topic Re: NFCU cashRewards Denial in Credit Card Applications

NFCU cashRewards Denial

Anonymous — Fri, 20 Dec 2019 22:06:01 GMT

Hello all,

I was denied a CashRewards calls and need some help understanding the reasons. My FICO8 is 645 and my FICO 9 is 618. Here is the into in the denial letter.

Your Navy Federal credit score: 238

Key Factors:

Limited credit experience
Average credit limit of open credit two or Red last 12 months
Number of balance decreases on on-air stage accounts in last 3 months

Number of inquiries on credit bureau report

I called NFCU Customer Service and the CSR advised me to submit a reconsideration letter to the underwriters which I did. I'm waiting to hear from them, but I am submitting this here to see if anyone can give me more clarification for the denial. Just for background...i have four collections and three of them will be paid off at the end of this month. One is PFD and I'm going to dispute the other two. Plus, I will pay off the other collection next month.

Thanks in advance for your help,

Re: NFCU cashRewards Denial

Shooting-For-800 — Sat, 21 Dec 2019 02:14:55 GMT

@Anonymous wrote:
My FICO8 is 645 and my FICO 9 is 618. Here is the into in the denial letter.
Your Navy Federal credit score: 238
Limited credit experience
Average credit limit of open credit two or Red last 12 months
Number of balance decreases on on-air stage accounts in last 3 months
Number of inquiries on credit bureau report

Too much credit grabbing too fast. You do not have a long history of paying credit cards and you are trying to get as many as you can. NFCU is all about relationship. You will improve with time if you quit applying for cards and pay them properly. I would get a Navy secured card since you are a member. This will help build your relationship. Within a year you may get a $5,000+ card.

Re: NFCU cashRewards Denial

Anonymous — Sat, 21 Dec 2019 02:38:14 GMT

That makes sense. Glad to hear that, because I addressed all of that in my recon message. I'm fine with gardening...for now. Additionally, I signed up for direct deposit with them.

Re: NFCU cashRewards Denial

Anonymous — Sat, 21 Dec 2019 06:40:32 GMT

4 active collections is basically telling the bank "I don't pay my debts". Why did you not wait until this was cleared up before applying? Baddies in the past can be explained away. Current ones are another matter entirely.

Since you are in the process of paying them off, good. If you get denied wait until these things report as paid before app'ing again. Even if you do not get a PFD, paid always looks better on manual review because it says that "bad behavior" is in my past.

Re: NFCU cashRewards Denial

thornback — Sat, 21 Dec 2019 07:03:48 GMT

@Anonymous wrote:
4 active collections is basically telling the bank "I don't pay my debts". Why did you not wait until this was cleared up before applying? Baddies in the past can be explained away. Current ones are another matter entirely.
Since you are in the process of paying them off, good. If you get denied wait until these things report as paid before app'ing again. Even if you do not get a PFD, paid always looks better on manual review because it says that "bad behavior" is in my past.

+1 This is exactly right, and combined with credit seeking behavior, it's a recipe for denial. Wait for the collections to update as Paid or be removed - this will also improve your FICO9 scores since FICO9 ignores paid collections - so pay the 4th collection too, and let all inquiries age to at least 6 months - a year would be better but 6 months should do so long as you take care of those collections. Then try to app again - you may need to start with the secured version and that's fine too - it will lead to great things as long as you handle it, and all your other accounts, responsibly.

Re: NFCU cashRewards Denial

Anonymous — Sat, 21 Dec 2019 13:51:14 GMT

Good morning. Funny thing is that I would like to say that you're all wrong, but I know you're right. I just got caught up in the moment. I know that it's better to pay your collections, since it shows that you are responsible and FICO9 doesn't calculate them. I just got caught up in the moment. My initial plan was to do just that...wait until they clear. If the recon specialist says no, I will understand, quietly take my lumps, and go sit in the corner for six months.

Thanks for your advice.

Lisa

Re: NFCU cashRewards Denial

AverageJoesCredit — Sun, 22 Dec 2019 22:31:27 GMT

Your internal score is too low, once it rises you'll feel the luv

Re: NFCU cashRewards Denial

Anonymous — Sun, 22 Dec 2019 22:40:37 GMT

@AverageJoesCredit wrote:
Your internal score is too low, once it rises you'll feel the luv

+1 (million)

Re: NFCU cashRewards Denial

Anonymous — Sun, 22 Dec 2019 22:47:30 GMT

What is a 'good' internal score for NFCU?

Please and thank you.

Re: NFCU cashRewards Denial

SFLSpotter9210 — Sun, 22 Dec 2019 23:01:33 GMT

Nobody wants to see the rejected or denied on an application. I think plenty of people have chimed in. Now you know what you need to do. Keep your head up and know it’s not a sprint it’s a marathon. If you be patient with NFCU they will show you the love. My first card was a 1k SL. 91/3 I appd for AMEX with a SL of 25k and 11.17% apr. So if I and many others can do it so can you when the times right. Good luck on your journey 👍

Re: NFCU cashRewards Denial

Anonymous — Mon, 23 Dec 2019 00:15:49 GMT

Thanks everyone. I'm good. Just got greedy, but I had already started what I needed to do to correct this. I'm motive-driven so this just gives me something to reach for. Y'all have been great.