Credit Cards

[MountainHiker]

A family member was denied a credit card with NFCU and instead offered a secured card.Their fico score is about 590 with two older collections.But the person in question does have many, and I do mean many inquiries in the last 12 months.The person also has long term established credit with credit cards and two auto loans. Do you think the inquiries weighed heavier than the actual fico score or was the two 5 year old collections the determining factor in credit denial?

[chnceit]

They must have high utilization too because inquires stop hurting after so many

[MountainHiker]

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chnceit wrote:
They must have high utilization too because inquires stop hurting after so many

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ulti is about 60%

[j_casteel]

with that score, inquiries, and all the other baddies it still should be a win at getting approved for the NFCU secured card. It's a great start to an amazing relationship with NFCU. Treat them right and they'll do the same.

[Scupra]

Has anyone recently had their NFCU secured card graduate at or around a year? I know there is a lot of back and forth on the topic so I wanted to ask

[Creditaddict]

Last week my friend applied for secured with note that he would like to build his history with them and hope to get to unsecured and then maybe auto later... Something I have never seen, they approved him $3k CL at 15.99% and took $500 out of his savings to secure I guess... He "was" planning to get the secured card with $1k which was in the account.

My other friend that just joined a month ago was instantly approved for $6k but at 17.99% which I think is a little funny.

Still waiting to see score but I can't imagine higher then 550ish and friend that got the $6k was 605 last he knew and MAXED on credit. (now ALL combined to the $6k Navy)

[MountainHiker]

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Creditaddict wrote:

Last week my friend applied for secured with note that he would like to build his history with them and hope to get to unsecured and then maybe auto later... Something I have never seen, they approved him $3k CL at 15.99% and took $500 out of his savings to secure I guess... He "was" planning to get the secured card with $1k which was in the account.

My other friend that just joined a month ago was instantly approved for $6k but at 17.99% which I think is a little funny.

Still waiting to see score but I can't imagine higher then 550ish and friend that got the $6k was 605 last he knew and MAXED on credit. (now ALL combined to the $6k Navy)

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That is amazing! Once again NFCU making life easier for families in America. Maybe my family member was denied for the credit card because of the toxic mix of high ulti 60%,two collections and a fico score of 590. In either case it was great nfcu counter offered a secured card.Btw, that secured card is not like any other secured card I've seen.That card actually has built-in protection insurance that covers car rentals.What secured cards have that other than nfcu? None I can think of.  What a great outfit. I noticed today that on my nfcu profile they are again offering me their Cash rewards card. Very tempting. But I'm trying to wait till my new address sync with the credit bureaus.

[JollehRoger]

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Scupra wrote:

Has anyone recently had their NFCU secured card graduate at or around a year? I know there is a lot of back and forth on the topic so I wanted to ask

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Mine did a few months ago, here's the thread I made with details when it happened.

http://ficoforums.myfico.com/t5/Credit-Cards/NFCU-just-graduated-my-secured-card/m-p/1468558#M403983