topic Re: Denied NFCU Secured Card.... in Credit Card Applications

NFCU Secured Card Minimum Score...

Andy77 — Tue, 04 Feb 2020 17:14:13 GMT

Hello,

I just filed a bk ch 7 three days ago. My EQ is around 510.

My lawyer said its fine to apply and get a secured card now.

With that in mind, what are the minimum scores for a NFCU secured card ?

Thank you!

Re: NFCU Secured Card Minimum Score...

Anonymous — Tue, 04 Feb 2020 22:42:54 GMT

For a point of reference a guy just got approved with a 495 for an unsecured card through Navy. The bigger issue here is the Chapter 7. 3 days ago is basically last night. I wouldn't be surprised if you were denied.

But what do you have to lose? BK is an elephant. A wasted HP is a mosquito. Please keep us posted and I wish you the best of luck with your rebuild.

If I was in your shoes I would probably wait a bit and let the ink dry on your Bk. (also NFCU pulls TU for new cards)

Re: NFCU Secured Card Minimum Score...

Jnbmom — Tue, 04 Feb 2020 21:45:29 GMT

Although your lawyer advised you can get now, it’s much better to wait until your BK is discharged and your accounts are reporting IIB and zero balance. You get a little bump once this happens .

There is no need to rush back in, its not a race it’s more like a marathon.

Good luck

Re: NFCU Secured Card Minimum Score...

Bankrupt2019 — Tue, 04 Feb 2020 22:47:54 GMT

I’m not sure what score they used for secured card but when I got mine a few days ago mine were EQ622 TU582 EX590 I haven’t seen an inquiry yet.

Edit: got alerts for Inquiry from NFCU on TU from 2/2/20.

Re: NFCU Secured Card Minimum Score...

FinStar — Tue, 04 Feb 2020 22:11:38 GMT

@Jnbmom wrote:
Although your lawyer advised you can get now, it’s much better to wait until your BK is discharged and your accounts are reporting IIB and zero balance. You get a little bump once this happens .

There is no need to rush back in, its not a race it’s more like a marathon.

Good luck

Agree.

OP, based on the separate thread you had started, it would seem the best course of action is to wait until the dust settles rather than rush for more CCs. My understanding is that NFCU pulls TU even for secured cards (unless this specific product is done differently - someone can correct me on this). I would also see whether your CRs reflect any changes (scoring-wise) with the addition of the AU card mentioned in the below once the BK is discharged.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Chase-Report-AU-to-All-CR-s/td-p/5897308

Was NFCU IIB in this recent BK... or the one from 2009?

Re: NFCU Secured Card Minimum Score...

Bankrupt2019 — Tue, 04 Feb 2020 22:43:46 GMT

Yep, they sure do. TU Inquiry just showed up today, myFICO is so slow with alerts.

Denied NFCU Secured Card....

Andy77 — Mon, 10 Feb 2020 21:10:47 GMT

Hello,

So I am about a week post Ch 7 filing (all of my collection balances, etc are still on my TU, the only poz info is my paid car loan and I am an AU on a 50 yr old Chase card w/ perfect history and a balance at about 16% of CL).

I applied for the NFCU secured card for $200.00 limit and I got the 7-10 day notice. I sent a PM and they replied....

"Thank you for your message, Mr. _____. We received your inquiry for reconsideration. Because we take our members' concerns seriously, we conducted a second review of your application. After careful consideration, we have determined that we must stand behind our original decision. Navy Federal does not share our internal lending criteria with our membership. However, at this time you do not qualify for a secured or unsecured credit card account. We regret that we are not able to reach a more favorable decision."

Should I wait until my BK is discharged and try again OR recon again ?

Re: Denied NFCU Secured Card....

Bankrupt2019 — Mon, 10 Feb 2020 21:14:34 GMT

Bk must have to be discharged.I got my NFCU secured a month after discharge.I didn't apply for anything until my discharge was reported and reports updated.

Re: Denied NFCU Secured Card....

Andy77 — Mon, 10 Feb 2020 21:53:24 GMT

when was your BK discharged ?

Re: Denied NFCU Secured Card....

Anonymous — Mon, 10 Feb 2020 22:00:29 GMT

Sorry about your denial, but I agree you should have waited until discharge.

Re: Denied NFCU Secured Card....

Andy77 — Mon, 10 Feb 2020 22:02:09 GMT

I will wait a few months post discharge and then re-apply.

Re: Denied NFCU Secured Card....

TekkenQQ7 — Mon, 10 Feb 2020 22:08:49 GMT

It's too early to apply for anything. Give yourself a break and take a deep breath because the marathon is long. Sorry for the denial, but don't be discouraged.

Re: Denied NFCU Secured Card....

Anonymous — Mon, 10 Feb 2020 22:18:58 GMT

Sorry about your denial. Next time, wait until discharge.

Re: Denied NFCU Secured Card....

recoveringfrombk7 — Mon, 10 Feb 2020 23:25:41 GMT

@Andy77 wrote:
Hello,

So I am about a week post Ch 7 filing (all of my collection balances, etc are still on my TU, the only poz info is my paid car loan and I am an AU on a 50 yr old Chase card w/ perfect history and a balance at about 16% of CL).

I applied for the NFCU secured card for $200.00 limit and I got the 7-10 day notice. I sent a PM and they replied....

"Thank you for your message, Mr. _____. We received your inquiry for reconsideration. Because we take our members' concerns seriously, we conducted a second review of your application. After careful consideration, we have determined that we must stand behind our original decision. Navy Federal does not share our internal lending criteria with our membership. However, at this time you do not qualify for a secured or unsecured credit card account. We regret that we are not able to reach a more favorable decision."

Should I wait until my BK is discharged and try again OR recon again ?

Wait until 30 days after discharge -- you'll get a nice score bump one everything is cleared up and you officially owe $0. You'll also want to verify your credit reports are accurate prior to applying. Definitely check out the Bankruptcy subforum and also the Rebuilding subforum. A lot of good information and good folks who have made great progress following their own bankruptcies who can help with any questions you have/advice.

Re: Denied NFCU Secured Card....

FinStar — Mon, 10 Feb 2020 23:37:20 GMT

@Anonymous wrote:
Sorry about your denial, but I agree you should have waited until discharge.

A variety of members further upthread had suggested waiting for the dust to settle (post-discharge) for good measure @Andy77. Rushing things can lead to the outcome you experienced.

Unfortunately, another reconsideration request will yield the same outcome.

My suggestion is to heed our members' advice as a variety of them have either gone through the process or are familiar with it.