topic Re: NFCU Cloc in General Credit Topics

NFCU Cloc

omnicron — Tue, 17 Nov 2020 02:37:01 GMT

I hope this is the right place for this question.

I joined NFCU about a month ago and opened a checking/saving account and apped for the Plat. card and received a sl of 1k.

Last week a app'd for a Cloc of 15k and was denied. I just received the denial letter and I'm confused. I do hope I can get some understanding here.

First off, My TU scores are 758 F8, 704 F4, 766 Bankcard 8, 730 Bankcard 4, 745 F9 and 759 Bankcard 9. Per the letter it's stating my score is 696. I assume they have their own score model. When I app'd for the Plat card their stated score was 2 points off my F9 score 755.

They stated four reasons for the denial, two I get: number of inquiries and length of membership. The other two reasons I dont get.

Requested loan amount... I would guess they would of offered me less then requested if approved.

This last one boggles my mind:

Average unused credit line amount on bankcards over the past 24 months.

So are they saying because I'm not using enough credit from my cards they wont give me a cloc?

My history if it matters.

As of Aug/Sept my scores were in the low to mid 600's. I had 3 revolving accounts, $5100 total to which I was using 65%. I paid everything off exept like $30. I have since then increased my cs to the mid 700's. I have also added 12k of new credit cards to the mix and am using 3%. I have a morgage from June and a car payment. This last friday I recieved a preapproval from STCU and app'd the card and was approved for $20k but this shouldn't be revelant as it was done after the fact.

Does anyone have thoughts?

Re: NFCU Cloc

FinStar — Thu, 19 Nov 2020 03:40:52 GMT

@omnicron wrote:
I hope this is the right place for this question.
I joined NFCU about a month ago and opened a checking/saving account and apped for the Plat. card and received a sl of 1k. Great job on this approval.
Last week a app'd for a Cloc of 15k and was denied. I just received the denial letter and I'm confused. I do hope I can get some understanding here.
First off, My TU scores are 758 F8, 704 F4, 766 Bankcard 8, 730 Bankcard 4, 745 F9 and 759 Bankcard 9. Per the letter it's stating my score is 696. I assume they have their own score model. ~~Yes, this is their internal score data~~. When I app'd for the Plat card their stated score was 2 points off my F9 score 755.
They stated four reasons for the denial, two I get: number of inquiries and length of membership. The other two reasons I dont get.
Requested loan amount... I would guess they would of offered me less then requested if approved. The amount requested was not within approval guidelines given your DTI and other factors considered.
This last one boggles my mind:
Average unused credit line amount on bankcards over the past 24 months.
So are they saying because I'm not using enough credit from my cards they wont give me a cloc? They are evaluating the average of unused available, revolving credit that you already have access to. In their eyes, it appears to be sufficient at this time.
My history if it matters.
As of Aug/Sept my scores were in the low to mid 600's. I had 3 revolving accounts, $5100 total to which I was using 65%. I paid everything off exept like $30. I have since then increased my cs to the mid 700's. I have also added 12k of new credit cards to the mix and am using 3%. I have a morgage from June and a car payment. This last friday I recieved a preapproval from STCU and app'd the card and was approved for $20k but this shouldn't be revelant as it was done after the fact.
Does anyone have thoughts? Since you're still considered fairly new with NFCU, let your profile age for several months and try again when things are more optimized. Don't let unused credit lines stay inactive for prolonged periods.

See above, OP.

Re: NFCU Cloc

coldfusion — Wed, 18 Nov 2020 21:07:42 GMT

NFCU's internal scoring metric used to range from 100-450. Had that changed?

Re: NFCU Cloc

Mr_Mojo_Risin — Wed, 18 Nov 2020 21:24:31 GMT

@coldfusion wrote:
NFCU's internal scoring metric used to range from 100-450. Had that changed?

That was my thought as well.

Possibly they pulled EQ for the CLOC?

Re: NFCU Cloc

FinStar — Thu, 19 Nov 2020 01:11:32 GMT

@Mr_Mojo_Risin wrote:
@coldfusion wrote:
NFCU's internal scoring metric used to range from 100-450. Had that changed?
That was my thought as well.
Possibly they pulled EQ for the CLOC?

Interesting, the OP applied last week so it's possible they still used EQ? Unless something changed recently, other than transitioning to TU, perhaps the score might be aligned to EQ. IIRC, they were still using EQ for CLOCs in September.

