Reply
Contributor
Posts: 102
Registered: ‎03-26-2011
0

NFCU Declined my Application!

I heard a lot of positive things about NFCU on this board so I thought it would be a great place to start for getting a quality credit card with a satisfactory limit (4-5k). However, after a TU credit pull to join and EQ credit pull to apply for the cash rewards, I have nothing but two wasted credit pulls. My Fico scores are TU 685 and EQ 674 so I'm actually pretty shocked with the denial. I guess I'll have to wait for the denial letter to see the reason why. My Question for the board is has anyone had success with reconsideration or has anyone applied for their secured visa (don't want another credit pull)? Any information is greatly appreciated!

 

 

Valued Contributor
Posts: 1,063
Registered: ‎05-26-2010
0

Re: NFCU Declined my Application!

I joined NFCU right after my BK7 discharge in 2009, for that reason I didn't even apply for credit, I did the double play of opening a $1,000.00 secured installment loan, taking those proceeds and some more money and opening a $3,000.00 secured VISA.  With hindsight I might have tried for credit as I hear various people saying they might even do that.

 

I've kept up my relationship with NFCU, including direct deposit of part of my pay.

 

I wasted some inquiries trying to add undecured credit  butrecently called and spoke with the credit folks on the phone.  I was able to drop the interest rate on my auto loan from 10.49% to 5.99%, keeping the payment roughly the same but chopping 5 months off the duration, add a NavChek line and increase my VISA line.  Based on the love shown by NFCU I'm switching my primary direct deposit to them.

 

I would definitely call in and discuss your credit request.  It might be that with proof of income or some additional explanation they would grant credit, and I certainly think their secured card would be available.

 

 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
New Contributor
Posts: 80
Registered: ‎03-15-2011
0

Re: NFCU Declined my Application!


GB44 wrote:

I heard a lot of positive things about NFCU on this board so I thought it would be a great place to start for getting a quality credit card with a satisfactory limit (4-5k). However, after a TU credit pull to join and EQ credit pull to apply for the cash rewards, I have nothing but two wasted credit pulls. My Fico scores are TU 685 and EQ 674 so I'm actually pretty shocked with the denial. I guess I'll have to wait for the denial letter to see the reason why. My Question for the board is has anyone had success with reconsideration or has anyone applied for their secured visa (don't want another credit pull)? Any information is greatly appreciated!

 

 


I'm shocked you were denied too. Have you pulled your reports to make sure there are no adverse accounts on them? The reasons I would think for denial are, A) They need more info. B) Something is showing adversely on your credit reports or C) Your credit history is short with low limits meaning you don't have a long standing relationship with credit. I would wait to get the letter of denial and then judge whether a recon call would work. Let us know what you do! Good luck!

Valued Member
Posts: 34
Registered: ‎02-16-2010
0

Re: NFCU Declined my Application!

Damn son, I got approved last week and I have a 614...I've had a checking and savings with Navy FCU for a while though

As of 2/13/2012: Experian - 633; Equifax - 616; Transunion - 644 FAKOs
First Premier Gold - $350; First Premier Platinum - $400
Orchad Bank - $200 (Secured)
Crap One - $500
Navy FCU - $5,000
Wells Fargo Mortgage (w. Wife $150,000 bal) & Auto ($12,000 bal)

Credit Keeper FAKOs
Experian - 633
Equifax - 616
Transunion - 644

Using 81% of my limits (Thanks NavyFCU!)
New Member
Posts: 2
Registered: ‎06-30-2010
0

Re: NFCU Declined my Application!

I had success with two recons. I appllied for the nRewards around 11/2010 and was decline. I forget the exact reason. My BK was discharged 1/2009. I sent in a letter an explained my reason for BK and explained that I have not had any negatives on my report since filing in 2005 and that I recenlty purchased a home. They gave me $2000 limit. Dec 2010 I applied for NavCheck and was declined. Called to recon on phone. The rep placed me on hold came back and said it was approved but  they needed to run the credit again because it had been 30 days since I orginally applied.Good thing was my credit score had gone up within the 30 days. (683 Equifax).  Only asked for $1000.00 and it was approved. Last about a week ago I submitted for an increase on my CC. I only asked for $1000.00 which took my limit to $3000.00. I should have asked for more, but I am rebuilding and need to take it slow.  Next time I am going for a larger amount.

 

 


Starting Score: June 30, 2010 TU:669 Eq:658
Current Score: Jan 2011 TU:669 Eq:689
Goal Score: 750+ by Dec 2011


Take the FICO Fitness Challenge
Contributor
Posts: 102
Registered: ‎03-26-2011
0

Re: NFCU Declined my Application!

Thanks for the information everyone. I sent NFCU and email yesterday asking for a reconsideration and I received an email today stating that it was approved. Not sure yet what the initial denial was based on but I'm thinking it had to do with me not having direct deposit setup on the account yet. I'm not sure what the limit is yet, just glad it was approved upon reconsideration......................On another note, I noticed that they ran TU and EQ for the credit card and another TU upon joining.

 

Hopefully, the approval will help me get to the 700 club by the end of this year. :smileytongue:

Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: NFCU Declined my Application!

Congrats on your approval. Keep us updated once you know the limit on your card.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.