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Navy Federal hates Me

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improvingmycredit
Valued Contributor

Re: Navy Federal hates Me

Hey Bigdaddy69!
I honestly don't know but I think you need perspective. What kind of CLs do you have now? Income isn't everything but it helps. I think NFCU is seeking to approve you but the option is absolutely yours to comply. 15K is a big big big leap from $500... Even for NFCU. Do you have limits like this with other lenders? If not- then you are asking them to be the first.

Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 21 of 24
CreditCrusader
Valued Contributor

Re: Navy Federal hates Me


@improvingmycredit wrote:
Hey Bigdaddy69!
I honestly don't know but I think you need perspective. What kind of CLs do you have now? Income isn't everything but it helps. I think NFCU is seeking to approve you but the option is absolutely yours to comply. 15K is a big big big leap from $500... Even for NFCU. Do you have limits like this with other lenders? If not- then you are asking them to be the first.

+1...and as to your confusion over the viability of asking for a laundry list of documentation to go from a $500 limit to $15,000, I agree 100%. That is a MASSIVE increase in credit. Heck, AMEX asks for your financial world when they conduct an FR. Barclay is ultra-sensitive about post-approval apps and accounts. Others soft you on a regular basis. How is this any different?

 

Credit is a different proposition post 2008. Either comply with a creditor's requests or lose out...the choice is each and every consumer's.

In my wallet: Apple $5,000, local CU $15,000, Bread AMEX $5,000. In my sock drawer: A few other cards Smiley Happy

Current scores (EQ, EX, TU): 787, 788, 796
Message 22 of 24
unc0mm0n1
Established Contributor

Re: Navy Federal hates Me


@Sitori wrote:
What the....

Umm well that makes me a little nervous to apply for membership now lol. My scores are around yours but my income is nowhere near it. I don't want to burn the HPs if I won't even get approved for a 1k card. Yikes

I'm not sure his case is normal. We also have similar scores I make half the money he makes, at the time of my app my largest CL was 2k and my AAoA was a year. I was instantly approved for a 25k card.  It just depends. 

 

Last App March 23, 2015. Gardening until November 25, 2015
Current Score: 766 EX 734 EQ 780 TU 6/30/2015Starting Score/Goal Score: 580s/780s across the board
Message 23 of 24
hausfrau
New Contributor

Re: Navy Federal hates Me

We recently apped for and received a 10k card with them, and turned around less than a month later and apped for a second card. (decided we wanted two CC reporting, prior had 0, and wanted them to age together) Got the 3-5 on the second app, then a denial. Did a recon with a brief explanation of the baddies on the CR (student loan that defaulted, but have been paying good on since 2010), and the reason for requesting a second card so soon (rebuilding credit, wanting to age accounts at same time), and sent in 1 pay stub from civvy job and 1 from the Guard for income verification. I also explained that the baddies came about during an deployment, and that we had not opened new credit since those baddies came about, almost 5 years ago. Within 24 hrs, had it turned into an approval with a 2k limit.

What I do like about NFCU is that they treat you more as an individual than just a credit score. They could have held to that denial, but instead, they chose to take the time to look it over and assess our individual situation.

They gave us 12k in credit in a months time, with a score of 602 at first app and 632 at second app, because they could easily see that although we had some issues before, we had made good on them promptly as possible, and refrained from new credit, not realizing how detrimental that was to the score.

I'm firmly in the NFCU love corner, needless to say, and had no issues with them wanting any kind of verification they asked for. Their customer service beats any financial institution I've ever dealt with, hands down. I don't question their seemingly random internal voodoo, because their results are so big. The double HP for the second app did sting a little, though. The next credit I ask for will likely be an auto refi with them, though, so I can point the finger back on them for the number of inquiries, lol.

Starting my rebuild!


Message 24 of 24
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