topic Re: NFCU - Declined in Credit Card Applications

NFCU - Declined

Anonymous — Wed, 12 Jun 2019 23:02:13 GMT

Hey all!

Hearing the great stories here I signed up for Navy Fed Credit Union and threw my hat in the ring for a visa card.

Fico TU was - 682, Net Income over 100k, credit utilization under 10%...only derogatory remark is a handful of late payments a little over a year ago.

I got declined... awaiting my letter on the "why" since know one can give any info on the phone or in branch and then I was thinking of doing a review process for reconsideration.

The best guest in branch is that I am a new customer so they dont want the risk, but this seems like crap. Thoughts from other members? I don't want ANOTHER credit pull if I do a recon, so any advice on how to proceed would be great. Thought I was in a good place for this one.

Re: NFCU - Declined

Aspireto850 — Wed, 12 Jun 2019 23:04:32 GMT

That's a bummer!

I would suggest you access the 'Message' feature in your account online and send them a request to reconsider your application with just a soft inquiry!

Good Luck

Re: NFCU - Declined

Meanmchine — Wed, 12 Jun 2019 23:36:45 GMT

Its the lates

More than 1 late in less then 2 years

Re: NFCU - Declined

rbentley — Wed, 12 Jun 2019 23:40:26 GMT

I agree it is the lates. You say a "handful". How many is that actually. How late... 30/60/90?

I think you are going to have to wait for 2 years from the last late before I would recomend that you try again.

Re: NFCU - Declined

Gunnerboy — Thu, 13 Jun 2019 01:03:38 GMT

I agree with the others that its likely the late pays.

Did you by chance app for the Flagship? Perhaps you just weren’t approved for the minimum 5k SL..

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 00:01:06 GMT

Ya I figured it was going to be on the lates, its two 60 days.

I have a request in for a goodwill removal for both, but have had no luck so far. Figured maybe since this was my only item and my income/other debt is solid that it wouldn't matter as much.

But guess not!

Re: NFCU - Declined

Meanmchine — Thu, 13 Jun 2019 00:25:13 GMT

@Anonymous wrote:
Ya I figured it was going to be on the lates, its two 60 days.

I have a request in for a goodwill removal for both, but have had no luck so far. Figured maybe since this was my only item and my income/other debt is solid that it wouldn't matter as much.

But guess not!

Thats gonna be a 2 year gardening excursion for you. Most lenders wont touch that

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 00:29:14 GMT

LOL ok, sounds good.

Re: NFCU - Declined

CreditInspired — Thu, 13 Jun 2019 00:44:25 GMT

@Anonymous wrote:
Hey all!

Hearing the great stories here I signed up for Navy Fed Credit Union and threw my hat in the ring for a visa card.

Fico TU was - 682, Net Income over 100k, credit utilization under 10%...only derogatory remark is a handful of late payments a little over a year ago.

I got declined... awaiting my letter on the "why" since know one can give any info on the phone or in branch and then I was thinking of doing a review process for reconsideration.

The best guest in branch is that I am a new customer so they dont want the risk, but this seems like crap. Thoughts from other members? I don't want ANOTHER credit pull if I do a recon, so any advice on how to proceed would be great. Thought I was in a good place for this one.

Hi and welcome to MyFICO

Can you provide us with some more stats?

What CCs do you have and what are their CLs?

Is any one CC over 30% UT?

What is your AAOAs and AoYA?

What are the lates? Are they CC-related, medical, what?

What are your EQ and EX FICO scores?

How many inquiries do you have in the last 6 mos, 12 mos, 24 months?

Answers to these questions will give us a better idea on how to direct you.

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:03:28 GMT

Hi, I just wanted to give you some encouragement. I too recently joined NFCU (in January). I had similar scores to you when I joined. I also had more lates (I fell behind on my mortgage early last year and had to enter a payment plan for like 6 months and the bank reported a late payment for each month I was in the plan). I got approved for a Cash Rewards card with a 1K spending limit. So don't give up. Do you have a good credit mix? At the time I applied, I had a car loan, two credit cards, multiple student loans, and a mortgage--perhaps that's why they overlooked the mortgage lates.

