topic Re: NFCU denial!! So disappointing in Credit Card Applications

NFCU denial!! So disappointing

Anonymous — Thu, 19 Mar 2015 23:47:44 GMT

Today I became a member of the Navy family and opened a checking and saving account. It was instantly approved. Yay!

For the past few months, I have been diligent in paying down balances and bring my UTI down significantly, meeting payment obligations and refraining from HPs.

I applied for the Navy cash rewards credit card and was instantly denied. I am so depressed I was not expecting this at all.

Enclosed is the message from NFCU:

Unfortunately, your request for credit has not met Navy Federal lending criteria for approval, see reason(s) below. You will receive notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate.

Serious delinquency and public record or collection filed
Time since delinquency is too recent or unknown
Number of accounts with delinquency
Proportion of balances to credit limits too high on revolving accts
Number of inquiries on credit bureau report.

I immediately called and spoke to a rep. I was advised to to appeal since I dont agree with the reasons for denial.

-I have one account that is charged off that I have a contractual agreement to make monthly payments.

-The 2 medical accounts in collections are currently under payment plans

- I only have 1 credit card with a high balance (3400/4180). The others have zero balances. My UTI is at ~37

-I only have 2 inquiries on each credit report.

Any advice on how to approach my appeal would be greatly appreciated. Would becoming an AU on my husband's Navcheck and Navy CC help at this point?

I was not expecting a denial at all Really hoping they would reconsider.

Re: NFCU denial!! So disappointing

baller4life — Thu, 19 Mar 2015 23:59:03 GMT

Send them a secure message online and plead your case. Point out all the good you have done to repair your credit and explain your baddies. Let them know you would appreciate them reconsidering your application denial.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 00:21:21 GMT

I just went though this with them as well and I wrote the letter that they wanted me to write for an appeal/reconsideration. They told me that I would not hear back for a week at least and 2 days later I logged onto my NFCU account and saw a card listed on there. It is only a $500 limit which is low for them but they are giving me a chance.

Honestly all I did was tell them the truth, I was honest on why my past accounts were not good and then told them what I have done to correct my past mistakes.

Re: NFCU denial!! So disappointing

tiger_uppercut — Fri, 20 Mar 2015 00:39:41 GMT

How old are the collections and charged off account?

That might be what's holding you back, since the INQ and util aren't overly high at all. I would just explain to them what's going on with them and ask if they'll give you a chance to prove your credit worthiness with a smaller starting limit. It can't hurt, you've already taken the HP. Good luck, hope it works out for you.

Re: NFCU denial!! So disappointing

CreditCuriosity — Fri, 20 Mar 2015 00:48:42 GMT

No expert here, but you will get in upon writting a recon letter... Score is well within range and they are more recon friendly from what I have read than any other lender.

Oh if I had NFCU how I would use you.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 01:04:16 GMT

Will do. Keep my fingers crossed. thanks!

@baller4life wrote:
Send them a secure message online and plead your case. Point out all the good you have done to repair your credit and explain your baddies. Let them know you would appreciate them reconsidering your application denial.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 01:05:06 GMT

@Anonymous wrote:
I just went though this with them as well and I wrote the letter that they wanted me to write for an appeal/reconsideration. They told me that I would not hear back for a week at least and 2 days later I logged onto my NFCU account and saw a card listed on there. It is only a $500 limit which is low for them but they are giving me a chance.

Honestly all I did was tell them the truth, I was honest on why my past accounts were not good and then told them what I have done to correct my past mistakes.

Thanks! I will try the same approach.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 01:08:57 GMT

@tiger_uppercut wrote:
How old are the collections and charged off account?

That might be what's holding you back, since the INQ and util aren't overly high at all. I would just explain to them what's going on with them and ask if they'll give you a chance to prove your credit worthiness with a smaller starting limit. It can't hurt, you've already taken the HP. Good luck, hope it works out for you.

The collection accounts are from 2011.

The CO account was opened in April 2005. The last time I used it was in 2008. The derogatories are only being reported on EX and EQ. I made my first payment to the CA in December 2014 and the last payment will be in Nov 2015. The account is scheduled to continue to record until Feb 2019 on my reports.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 01:09:52 GMT

@CreditCuriousity wrote:
No expert here, but you will get in upon writting a recon letter... Score is well within range and they are more recon friendly from what I have read than any other lender.

Oh if I had NFCU how I would use you.

I hope they will have mercy on me! thanks

Re: NFCU denial!! So disappointing

jbsea — Fri, 20 Mar 2015 04:59:03 GMT

If you don't get the card I would go with the secured card from them. Establish a relationship with them and try again in six months.

Re: NFCU denial!! So disappointing

Creditaddict — Fri, 20 Mar 2015 05:01:24 GMT

@baller4life wrote:
Send them a secure message online and plead your case. Point out all the good you have done to repair your credit and explain your baddies. Let them know you would appreciate them reconsidering your application denial.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 13:14:51 GMT

I got denied two weeks ago. Sent PM hour after denial explaining my situation. Hour later approved for low limit 1000, but it's a foot in the door.

Re: NFCU denial!! So disappointing

TheGardner — Fri, 20 Mar 2015 13:19:41 GMT

Fortunately 1k with navy isn't very low.. It grows so fast I wouldn't sweat it at all. I had 2 1k limit cards both grew to 25 and 28k in just over a year! Good luck, treat them right and they will return the favor!

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 13:29:27 GMT

That's very encouraging!! Thanks for the advice.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 13:33:07 GMT

I pleaded my case..still nothing

Thank you for your message. We received your inquiry as to why your recent credit card request was not approved. Because we take our members' concerns seriously, we conducted a second review of your application after it had been resubmitted.

