topic Re: Denied $500 CLOC NFCU in Personal Finance

Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 04:53:12 GMT

I'm really getting frustrated with NFCU. I went through hell to get proof of my grandfather's military service so I could join, and they didn't even ask for it. Applied for a card and was denied. Not too big a surprise given my scores at the time, but I've seen others in my range get approved and mine are approaching 600 now. Waited a couple of months for some disputes to go through and some payments to post, and tried to get a measly $500 CLOC (which I've had with BofA since my credit was sub 500 many years ago) and got denied. **bleep**, NFCU?

I know I should get a secured card with them to start building a relationship, but I already have two secured cards, and I don't have the whopping $500 minimum to open a secured card with them just lying around.

I just dont don't know how so many people with scores worse than mine have been saying they got approved for stuff at NFCU. My until is a little high, but it's under 50%, not massive. Debt is quite small compared to income.

I just feel feel like giving up on NFCU.

Re: Denied $500 CLOC NFCU

ryder32244 — Mon, 10 Jul 2017 05:05:52 GMT

I didn't get approved for the 500 CLOC with scores right below 600 at the time, but I was approved for an unsecured card. Your choice, but I would say the NFCU secured card and relationship with them will grow faster than the others. Be patient, its going to take some time. Show NFCU you will do right by them and I think it will grow and be worth the trouble.

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 05:09:58 GMT

Hello, have you tried attaching your two most recent paystubs and sending them a nice secure message asking them to reconsider your application? Many have had luck with this method. We have many datapoints of it working with credit cards. The CLOC and Credit Cards have different UW so you could also try for the credit card if you wish. You have nothing to lose by asking for a reconsideration. Cheers and good luck!

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 05:16:35 GMT

If you are a member for 90 days, you can sign up for the oops thing, which is pretty much a 500 checking line of credit. Also, if your utility is high you can work to improve that. And the pay stub thing mentioned above might work. Remember, slow and steady is good. You'll get there.

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 05:32:47 GMT

OP, I wish things had worked out bette for you. If you can work on those scores, I'm fairly certain things will change, and it can be sooner than you expect.

I have a question for my own self-interest. Ive been a member since last year, but I havent used the checking account at all, other than 2 deposits. Would not using a checking account Ive had for a long time have any effect at all on my application for this? I often wonder that when I see threads like this, and finally now have the chutzpah to ask, due to some cold beverage. I'm asking for my oen interest, yet I wonder if it has any effect at all on people like the OP as well?

Re: Denied $500 CLOC NFCU

CreditInspired — Mon, 10 Jul 2017 10:04:49 GMT

JustTara, I think I recall your applying for a NFCU CC last month and getting denied. As Ryder suggests, be patient, it takes time. IMHO, I think going to the garden for 6-12 months will be a godsend. It will allow your AAOA to increase, your UT to drop, and your scores to grow. I love to quote other members (even when I forget who said it) because their simplistic advice has helped me over and over. (1) banks only want to give money when one doesn't need it. This is deep because in hindsight it makes sense. If one keeps applying for credit, it scares lenders off. It makes them think one is desperate when in reality one may not be. (2) Building good credit is a marathon, not a sprint. If this is not the gospel. It really takes a lot of discipline (gardening) to get the scores (seedlings) to grow. (3) IMHO, I do believe denials begat more denials. It says, it's time to take a break from applying.

It will all work out. Patience wins every time. GL to you.

Re: Denied $500 CLOC NFCU

CreditInspired — Mon, 10 Jul 2017 10:13:27 GMT

@Zipperhead
I do not suggest using the OOPS thing unless it's a dire emergency and I mean dire! The fine print: NFCU charges $20 every time your acct is overdrawn $5+ and the overdrawn amount must be paid in full (including the $20 overdraft fee) within 30 days. So even if you wrote a single check for the full $500 allowed, you owe $520 within 30 days. Now this is not usury but my Gawd, that's expensive! So imagine if some overdrew their checking account 3 times by let's say $120, $45, and $200 -- that's $60 on $365. No way!

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 13:55:25 GMT

It's still better than the $35 Bank of America charges. But I actually WANT my bank to decline charges binding have the money for. I just wanted another trade reporting to help with until since my limits are all ridiculously low right now.

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 14:17:59 GMT

Yes, and frankly, you shouldn't bounce checks. Look at the fees as penance for doing something so stupid and learn from that. Having a back up system in place to prevent these things is a sign of a responsible adult.

Credit is a great tool, but it isn't cash.

Re: Denied $500 CLOC NFCU

medicgrrl — Mon, 10 Jul 2017 16:59:03 GMT

How's your income and employment history look? My son has scores around 700 and was denied also. I think it's due to his short employment history with his current employer.

Re: Denied $500 CLOC NFCU

Anonymous — Mon, 10 Jul 2017 19:26:18 GMT

@medicgrrl wrote:
How's your income and employment history look? My son has scores around 700 and was denied also. I think it's due to his short employment history with his current employer.