EDIT: Here is a thread where someone got an NFCU secured credit card first and then got a second (unsecured) card 6 months later despite having numerous lates on their credit report and credit scores lower than yours (see post #3):

https://ficoforums.myfico.com/t5/Credit-Cards/My-navy-federal-secured-is-about-to-graduate-Should-i-apply-for/td-p/5645963

Maybe you should try for a secured card first and build history with them. NFCU seems to reward people big time who do that. As they say, "the juice is worth the squeeze."

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:02:12 GMT

I currently have 3 cards: Citi Secured $300, Capitol One Quicksilver $1500, Store Card $100

Utilization is always under 10%, I pay everything in full monthly

Average Age is - 4yr 8 Months, oldest account 12 years

Lates are both CC related

EQ/EX are both at 650-660 range

Inquires are less than 5 in the last year and less than 10 in the last 2 years

I have student loans, both in good standing. A paid off car, in good standing. No Collections accounts.

Just these 2 sixty day lates....

Thanks for reply and help guys!

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:04:56 GMT

I really think if you aren't successful with a recon, investing in a secured credit card with them will pay off huge dividends in 6 months.

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:12:13 GMT

Those 60 day lates offset the many positives you have. I would suggest asking them to give you a secured card. That way you build a positive relationship right away and as those 60 day lates age a bit you should be able to graduate and also get a second card. Unfortunately those 60 day lates will haunt you for quite a while. I had some 90 days on student loans in 2014 and they continue to create some havoc on an otherwise spotless credit profile.

Be patient, build a relationship and you should be fine in time

Re: NFCU - Declined

CreditInspired — Thu, 13 Jun 2019 01:28:30 GMT

@Anonymous wrote:
I currently have 3 cards: Citi Secured $300, Capitol One Quicksilver $1500, Store Card $100
Utilization is always under 10%, I pay everything in full monthly
Average Age is - 4yr 8 Months, oldest account 12 years
Lates are both CC related
EQ/EX are both at 650-660 range
Inquires are less than 5 in the last year and less than 10 in the last 2 years

I have student loans, both in good standing. A paid off car, in good standing. No Collections accounts.

Just these 2 sixty day lates....

Thanks for reply and help guys!

Thanks. I agree with others. Apply for a NFCU secured and IMHO, if you can swing $1K, put that on it since 2 of 3 of your CCs are toy limits. Then in 6 mos to a year, you will have shown NFCU how well you handle paying your CCs.

Because you have the income, I actually think NFCU will give you a regular CC after only 6 months.

GL2U

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:32:15 GMT

Ok sounds good!

Is there anyway I can swing a consideration for another card, such as a secured, without getting another hard inquiry?

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:35:17 GMT

Yes, just send them a secured message and ask them to consider you for secured card but ask them not to do another HP. They will honor your request. Or you can call them. Navy has great service so they will help you out

Re: NFCU - Declined

Anonymous — Thu, 13 Jun 2019 01:55:28 GMT

Re: NFCU - Declined

Anonymous — Fri, 14 Jun 2019 21:27:20 GMT

Adding an update...

The held strong after a recon but said I'd qualify for a GoRewards card and so they approved an intro $1000 limit there!!!!

I'll take it!

Thanks for the help all

Re: NFCU - Declined

CreditInspired — Fri, 14 Jun 2019 23:20:39 GMT

@Anonymous wrote:
Adding an update...

The held strong after a recon but said I'd qualify for a GoRewards card and so they approved an intro $1000 limit there!!!!

I'll take it!

Thanks for the help all

Congratulations!

Re: NFCU - Declined

gdale6 — Fri, 14 Jun 2019 23:22:56 GMT

As OP has now been approved this thread is closed to further comments. OP you are free to create an approval thread if you wish.