topic Re: NFCU CashRewards Visa Signature Qualifications in Credit Cards

NFCU CashRewards Visa Signature Qualifications

Anonymous — Tue, 29 Jan 2019 21:56:19 GMT

So, three of my friends applied for the Navy Federal CashRewards Visa Signature card and all three were approved for various amounts from $15k to $30k. Upon their suggestion I applied as well, but I was only approved for $1k and it wasn't the visa signature but a regular visa. I have good credit with my score being around 720, with no collections and relatively low balances on my other cards and make a similar salary to them. I thought maybe it was because I had just joined NFCU and they had been members a couple months. So I waited 3 months and requested a line increase but was only approved for $3k. So I waited a couple more months and completely re-applied for the card since I figure it was a different one since it wasn't a visa signature, but I got rejected saying I don't meet the requirements. I honestly don't know why they got approved and I didn't. The only difference is they own their homes and I rent, but my rent is only $700 a month. I don't know what is preventing me from getting the signature version with the higher balance. Do any of you know what the qualifications are that they look for? I am stumped because my credit is really good, BUT I do have a lot of student loans. I haven't had to pay on them yet because I am still in school, but I wonder if that is what is causing the difference?

Re: NFCU CashRewards Visa Signature Qualifications

UncleB — Tue, 29 Jan 2019 22:02:44 GMT

@Anonymous wrote:
So, three of my friends applied for the Navy Federal CashRewards Visa Signature card and all three were approved for various amounts from $15k to $30k. Upon their suggestion I applied as well, but I was only approved for $1k and it wasn't the visa signature but a regular visa. I have good credit with me score being around 720, with no collections and relatively low balances on my other cards and make a similar salary to them. I thought maybe it was because I had just joined NFCU and they had been members a couple months. So I waited 3 months and requested a line increase but was only approved for $3k. So I waited a couple more months and completely re-applied for the card since I figure it was a different one since it wasn't a visa signature, but I got rejected saying I don't meet the requirements. I honestly don't know why they got approved and I didn't. The only difference is they own their homes and I rent, but my rent is only $700 a month. I don't know what is preventing me from getting the signature version with the higher balance. Do any of you know what the qualifications are that they look for? I am stumped because my credit is really good, BUT I do have a lot of student loans. I haven't had to pay on them yet because I am still in school, but I wonder if that is what is causing the difference?

All we can do is speculate, but it appears your student loans are what caused the low approval amounts.

NFCU tends to be more sensitive to DTI than credit scores (and sometimes even income) these days.

Hang in there... it might take you a little longer, but it will grow.

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Tue, 29 Jan 2019 22:01:57 GMT

Thank you! It has been frustrating because I worked hard to get my credit up and wasn't sure why I would be rejected when I know at least one of my friends has a lower score than me. I am also assuming the student loans because they are pretty high right now. Like scary high. But I am wondering if my DTI will look better once I am on a payment plan so they know my actual monthly payment due.

Re: NFCU CashRewards Visa Signature Qualifications

UncleB — Tue, 29 Jan 2019 23:26:05 GMT

@Anonymous wrote:
Thank you! It has been frustrating because I worked hard to get my credit up and wasn't sure why I would be rejected when I know at least one of my friends has a lower score than me. I am also assuming the student loans because they are pretty high right now. Like scary high. But I am wondering if my DTI will look better once I am on a payment plan so they know my actual monthly payment due.

I suspect once you're on a payment plan that NFCU will loosen up a bit, since they'll then be able to see your complete picture (monthly obligations, etc.).

I can't offer first-hand experience on that, but I'm sure there are some around here who will chime in soon with their own data points.

Re: NFCU CashRewards Visa Signature Qualifications

AverageJoesCredit — Tue, 29 Jan 2019 23:38:43 GMT

For what its worth, it will come. Please realize all credit profiles are different and even with similarities, our profiles will always be treated differently from someone elses. Do you know how many say well i make so and so and my score is so and so but this person still got more? Lol, happens to us all but truth is there are too many factors that determine what we get. Stay the course

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Wed, 30 Jan 2019 00:09:41 GMT

I got approved for 8k starting limit back when my score was in the 500's. I had all sorts of charge-offs, repos, and foreclosures. But I didn't have any debt. And this was when I had been turned down by Macy's, Walmart and Target .I think that NFCU doesn't like a lot of debt and likes high income. Every lender has their own profile they want as a customer. Capital One seems to love people with a lot of debt and lower FICO scores.

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Wed, 30 Jan 2019 00:17:15 GMT

@Anonymous wrote:
I got approved for 8k starting limit back when my score was in the 500's. I had all sorts of charge-offs, repos, and foreclosures. But I didn't have any debt. And this was when I had been turned down by Macy's, Walmart and Target .I think that NFCU doesn't like a lot of debt and likes high income. Every lender has their own profile they want as a customer. Capital One seems to love people with a lot of debt and lower FICO scores.

NFCU has extended me $15K on an $18K income. They want to see low DTI and my only debt was a personal loan which is now paid off so once I pay off my BT with them, it wouldn’t surprise me to see them give me another $1K on a third card.

I got my first card in September at $3K, asked for a CLI to $7500 in December which I got then I asked for a $500 CLOC which I got and then I asked for my second card which they gave me a $7200 limit on. Seriously, NFCU can grow massively with low DTI.

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Wed, 30 Jan 2019 22:23:18 GMT

Yeah, I don't think my DTI is that great which is probably what is holding me back.

Re: NFCU CashRewards Visa Signature Qualifications

CreditInspired — Wed, 30 Jan 2019 23:36:46 GMT

+100 @ajc

Honestly OP, you’ll run yourself ragged comparing your profile to someone else’s. And you almost answered your own questions. Someone owning their home vs a renter is seen a little more stable. Someone with a lot of debt (student vs any other loan) is seen a lot riskier. There could be a boatload of factors—unknown to you—where your credit profile is different than your friends.

Remember, “this too shall pass,” and NFCU will reward you with a high CL before you know it.

GL2U

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Wed, 30 Jan 2019 23:39:37 GMT

@Anonymous wrote:
Yeah, I don't think my DTI is that great which is probably what is holding me back.

Have you calculated your DTI? DTI is your minimum payments including rent obligations divided by your monthly gross income. If its over 40% it’s considered to be high by mortgage standards but I don’t know how it works out for NFCU’s credit cards. A good assumption is probably below 30-35% being most optimal.

Re: NFCU CashRewards Visa Signature Qualifications

Anonymous — Thu, 31 Jan 2019 20:03:02 GMT

I haven't calculated it myself, but this past year I have been trying to get in a place to buy a home and have already had some discussions with a few lenders. The issue always seems to be my DTI due to my student loans. I don't have to pay on them since I am still in school, so they calculate my payment as 1% of my loan amount, which is extremely high and very unlikely the amount I would be paying once I work with the student loan company (I have Navient at the moment). However, they have to put in some number to calculate it in there, even if it is inaccurate based on what I will actually be required to pay monthly. I am not sure if NFCU is doing the same thing by estimating my student loan payments and using that as the baseline on my qualification or not.