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New Contributor
Posts: 61
Registered: ‎09-03-2012
0

NFCU success! Thanks to all forum members!!

[ Edited ]

Thank you soo much to all the forum members, especially the NFCU members for all the information you have provided in these forums. I have been lurking these forums for quite some time now. I've had my share of credit challenges the last year and a half. DW and I filed for BK7 in May of 2011. I am a California State employee and from 2008-2011 the state government decided that in order to reduce the budget deficit it was a good idea to furlough almost all employess 3 days a month without pay. In my case, it amounted to an almost 1000 dollar pay cut. Those three years destroyed me financially and my credit suffered as a result. Before the BK my scores were in the low 500's and I had defaulted on my student loan. After the BK and with help from the CEO of my wife's Credit Union (PVHMCCU), he generously offered us a credit rebuilder loan and refinanced my vehicle. Fast forward to a about year after this and I began rebuilding my credit with the following cards:

 

Capital One Platinum Mastercard $2000

Capital One Cash Rewards Visa $500

Merrick Bank Visa $1000

Credit One Visa $1000

Barclays Rewards Mastercard $1000

Kay Jewelers $3000

Target Red Card $200

Credit First Firestone $900

HSN card $1250

Victoria Secret $500

Buckle $500

J. Crew $500

One Stop Plus $500

 

The last six were all soft pulls. And the last five were all WFNNB cards that I got using the checkout method. I was supposed to garden until 2014 but saw all the great NFCU success stories so i figured what the hell. My Credit Scores were in the 640-670 range and was barely a year out of BK. I rehabbed my student loans but the U.S. Dept. of Education had not updated the tradelines. If they had, that would have pushed my scores at about the 700 range since the tradelines would have read: paid as agreed and current all the way back to the start of the loan in 2004, thus increasing the AAoA on three trade lines. Since my brother is a member of the Armed Forces, I was eligible to join. I thought about waiting but decided to pull the trigger and decided to try for the NFCU trifecta: Nrewards Visa, Rewards Mastercard and Navcheck. From reading these forums, I knew a denial was forthcoming and sure enough they denied me for all three. However, I already had prepared my response based on the information from these forums and had prepared my documentation including pay stubs, tax returns and letters showing that I had completed my loan rehab. It appears that a succesful recon letter needs to have the following criteria:

 

1.) That the applicant has to at least have scores in the 600's

2.) That the applicant expresses his/her desire build a relationship with NFCU

3.) That the applicant is willing to provide documentation to support their credit worthiness

4.) That the applicant was referred by current NFCU members who enjoy being members.

 

I can't post the recon letter here because it contains personal info but it includes all of the above items. I sent this letter via the online messaging system after denial and not more than 12 hours later I got the following response:

 

Thank you for your message. Upon further review, we have reconsidered your application for nRewards MasterCard and cashRewards Visa and your request has been approved. Please allow 7-10 business days for delivery of your new card(s). We ask that you please do not reply to this message as this is strictly for checking the status of a submitted application. If you have further inquiries, you may send an online message using your Navy Federal Online Account Access service. On the Other Services tab, click on E-Message to Navy Federal under the Contact Us option.

 

Not sure of the credit limits yet but plan on calling soon to find out. Still waiting on the Navcheck response but I'm feeling pretty good about that one also. Thanks again to all the members here at MyFico for the wealth of info that allowed me to experience the success I've had over the past year. Now it's time to cancel some of the subprime cards and fulfill my own promise of staying in the garden for the next 2 years.

Super Contributor
Posts: 6,670
Registered: ‎04-07-2008
0

Re: NFCU success! Thanks to all forum members!!

You could call them to check your CL but it's probably still going through manual UW so they probably havent determined your CL yet.




New Contributor
Posts: 61
Registered: ‎09-03-2012
0

Re: NFCU success! Thanks to all forum members!!

Thanks. You saved me a phone call. Yes, I'm not too concerned with the limit, I know NFCU is very generous with CLI when their cards are used responsibly. I really want to get rid of a the sub prime cards after a year. 

Senior Contributor
Posts: 3,322
Registered: ‎05-05-2011
0

Re: NFCU success! Thanks to all forum members!!

Congrats! Yours is the first navy recon that I recall reading. It's likely that they pulled both EQ and TU, but worth it for both cards. They definitely give preference to people who bank with them and want to build that relationship vs people who just want a cc from them. I believe Navchek is harder to get since the amt you recv is based on your credit, and  they really consider that an unsecured loan. You actually have to sign loan docs when you get it.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Super Contributor
Posts: 6,670
Registered: ‎04-07-2008
0

Re: NFCU success! Thanks to all forum members!!


bichonmom wrote:

Congrats! Yours is the first navy recon that I recall reading. It's likely that they pulled both EQ and TU, but worth it for both cards. They definitely give preference to people who bank with them and want to build that relationship vs people who just want a cc from them. I believe Navchek is harder to get since the amt you recv is based on your credit, and  they really consider that an unsecured loan. You actually have to sign loan docs when you get it.


The pull EQ for recons is what I was told




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