topic Re: NFCU Approval - Is this Normal ? in Credit Card Approvals

NFCU Approval - Is this Normal ?

Inspiredman — Wed, 21 Sep 2022 00:08:08 GMT

I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit, 1% Util, No new account, No new inquiries, and 5 years age of credit.

I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.

I felt quite insulted as i thought secured cards were for other purposes.

Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.

I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.

With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?

Im kind of new to the forum please pardon my question.

Re: NFCU Approval - Is this Normal ?

AI_JMV — Wed, 21 Sep 2022 00:14:15 GMT

Navy doesn't care about your credit report as much as it cares about the age and quality of your membership. The more money and credit vehicles you put through them, the more they reward you. Time + NFCU History = very nice credit offerings.

Re: NFCU Approval - Is this Normal ?

SouthJamaica — Wed, 21 Sep 2022 01:25:44 GMT

@Inspiredman wrote:
I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit, 1% Util, No new account, No new inquiries, and 5 years age of credit.
I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.
I felt quite insulted as i thought secured cards were for other purposes.
Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.
I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.
With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?
Im kind of new to the forum please pardon my question.

I'm surprised at what you experienced. Perhaps it's the economy making them crazy.

Re: NFCU Approval - Is this Normal ?

805orbust — Wed, 21 Sep 2022 01:40:28 GMT

Definitely has to be because they're starting to get skittish. A secured card is an insult with that profile. However, I wouldn't give up on Navy tho, they're great for credit cards. I would give it 6 months and reapply.

Re: NFCU Approval - Is this Normal ?

Laredo — Wed, 21 Sep 2022 01:56:20 GMT

I joined NFCU years ago but only applied for a card a in 2021 and was told I could get a secured card. I put $500 on the card. Within 6 months it was changed to a rewards card for $1K. I don't use it much but they have increased it a couple more times and my limit is now $5K. I would say it is normal to wind up with a secured card but in a matter of time you will get an unsecured card and most likely with a high limit. I think like others have said they are a little skittish and want to get to know you first.

Re: NFCU Approval - Is this Normal ?

kilroy8 — Wed, 21 Sep 2022 01:55:56 GMT

No, not normal.

To be honest, unbelievable.

More here than meets the eye.

Re: NFCU Approval - Is this Normal ?

Stealth-1 — Thu, 22 Sep 2022 04:55:12 GMT

@Inspiredman wrote:
I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit

Did you ever receive the denial letter? If you did, you could try another recon to refute the specific reasons they listed. Overall, lenders are getting stingier and you're new to them...maybe they felt you already have enough existing credit per your income (not mentioned here), and want to know you better first. Your profile looks good, so a secured card doesn't seem "normal". But this is speculation until we know what the denial letter said.

Re: NFCU Approval - Is this Normal ?

Jayy — Wed, 21 Sep 2022 03:06:50 GMT

I don't know if it's normal, but it's not unique. I had a similar experience with them when I applied for the More Rewards at the start of August this year right after joining. I really wanted the Flagship but I knew that was a long shot for a first card with them so I was saving that for card #2. Scores were ~800 with longer age of credit than you but did include a recent mortgage.

Reasons for denial came back as 1) Age of NFCU relationship, 2) Direct Deposit status with NFCU, and 3) Account balance with NFCU (I only funded it with ~$100 when I opened). Before trying recon I opened a flagship checking account, stuck ~$10k in it and waited for a DD to hit but recon was still unsuccessful and they told me to app for the secured card instead. I moved $5k to max out the secured limit and I'm planning to PC it to More Rewards once it unsecures and app for the Flagship separately.

Based on my experience, if you have no previous relationship with NFCU I'd really recommend letting your membership sit for a while rather than applying for a CC shortly after you join. I'm sure there are some with strong enough profiles to get a high limit unsecured card day one but it seems that NFCU is tightening down and wants to see you put in some time first.

Re: NFCU Approval - Is this Normal ?

ipmyf88 — Wed, 21 Sep 2022 04:22:05 GMT

My personal experience was the opposite. I had no lending relationship, only a checking account opened a year before with small weekly deposits. I applied for the Platinum and was approved for 20k (my highest line at the time) at almost the lowest rate. That was in June 2020. My credit score at the time (per Credit Karma) was around 750 and income was about 80k.

Re: NFCU Approval - Is this Normal ?

SUPERSQUID — Wed, 21 Sep 2022 10:37:47 GMT

@Inspiredman wrote:
I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit, 1% Util, No new account, No new inquiries, and 5 years age of credit.
I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.
I felt quite insulted as i thought secured cards were for other purposes.
Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.
I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.
With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?
Im kind of new to the forum please pardon my question.

Maybe it has something to do with having tu frozen? NAVY pulls tu9 for new cards, eq9 for cli's.

In my case i opened a checking/savings with 15 dollars each, waited 7 months and then apped for the cash rewards. approved for 3700 unsecured with a bk7 on my reports and scores in the high 600's

Re: NFCU Approval - Is this Normal ?

mfinsmi1 — Thu, 22 Sep 2022 01:12:46 GMT

its a relationship bank if your internal score is below 250 they wont approve you for anything ... in order to increase ur internal score open up a savings CD pledge loan direct deposit (doesnt have to be a lot) after a month check the prequalify and i will gaurauntee you , you will be prequalifed for all their cards... especially now that you already have the secured card .... in 91 days 3 statements youll get an awesome limit for whatever card you want if you want to apply then(speaking from experience)

Re: NFCU Approval - Is this Normal ?

