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Frequent Contributor
jausanka
Posts: 483
Registered: ‎05-06-2009

Re: NFCU changed unsecured credit policy for new members

Thanks for pointing that out, plasticman.  I think I am going to do a small ($1k) BT to NFCU and do twice monthly payments for $100 or so and give it some maturing time and see how it goes.  Don't want to push my luck quite yet!
Frequent Contributor
jausanka
Posts: 483
Registered: ‎05-06-2009

Re: NFCU changed unsecured credit policy for new members

Rejected for NFCU MC two days later...

 

"Loan Type: Platinum MasterCard

Unfortunately, your request for credit has not met Navy Federal lending criteria for approval, see reason(s) below. You will receive notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate.

  • Existing credit limit on Navy Federal Visa account
  • Insufficient income for additional unsecured credit
  • Insufficient experience with present account

 

Was in the process of applying for NavChek LOC when I decided to check on the pending status... now I am afraid to submit the NavChek app...

:-(

New Member
FinallyOnTrack
Posts: 4
Registered: ‎10-15-2009

Re: NFCU changed unsecured credit policy some for new members

DH and I just joined NFCU last week.  No direct deposit was established (I do plan move DD soon).  Applied for CashRewards Card on 10/8.....approved 10/13 ...

 

 

Congratulations! Based on your creditworthiness, you have been approved for a cashRewards Visa credit card. Your new credit line will be $25,000.00. Your APR will be prime plus 7.4%. You should receive your new card(s) in 7-10 normal mail delivery days.

 

 

Im not sure if it matters but DH is Army active duty (it's easier for creditors to collect from Military than civilians if the debt were to go bad).  

 

 

We also applied for LOC today but are still waiting for response (in anticipation of transferring DD, we plant to use LOC as overdraft protection).  

Frequent Contributor
jausanka
Posts: 483
Registered: ‎05-06-2009

Re: NFCU changed unsecured credit policy some for new members

Congrats on the beautiful new line!

 

Would you mind sharing your EQ score/history and/or HHI?  I am itching to do the LOC, but after that rejection for the MC, and the second inquiry for the rejection, I am gun-shy (probably for good reason.  $14k is way more than I expected.. BK7 2004 and 2 30 day from 5 years ago [due to confusion on forbearance on student loans during BK discharge])... I have been around the 660-690 range depending on my disputes.

 

Left DH(fiancee) off of this one since I thought I would get rejected initially, so only claimed 82k HHI.

 

Thanks, and congrats again!

-Justin 

 

New Member
FinallyOnTrack
Posts: 4
Registered: ‎10-15-2009

Re: NFCU changed unsecured credit policy some for new members

HHI was about 130K (cant remember exact number).  

 

My EX was pretty bad.......up to 627 from Mid 500's a year ago.  

 

After the new 25K CC limit showed up on my report, my score jumped about 75 points on all three.  Yay!!!!! 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: NFCU changed unsecured credit policy some for new members


FinallyOnTrack wrote:

HHI was about 130K (cant remember exact number).  

 

My EX was pretty bad.......up to 627 from Mid 500's a year ago.  

 

After the new 25K CC limit showed up on my report, my score jumped about 75 points on all three.  Yay!!!!! 


 

If you got a point increase like that (and if the scores are FICO scores) from adding a new $25K CL CC I suspect UTIL issues. Be careful with your new card and how you use it. Balances are bad!

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