Denied $500 CLOC NFCU

[Anonymous]

I'm really getting frustrated with NFCU. I went through hell to get proof of my grandfather's military service so I could join, and they didn't even ask for it. Applied for a card and was denied. Not too big a surprise given my scores at the time, but I've seen others in my range get approved and mine are approaching 600 now. Waited a couple of months for some disputes to go through and some payments to post, and tried to get a measly $500 CLOC (which I've had with BofA since my credit was sub 500 many years ago) and got denied. **bleep**, NFCU? 

I know I should get a secured card with them to start building a relationship, but I already have two secured cards, and I don't have the whopping $500 minimum to open a secured card with them just lying around. 

I just dont don't know how so many people with scores worse than mine have been saying they got approved for stuff at NFCU. My until is a little high, but it's under 50%, not massive. Debt is quite small compared to income. 

I just feel feel like giving up on NFCU. 

[ryder32244]

I didn't get approved for the 500 CLOC with scores right below 600 at the time, but I was approved for an unsecured card. Your choice, but I would say the NFCU secured card and relationship with them will grow faster than the others. Be patient, its going to take some time. Show NFCU you will do right by them and I think it will grow and be worth the trouble. 

[Anonymous]

Hello, have you tried attaching your two most recent paystubs and sending them a nice secure message asking them to reconsider your application? Many have had luck with this method. We have many datapoints of it working with credit cards. The CLOC and Credit Cards have different UW so you could also try for the credit card if you wish. You have nothing to lose by asking for a reconsideration. Cheers and good luck!

[Anonymous]

If you are a member for 90 days, you can sign up for the oops thing, which is pretty much a 500 checking line of credit. Also, if your utility is high you can work to improve that. And  the pay stub thing mentioned above might work. Remember, slow and steady is good. You'll get there.

[Anonymous]

OP, I wish things had worked out bette for you.  If you can work on those scores, I'm fairly certain things will change, and it can be sooner than you expect.

I have a question for my own self-interest.  Ive been a member since last year, but I havent used the checking account at all, other than 2 deposits.  Would not using a checking account Ive had for a long time have any effect at all on my application for this? I often wonder that when I see threads like this, and finally now have the chutzpah to ask, due to some cold beverage.  I'm asking for my oen interest, yet I wonder if it has any effect at all on people like the OP as well?

[CreditInspired]

JustTara, I think I recall your applying for a NFCU CC last month and getting denied. As Ryder suggests, be patient, it takes time. IMHO, I think going to the garden for 6-12 months will be a godsend. It will allow your AAOA to increase, your UT to drop, and your scores to grow. I love to quote other members (even when I forget who said it) because their simplistic advice has helped me over and over. (1) banks only want to give money when one doesn't need it. This is deep because in hindsight it makes sense. If one keeps applying for credit, it scares lenders off. It makes them think one is desperate when in reality one may not be. (2) Building good credit is a marathon, not a sprint. If this is not the gospel. It really takes a lot of discipline (gardening) to get the scores (seedlings) to grow. (3) IMHO, I do believe denials begat more denials. It says, it's time to take a break from applying.

It will all work out. Patience wins every time. GL to you.

[CreditInspired]

@Zipperhead
I do not suggest using the OOPS thing unless it's a dire emergency and I mean dire! The fine print: NFCU charges $20 every time your acct is overdrawn $5+ and the overdrawn amount must be paid in full (including the $20 overdraft fee) within 30 days. So even if you wrote a single check for the full $500 allowed, you owe $520 within 30 days. Now this is not usury but my Gawd, that's expensive! So imagine if some overdrew their checking account 3 times by let's say $120, $45, and $200 -- that's $60 on $365. No way!

[Anonymous]

It's still better than the $35 Bank of America charges. But I actually WANT my bank to decline charges binding have the money for. I just wanted another trade reporting to help with until since my limits are all ridiculously low right now.

[Anonymous]

Yes, and frankly, you shouldn't bounce checks. Look at the fees as penance for doing something so stupid and learn from that. Having a back up system in place to prevent these things is a sign of a responsible adult. 

Credit is a great tool, but it isn't cash.

[medicgrrl]

How's your income and employment history look? My son has scores around 700 and was denied also. I think it's due to his short employment history with his current employer.