However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time.

Although we cannot currently establish an unsecured credit card in your name, you may be eligible to participate in our nRewards® Secured credit card program. Under this program, you may be issued a credit card that is secured by matching funds in your savings account. These funds will continue to earn dividends while on hold.

The minimum credit limit for our nRewards® Secured card is $500.00. Please note that the $5.00 hold that applies to your Membership Savings Account cannot be applied to your secured credit card hold.

If you are interested in obtaining a secured credit card or would like additional information, please contact us toll-free all-888-842-6328.

Re: NFCU denial!! So disappointing

Creditaddict — Fri, 20 Mar 2015 13:40:54 GMT

@Anonymous wrote:
I pleaded my case..still nothing

Thank you for your message. We received your inquiry as to why your recent credit card request was not approved. Because we take our members' concerns seriously, we conducted a second review of your application after it had been resubmitted.

However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time.

Although we cannot currently establish an unsecured credit card in your name, you may be eligible to participate in our nRewards® Secured credit card program. Under this program, you may be issued a credit card that is secured by matching funds in your savings account. These funds will continue to earn dividends while on hold.

The minimum credit limit for our nRewards® Secured card is $500.00. Please note that the $5.00 hold that applies to your Membership Savings Account cannot be applied to your secured credit card hold.

If you are interested in obtaining a secured credit card or would like additional information, please contact us toll-free all-888-842-6328.

Take the secured card... couple months you might be able to apply again for unsecured.

im still just gobsmacked by your scores being in 620+ range and a denial! they really don't like something on your report.

Re: NFCU denial!! So disappointing

Anonymous — Fri, 20 Mar 2015 13:46:28 GMT

@Creditaddict wrote:
@Anonymous wrote:
I pleaded my case..still nothing

Thank you for your message. We received your inquiry as to why your recent credit card request was not approved. Because we take our members' concerns seriously, we conducted a second review of your application after it had been resubmitted.

However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time.

Although we cannot currently establish an unsecured credit card in your name, you may be eligible to participate in our nRewards® Secured credit card program. Under this program, you may be issued a credit card that is secured by matching funds in your savings account. These funds will continue to earn dividends while on hold.

The minimum credit limit for our nRewards® Secured card is $500.00. Please note that the $5.00 hold that applies to your Membership Savings Account cannot be applied to your secured credit card hold.

If you are interested in obtaining a secured credit card or would like additional information, please contact us toll-free all-888-842-6328.
Take the secured card... couple months you might be able to apply again for unsecured.
im still just gobsmacked by your scores being in 620+ range and a denial! they really don't like something on your report.

I am going to take the secured card now. Hopefully no hard pull. Im thinking the Charge-off that is still reporting didnt help matters. I am going to pay that off within the next 3 months instead of waiting till November. Thanks for all your help!!!

Re: NFCU denial!! So disappointing

TheGardner — Fri, 20 Mar 2015 13:54:58 GMT

@Anonymous wrote:
@Creditaddict wrote:
@Anonymous wrote:
I pleaded my case..still nothing

Thank you for your message. We received your inquiry as to why your recent credit card request was not approved. Because we take our members' concerns seriously, we conducted a second review of your application after it had been resubmitted.

However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time.

Although we cannot currently establish an unsecured credit card in your name, you may be eligible to participate in our nRewards® Secured credit card program. Under this program, you may be issued a credit card that is secured by matching funds in your savings account. These funds will continue to earn dividends while on hold.

The minimum credit limit for our nRewards® Secured card is $500.00. Please note that the $5.00 hold that applies to your Membership Savings Account cannot be applied to your secured credit card hold.

If you are interested in obtaining a secured credit card or would like additional information, please contact us toll-free all-888-842-6328.
Take the secured card... couple months you might be able to apply again for unsecured.
im still just gobsmacked by your scores being in 620+ range and a denial! they really don't like something on your report.
I am going to take the secured card now. Hopefully no hard pull. Im thinking the Charge-off that is still reporting didnt help matters. I am going to pay that off within the next 3 months instead of waiting till November. Thanks for all your help!!!

Good call, get in with them and build that relationship

Re: NFCU denial!! So disappointing

TheGardner — Fri, 20 Mar 2015 13:57:02 GMT

@Creditaddict wrote:
@Anonymous wrote:
I pleaded my case..still nothing

Thank you for your message. We received your inquiry as to why your recent credit card request was not approved. Because we take our members' concerns seriously, we conducted a second review of your application after it had been resubmitted.

However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time.

Although we cannot currently establish an unsecured credit card in your name, you may be eligible to participate in our nRewards® Secured credit card program. Under this program, you may be issued a credit card that is secured by matching funds in your savings account. These funds will continue to earn dividends while on hold.

The minimum credit limit for our nRewards® Secured card is $500.00. Please note that the $5.00 hold that applies to your Membership Savings Account cannot be applied to your secured credit card hold.

If you are interested in obtaining a secured credit card or would like additional information, please contact us toll-free all-888-842-6328.
Take the secured card... couple months you might be able to apply again for unsecured.
im still just gobsmacked by your scores being in 620+ range and a denial! they really don't like something on your report.

+1 funny we don't expect navy to be so cautious. Hopefully in 6 months OP can get an unsecured card

Re: NFCU denial!! So disappointing

Anonymous — Wed, 25 Mar 2015 00:12:19 GMT

Thank you. So I just got my nfcu letter in the mail. The EQ score they listed is 100 points less than myfico EQ score. Don't know what to think. They say 528. What are they pulling?