topic Re: NFCU approved CC then changed mind in Credit Cards

NFCU approved CC then changed mind

Anonymous — Wed, 21 Nov 2012 14:14:35 GMT

This weekend I was approved for a NFCU nRewards mastercard. The limit was set at $1,000 I sent them a message through the message center asking that they reconsider the starting credit limit and they replied that after further review since I am on a debt management program they closed the CC account all together. I am so confused by this. I didn't know this could happen or I would have never asked for an increase. They had already mailed me the CC and everything. Has anyone else had this happen? it's pretty upsetting and our debt management is PIF in January. So bummed out I wasted an inquiry!

Re: NFCU approved CC then changed mind

Repo-ed — Wed, 21 Nov 2012 14:15:53 GMT

Your recon prompted a MR, thus the AA.

Personally, I am not shocked they did this, as I would have done the same.

Re: NFCU approved CC then changed mind

Hightechredneck — Wed, 21 Nov 2012 14:21:21 GMT

Wow that sucks, I plan on apping there in 6 months.

Re: NFCU approved CC then changed mind

webhopper — Wed, 21 Nov 2012 14:24:35 GMT

@Anonymous wrote:
This weekend I was approved for a NFCU nRewards mastercard. The limit was set at $1,000 I sent them a message through the message center asking that they reconsider the starting credit limit and they replied that after further review since I am on a debt management program they closed the CC account all together. I am so confused by this. I didn't know this could happen or I would have never asked for an increase. They had already mailed me the CC and everything. Has anyone else had this happen? it's pretty upsetting and our debt management is PIF in January. So bummed out I wasted an inquiry!

You could always ask if you could go with the secured version of the card. .... I'm sorry to hear this but fortunately you will soon be in a position where you can get different products.

Best of Luck!

Re: NFCU approved CC then changed mind

LOC — Wed, 21 Nov 2012 14:27:59 GMT

That is horrible

Re: NFCU approved CC then changed mind

distantarray — Wed, 21 Nov 2012 14:42:52 GMT

that sucks but whille in a debt management program i could 100% understand why they would cut your account.... with a borderline score around 620 I would've been happy to just been approved for a unsecure card. I hope you luck but until your in primeville you shouldn't push for too much, atleast until your debt consolidation was completed.

Just look at it this way, if you had trouble paying back your friends, who would lend you more money? =\

Re: NFCU approved CC then changed mind

Epcot — Wed, 21 Nov 2012 15:51:54 GMT

Sorry to hear that happened to you.

Re: NFCU approved CC then changed mind

trumpet-205 — Wed, 21 Nov 2012 15:56:06 GMT

Well, to any prime lender debt management program is a big no no. Your reconsideration request prompted manual review. Nothing you can do about it.

Re: NFCU approved CC then changed mind

improvingmycredit — Wed, 21 Nov 2012 16:06:09 GMT

Hello! Under a debt management program, I'd be more concerned that the lenders in the program don't see you are applying for more credit. I'm pretty sure under the debt management agreement, you aren't supposed to seek new credit or you are in default of the agreement. This could cause your current lenders on the program to raise their interest rates to the original levels and seek a new agreement. Be very careful with this until you are out of the debt management plan.

Re: NFCU approved CC then changed mind

djc0198765 — Wed, 21 Nov 2012 17:08:26 GMT

I know for sure BOA will termnate there DMP agreement if you get another card, and I am pretty sure they are not the only ones. I was in a DMP plan for 2 years and earler this year PIF. Even after you PIF it still takes 2-3 months for all your accounts to report clear and closed and also the "managed under a DMP" lables to be removed. I would just hold out for a few more months and it will be easer.

Re: NFCU approved CC then changed mind

wallyworld123 — Wed, 21 Nov 2012 17:17:31 GMT

Eventhough they closed your card look at it from another aspect u are a member and with time u will have a card with a nice limit. Some people are not eligible and want in. You passed part a so just work harder on part b. Best of luck to you.

Re: NFCU approved CC then changed mind

Anonymous — Wed, 21 Nov 2012 18:33:27 GMT

@wallyworld123 wrote:
Eventhough they closed your card look at it from another aspect u are a member and with time u will have a card with a nice limit. Some people are not eligible and want in. You passed part a so just work harder on part b. Best of luck to you.

Re: NFCU approved CC then changed mind

Anonymous — Wed, 21 Nov 2012 18:38:29 GMT

Don't worry about NFCU, worry about your debt management program kicking you out....

When my wife did her's years ago, they were VERY clear with her that if she even app'd for new credit - ANYTHING didn't matter what it was, she would be kicked out of the program instantly and that all her rates would go back to the origional interest rates....and if she didn't catch them early enough (as in to make a payment) she could very easily default - if she let it go past 30 days.

Obviously paying 20% vs 5% means they all won't be PIF come Jan. if you get kicked out.

Re: NFCU approved CC then changed mind

Anonymous — Fri, 23 Nov 2012 19:00:00 GMT

Thanks to everyone who replied NFCU reversed their decision and opened the credit Card back up for us! NFCU has been awesome We left the debt management program. We can afford to make our payments until January and PIF all of our debt that we currently have in January. I would rather pay a little more interest and higher payment for 2 months and PIF in January since we can afford it rather than stay on a debt management program that looks bad on our credit when we don't need it. So excited that I will be completely debt free other than my car payment come January!

Re: NFCU approved CC then changed mind

Repo-ed — Fri, 23 Nov 2012 19:01:11 GMT

good work

Re: NFCU approved CC then changed mind

Anonymous — Fri, 23 Nov 2012 20:54:41 GMT

thanks

Re: NFCU approved CC then changed mind

Epcot — Fri, 23 Nov 2012 21:00:22 GMT

That's great news, Congrats!