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Regular Contributor
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Registered: ‎01-29-2017
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Re: NFCU CLOC Denied due to DTI


CreditInspired wrote:

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.

FICO 8 Scores 02/21/2017 EQ 593, TU 584 EX 602 -- 06/21/2017 - EQ 632, TU 652, EX 656
Regular Contributor
Posts: 142
Registered: ‎04-07-2017

Re: NFCU CLOC Denied due to DTI

[ Edited ]

I was approved for $1k after a recon but needed to send POI and bank statements! Sheesh! 

Senior Contributor
Posts: 9,430
Registered: ‎04-23-2016

Re: NFCU CLOC Denied due to DTI

Lol, sorry Jago, or patient zero Smiley Wink, didnt want to throw you under the bus, or ship in this case, just a great point when it comes to scores, Navy will look past them if they find the two factors i stress more to their liking. I still bow in deference kind Sir, or MaamSmiley Happy
Regular Contributor
Posts: 142
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Re: NFCU CLOC Denied due to DTI

Yeah I had to really plead my case just to get $1k.
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Registered: ‎04-27-2017
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Re: NFCU CLOC Denied due to DTI

Lol sir jago I saw one person with lower scores than me, but had to have had high income and low dti cuz they got 2k and lower apr then I did. Guess I'm not as much patient zero as I thought
@skighler. Sorry about that, I didnt get all that, but at least we got in without a security deposit
Starting Score: TU 504 EQ 525 EX 535 (4-4-17)
Current Score: TU 605 EQ 622 EX 615
Goal: 680 then 800 club across the board
Inquiries: over character limit
Cap1 I Disc I NFCUx2
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Re: NFCU CLOC Denied due to DTI

[ Edited ]

@skighler

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.  

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Re: NFCU CLOC Denied due to DTI

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.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
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Re: NFCU CLOC Denied due to DTI

I have thought about putting half of what I pay on my mortgage. However, since both our names are on the loan I put the entire amount on there.
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Re: NFCU CLOC Denied due to DTI

Hey forestgreenrover, the improvement of my EQ score was due to my UTI going down, closed auto loans showing closed, and late payments being removed from my student loans. What I think happened though was they didn't do another HP (sweet!) so I was just pleading my case based on how my report showed when I first joined nfcu and was denied for the cloc.

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