I'm self-employed but it's verifiable with 1099s and bank records if they asked. I've been doing the same thing for about 6+ years now, and self-employed in another field for 20.

i never write checks, I only use my debit card or bank transfers. I just want something with them other than a secured card to get my foot in the door, because I just can't spare $500 right now and I already have two secured cards elsewhere. I have a kid in the hospital and I'm staying with him and money's tight for the next few weeks.

I guess I'll just wait longer and maybe they will suddenly see me like they see other people who get in with low scores. Fingers crossed.

Re: Denied $500 CLOC NFCU

peghede — Mon, 10 Jul 2017 23:50:12 GMT

Over 600 score ,Ok income and not crazy debt you'll get full 15k

Re: Denied $500 CLOC NFCU

Anonymous — Tue, 11 Jul 2017 03:27:29 GMT

Just a suggestion based on my own ecperience...and trust me I am no expert, just learning.

The impression I got when exploring options via telphone with them was that the CLOC was way harder to get than a CC and thier Platinum Card had a different credit evaluation model than thier rewards and cash back cards.

My opinion, if you're ground floor looking up and the timing is right on measurables like debt/income ratio, is to open your NFCU door with the basic Platinum card. Also...a conversation on the phone will really help. At least it did in my case. I merely ASKED about the secured card process and at the end of my call I was approved for Platinum @ $3100.

Best of luck to you when you decide the time is right to try again.

Re: Denied $500 CLOC NFCU

Anonymous — Tue, 11 Jul 2017 05:05:56 GMT

@Anonymous wrote:
Just a suggestion based on my own ecperience...and trust me I am no expert, just learning.

The impression I got when exploring options via telphone with them was that the CLOC was way harder to get than a CC and thier Platinum Card had a different credit evaluation model than thier rewards and cash back cards.

@Anonymous opinion, if you're ground floor looking up and the timing is right on measurables like debt/income ratio, is to open your NFCU door with the basic Platinum card. Also...a conversation on the phone will really help. At least it did in my case. I merely ASKED about the secured card process and at the end of my call I was approved for Platinum @ $3100.

Best of luck to you when you decide the time is right to try again.

No it does not. The only card with different criteria is the Flagship card.

Re: Denied $500 CLOC NFCU

UncleB — Tue, 11 Jul 2017 08:57:49 GMT

@Anonymous wrote:
@Anonymous wrote:
Just a suggestion based on my own ecperience...and trust me I am no expert, just learning.

The impression I got when exploring options via telphone with them was that the CLOC was way harder to get than a CC and thier Platinum Card had a different credit evaluation model than thier rewards and cash back cards.

@Anonymous opinion, if you're ground floor looking up and the timing is right on measurables like debt/income ratio, is to open your NFCU door with the basic Platinum card. Also...a conversation on the phone will really help. At least it did in my case. I merely ASKED about the secured card process and at the end of my call I was approved for Platinum @ $3100.

Best of luck to you when you decide the time is right to try again.
No it does not. The only card with different criteria is the Flagship card.

I think that perhaps because Capital One calls their entry-level card 'Platinum' it causes confusion with the NFCU Platinum.

At NFCU, you can freely PC from one card type to another practically at will, they just adjust the APR to reflect the rewards (or lack thereof) on the new card type. The only card they have that has different underwriting is the Flagship due to the $5k minimum credit line, just as @Anonymous mentions. That said, as long as you have at least a $5k credit line you can even PC to the Flagship.

If it were 'easier' to get approved for the Platinum, everybody would just apply for it then change over to a Cash Rewards/goRewards, etc.

Re: Denied $500 CLOC NFCU

Anonymous — Wed, 12 Jul 2017 22:00:41 GMT

I'm going to work on getting my score up by paying off some balances ASAP and try again when my score is over 600.

Re: Denied $500 CLOC NFCU

JustBPatient — Wed, 12 Jul 2017 22:45:22 GMT

All good advice here, I would just throw in maybe opening a checking account. Show them you arent just there for the credit products. I know when I joined, I didnt apply for anything BUT I did set up DD for a portion of my check and utilized their banking. Low and behold 3 months later, emails and mailer about their credit products. So I went ahead and applied for CR and got 24k out of the gate along with 15k cloc. Now I dont know if having a checking account meant anything to them but I dont think it hurts. Good luck and as others have said....its a marathon, not a sprint!!

Re: Denied $500 CLOC NFCU

Anonymous — Wed, 12 Jul 2017 23:07:47 GMT

I have a checking account with them and deposited $25 but I haven't moved anything significant over since I have a loooong history with BoA and just got their secured card which I want to graduate and I want to keep my direct deposits going there for now.

Re: Denied $500 CLOC NFCU

Anonymous — Thu, 13 Jul 2017 05:35:57 GMT

NFCU pulls Equifax for CLOC. You have a 528 score on Equifax. I don't know why you are suprised you weren't approved. I got turned down with 580 score for CLOC. I did get approved for a Go Rewards card for 6500 dollars though. . Get your score up close to 600 and apply. for a credit card.

Re: Denied $500 CLOC NFCU

mcp3ak — Mon, 31 Jul 2017 05:01:51 GMT

Is it the Fico Score 8 or the Bankcard Score they pull?