05-16-2017 08:26 AM
Are COs really counted in DTI? That seems unfair since that $425 is not a monthly amount.
Yes ChargeOff's are included in DTI, cause technically it is an amount you owe for the month it is reported. So till it is no longer reported it remains part of DTI.
05-16-2017 03:19 PM
05-16-2017 07:33 PM
05-16-2017 08:28 PM - edited 05-16-2017 08:29 PM
I'm sorry you've been made to jump through so many hoops just to get the approval. Pardon for asking, but you mentioned your EQ improvement in your first post but didn't share where you were with that in terms of data. If you don't mind, I'd be interested to know as your DTI is somewhat close to mine, and I've had this bad case of CLOC fever recently to cement my rebuild and get to the garden where I belong! I did a search for CLOC denials this morning and saw a thread earlier this year where a lady said she was rejected and her internal score was around 290. Mine was 315 as of my cashRewards approval (first week of April '17), so I'm just trying to gather as much data as I can before I pull the trigger on the CLOC app because initially I thought it would be a slam dunk but now I'm starting to think I might be on the bubble.
05-17-2017 12:49 AM
OP, congrats on getting an approval. I think sometimes our expecatations of NFCU are pretty high because they deliver such great results consistantly but they are like any other lender and have standards which can create sticking points. It took a while to get much out of them but as I resolved my chargeoffs etc they became generous. The reality is while we occasionally see someone with low scores get a high approval we don't know all of the elements of their credit profile and how NFCU views them. Compared to most lenders NFCU is very loose, Penfed has yet to approve me for any card and I have seen folks with mid 700's only get a $500 line of credit for overdraft. Continue to use NFCU and build your history, I would resolve the chargeoff, in my opinion resolving them is well worth it especially if the amount isn't anything crazy. In 6 months or a year ask them for a CLI. With your income 15K is a pretty big ask honestly because the minimum payment if you used it is $300 a month and that will mostly be interest.
05-17-2017 09:00 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.