Janneman — Thu, 22 Sep 2022 02:35:10 GMT

@mfinsmi1 wrote:
its a relationship bank if your internal score is below 250 they wont approve you for anything ... in order to increase ur internal score open up a savings CD pledge loan direct deposit (doesnt have to be a lot) after a month check the prequalify and i will gaurauntee you , you will be prequalifed for all their cards... especially now that you already have the secured card .... in 91 days 3 statements youll get an awesome limit for whatever card you want if you want to apply then(speaking from experience)

Opening a CD is important to raise internal score??? I have been a member with NFCU for many many years...have Cashrewards card for 4-5 yrs but 6 months ago denied for Flagship card by stating that I dont qualify for minimum amount required for Flagsgip card even though I have CL of 41k on my CashReward card...I am having a checking account with them for years...saving and money market a/c as well...yet still they denied me... so after the denial I opened pledged loan and doing full my DD in there...

Only thing left is CD...do u think CD will also help me in respect to what I already have with them? Im planning on applying for Flagship very soon since its going to be 6 months when I applied last time...

Re: NFCU Approval - Is this Normal ?

mfinsmi1 — Thu, 22 Sep 2022 03:47:44 GMT

@Janneman i honestly do yes - they love to see you using all there products . Another thing i can think of is adding the OOPS overdraft protection - link that to your checking account ... when i got approved for the flagship i barley had any money in my accounts but i a) had a checking/savings that has direct deposit b) pledge loan that is 90% paid off c) have a cd with about $500 d) linked OOPs protection e) had paid off my credit card account in full for 91 days / 3 statements and was approved for the flagship @ 20k only being a member for about 100 days or so.... Obviously i cant really gaurantee what will happen when you will apply but hopefully after seeing what i did it can help u figure out what else to add before trying again .

Re: NFCU Approval - Is this Normal ?

Janneman — Thu, 22 Sep 2022 05:54:57 GMT

@mfinsmi1

I have now opened a CD and OOP too upon your suggestion...So now I have a checking account, saving account, Money market account, Pledged loan, CashRewards CC, Optional Overdraft Protection, CD and my full income is going in there as DD....Any other creative ways you could think of ..to pitch for the Flagship card??

Re: NFCU Approval - Is this Normal ?

mfinsmi1 — Thu, 22 Sep 2022 06:31:45 GMT

@Janneman you should be good to go ... the only other thing i have heard but have heard but not persoanlly done myself is to upgrade your checking to their flagship checking ... i dont know if this will help but from what ive read it might

Re: NFCU Approval - Is this Normal ?

M_Smart007 — Thu, 22 Sep 2022 13:12:41 GMT

@Janneman wrote:
@mfinsmi1

I have now opened a CD and OOP too upon your suggestion...So now I have a checking account, saving account, Money market account, Pledged loan, CashRewards CC, Optional Overdraft Protection, CD and my full income is going in there as DD....Any other creative ways you could think of ..to pitch for the Flagship card??

Hi @Janneman , Well I must say, you have out done me

The only thing I can add to the equation is "Time" ... just more time with Navy.

Re: NFCU Approval - Is this Normal ?

Janneman — Thu, 22 Sep 2022 15:58:56 GMT

@M_Smart007 wrote:
@Janneman wrote:
@mfinsmi1

I have now opened a CD and OOP too upon your suggestion...So now I have a checking account, saving account, Money market account, Pledged loan, CashRewards CC, Optional Overdraft Protection, CD and my full income is going in there as DD....Any other creative ways you could think of ..to pitch for the Flagship card??
Hi @Janneman , Well I must say, you have out done me
The only thing I can add to the equation is "Time" ... just more time with Navy.

but I have been with NFCU for 5-6 yrs and have cashrewards for the same time along with checking and saving time...but I guess 5-6 yrs wasnt enough for NFCU...

Re: NFCU Approval - Is this Normal ?

Anonymalous — Thu, 22 Sep 2022 16:36:17 GMT

@Janneman wrote:
@mfinsmi1 wrote:
its a relationship bank if your internal score is below 250 they wont approve you for anything ... in order to increase ur internal score open up a savings CD pledge loan direct deposit (doesnt have to be a lot) after a month check the prequalify and i will gaurauntee you , you will be prequalifed for all their cards... especially now that you already have the secured card .... in 91 days 3 statements youll get an awesome limit for whatever card you want if you want to apply then(speaking from experience)
Opening a CD is important to raise internal score??? I have been a member with NFCU for many many years...have Cashrewards card for 4-5 yrs but 6 months ago denied for Flagship card by stating that I dont qualify for minimum amount required for Flagsgip card even though I have CL of 41k on my CashReward card...I am having a checking account with them for years...saving and money market a/c as well...yet still they denied me... so after the denial I opened pledged loan and doing full my DD in there...

It may the Flagship would push you over the maximum unsecured limit they're willing to extend. You already have one card with a limit of $41K, and a Flagship is a minimum of $5K more. If their internal calculations say the most credit they're willing to give you is less than $46K, that would explain the denial.

You could ask for a credit limit decrease on your CashRewards, before apply for the Flagship again.

Re: NFCU Approval - Is this Normal ?

Janneman — Thu, 22 Sep 2022 16:46:17 GMT

@Anonymalous

I thought their total exposure is $80k...and I got only $41k so far...

Re: NFCU Approval - Is this Normal ?

Anonymalous — Thu, 22 Sep 2022 17:05:14 GMT

@Janneman wrote:
@Anonymalous

I thought their total exposure is $80k...and I got only $41k so far...

The $80K is the max they'll give, no matter how great your profile looks. The max they'll give a specific person is usually considerably less.