topic Re: Navy credit card denied. Doesn't meet requirements in Credit Card Applications

Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:12:30 GMT

Hello, I just became a member of Navy because I saw so many good post about them, I applied for one of there credit cards and it says they can not approve me because I don't meet the requirements. Does anyone know what this means? I have to wait 7-10 business days for the letter. TIA

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:18:40 GMT

Did you apply for the Flagship by chance? It’s somewhat rare for people to apply for the Flagship with no relationship and get it. It has a minimum $5K SL and if they can’t qualify you for it, it’s a denial.

If it was another card, it means that they don’t feel your profile is strong enough to support it right now. What are your FICO (not Credit Karma, WalletHub, Credit Wise, etc but FICO) scores, income, debt to income ratio (this is very important to NFCU), etc?

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:26:30 GMT

It was the cash rewards card. I don't know what my scores are just credit karma it's 602 and 610, I have about 6k in cc but no balances on them, 98% payment ontime, 4yrs credit history, and 3 deliq, and 7 inquires....

Re: Navy credit card denied. Doesn't meet requirements

Jnbmom — Thu, 25 Apr 2019 00:32:40 GMT

You really need to get yor FICO scores, it's hard to advise only having CK scores.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:35:00 GMT

Vantage can be sometimes 50 points lower or higher than FICO.

If you go to the Experian website and make an account you can get all three scores for $1. That would be a good starting point.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:37:28 GMT

Where's the best place to get it and which ones should I get? I'm very very very new at this and still learning... I see on here there's different options... Do I need all 3 scores and reports, do I even need reports, If I don't need all 3 which one would be the best to get,

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 00:38:48 GMT

Ok... Thanks sooo much

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 01:56:04 GMT

I just did the Experian boost app and it's showing my score Fico score 8 is 621. When I tried looking at the other two an error message kept popping up so And I went on Equifax site and it was significantly lower showing Equifax 536, tu478 and Experian 504. Why is there such a big difference between the two. And last week I got approved for a Victoria secret card.

Re: Navy credit card denied. Doesn't meet requirements

mikesonthemend — Thu, 25 Apr 2019 02:25:12 GMT

@Anonymous wrote:
Where's the best place to get it and which ones should I get? I'm very very very new at this and still learning... I see on here there's different options... Do I need all 3 scores and reports, do I even need reports, If I don't need all 3 which one would be the best to get,

Experian offers trial memberships that are easy to cancel and include all three FICO8 scores plus the other FICO scores for EX only.

Good luck!

edit: Sorry, didn't see Saeren

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 02:55:13 GMT

@Anonymous wrote:
I just did the Experian boost app and it's showing my score Fico score 8 is 621. When I tried looking at the other two an error message kept popping up so And I went on Equifax site and it was significantly lower showing Equifax 536, tu478 and Experian 504. Why is there such a big difference between the two. And last week I got approved for a Victoria secret card.

Equifax doesn’t use FICO. It’s really annoying but there are two main ways to get your three FICO 8s - Experian and myFICO 3B which is overkill for what you are doing.

That said, your scores are definitely quite low. Navy Federal may want you to get a secured card first. Wait for your letter and see what they have to say.

Re: Navy credit card denied. Doesn't meet requirements

coldfusion — Thu, 25 Apr 2019 03:26:33 GMT

@Anonymous wrote:
Vantage can be sometimes 50 points lower or higher than FICO.

Not 50, 100+. Voice of experience.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 03:44:09 GMT

@coldfusion wrote:
@Anonymous wrote:
Vantage can be sometimes 50 points lower or higher than FICO.

Not 50, 100+. Voice of experience.

I was trying not to be totally negative 😂

Re: Navy credit card denied. Doesn't meet requirements

Adkins — Thu, 25 Apr 2019 05:31:38 GMT

OP, and of you do need to get a secured card with them I would. It will unsecure eventually and you'll have two important things: payment history with them and a better chance for a higher starting line down the road.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 05:33:47 GMT

On Experian site the Fico 8 there scores are Experian 621, Equifax 621, TransUnion 636.... On Equifax site they said my scores was Equifax 536, Experian 478, TransUnion 504.…..which site do I go by? Is there anyway I can find what my Fico 9 score is? What scale does Navy use? This credit thing is so confusing lol...

Re: Navy credit card denied. Doesn't meet requirements

texasbred71 — Thu, 25 Apr 2019 12:52:03 GMT

The Experian scores are the true scores. Your Fico 9 should be on there also. I have read that Navy has thier own internal scoring they use.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 12:54:49 GMT

Would you happen to know how it works?

Re: Navy credit card denied. Doesn't meet requirements

Blackswizz750 — Thu, 25 Apr 2019 14:38:50 GMT

The Navy risk score is a risk score and they look at DTI as well. If you have a low internal , its a slim chance on getting unsecured products from them.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 16:51:25 GMT

@texasbred71 wrote:
The Experian scores are the true scores. Your Fico 9 should be on there also. I have read that Navy has thier own internal scoring they use.

FICO 9 is not provided by Experian right now. You have to get it from myFICO but there’s not much of a point since nobody is really using EX 9.

Re: Navy credit card denied. Doesn't meet requirements

Anonymous — Thu, 25 Apr 2019 19:57:25 GMT

How much of an impact does student loans have? I have about 60k in student loans and make around 72k a year... And all my card utilization is 1%.

Re: Navy credit card denied. Doesn't meet requirements

CreditInspired — Thu, 25 Apr 2019 20:59:38 GMT

OP

Something is keeping your scores down. Can you tell us everything that’s been going on in your credit profile? Any lates, collections, judgment, bankruptcy, returned checks, high utilization, too many recent accounts, too many hard pulls.

With more information, we can provide further guidance.