilization reported at the time of credit card application (multiple cards have been paid down to zero balance but, have not reported yet)
All payment s on time since rebuild
I do not own a home or a car
I make less than $50,000 a year
I have a few late student loan payments that occurred years ago/prior to BK (hope to erase after a goodwill letter)
NFCU reversed their original decision approximately an hour and a half after I submitted my request for a recon. This is the message I received:
Navy Federal Response 03/29/2017 :
Thank you for your message, Ms.xxxxxxxx We received your inquiry as to why your recent credit card application was not approved. We take our members’ concerns seriously, and upon further review, we have decided to reverse our decision.
Your application is now approved and you should receive your new card(s) within five to seven business days. If we may be of further service, please contact us toll-free at 1-888-842-6328.
My credit limit after recon is $1,000. It is very low compared to the huge SL’s I’ve seen on this forum. I’m just grateful to have a foot in the door and will use it wisely and receive a nice CLI in due time.
Thanks again to all the people who have contributed to this topic. I truly appreciate it!