@omnicron - what agency was used or listed in your correspondence?

Re: NFCU Cloc

omnicron — Thu, 19 Nov 2020 02:27:26 GMT

They pulled TU. I just comfirmed via my new 3b report from yesterday. When I app'd for the Plat card a month ago it was also TU.

Re: NFCU Cloc

omnicron — Thu, 19 Nov 2020 03:07:24 GMT

My Dti is about 14%.

I am running every single bill or purchase through the cards I want to grow, Chase slate $500sl, I chage it up and pay if off twice monthly,

Disco $6500sl, I am now carrying a balance of 2200 on that card, Cap1 QS $600sl, once again I charge it up and pay if off twice monthly and the NFCU card, I ran it up to 800, paid it off and ran it up to 500 and paid it off. I am using my credit but not for what I want to do.

I assume people know about volecity banking and thats my goal. I want to start doing balance transfers but dont have a line big enough to make it effective if I stay at 30% on that line. We have a high enough income with a low dti that we could utilize a good line of credit but my highest line was Disco. I now have the STCU Premier Rewards World Mastercard with a 20k sl but their promo for BT is 1.9% for 12mo.

This Is why I want the cloc, I want to do VB the easiest way. I'll apply again in 6 months but may hold off longer to let some of my inquiries drop off.

Re: NFCU Cloc

Jnbmom — Thu, 19 Nov 2020 03:10:51 GMT

NAVY's CLOC is not what it used to be, which I can would think itis beacuase of our current state.

They used to hand out 15K, now people are lucky to get 500. Just hope their credit cards ways stay the same, but yes their CLOC is not what it once was.

Re: NFCU Cloc

FinStar — Thu, 19 Nov 2020 03:40:23 GMT

@omnicron wrote:
They pulled TU. I just comfirmed via my new 3b report from yesterday. When I app'd for the Plat card a month ago it was also TU.

Thanks for confirming. I was under the assumption they had used an internal score which doesn't seem to be the case any longer. I'll edit my reply upthread and strike-out that piece of information.

Re: NFCU Cloc

Anonymous — Thu, 19 Nov 2020 03:51:41 GMT

@Jnbmom wrote:
NAVY's CLOC is not what it used to be, which I can would think itis beacuase of our current state.

They used to hand out 15K, now people are lucky to get 500. Just hope their credit cards ways stay the same, but yes their CLOC is not what it once was.

This would be the main answer @omnicron

You're also new to Navy, so waiting a couple months for them to relax with you *may* be beneficial. At least for a 2nd card (Platinum and then BT for cashflow?), CLOC isn't as generous for them at least, right now.

Plenty of other credit unions out there to get LOC with; SECU MD is a nice one that a fair amount of people here like: 670+ EQ5 for approvals, lower DTI preferred, can use the same HP for 30 days over-and-over.

Velocity banking..? Quick read on it says it doesn't work well, at least with LOCs (since they have high rates still). HELOC, maybe.. IDK it sounds like paying extra towards home, just with extra steps

Re: NFCU Cloc

omnicron — Thu, 19 Nov 2020 04:13:18 GMT

I actually figured I would only get 500 and was ok with it. I am trying to build a strong financial relationship with them. I am having my VA Disability along with half of my income DD into my account. I have a long term goals beyond having no morgage in 6 years to buying investment properties and would like to have a strong relationship to achive my goals.

It's off topic but my credit history is well, not good. I had 40k in student loans in default in 2011. I was being garnished 15% of my gross pretax. I could of fought it and had it lowered but I was like, ehh, just let it go and be done with it. It took almost 5 years but here I am now in the best financial situation of my life. We moved states in May, bought a house, consolidated debt and have stable jobs and a low DTI. Also with my 25 years of fighting throat cancer and all the possitives going for my family, I feel like my life has just started for the first time and I'm 50 years old.

Re: NFCU Cloc

omnicron — Thu, 19 Nov 2020 04:53:55 GMT

Well, you are paying more towards the house but in chunks. If you do it right, you pay towards your principle and skip the interest. Even a credit card with a high apr saves you money over the amortized rate on a morgage. I would rather pay 500 in interest for 6 months on a credit card to save almost $4000 in interest on the morgage. Every 6 months you repeat. In my case it could save me 90k in intrest and instead of paying the morgage for 30 years, it could be paid off in 5-7 years. The more I learned about Volecity Banking the more excited I got. You can use VB with any debt. I just need the right tool for the job.

I have a relationship with Canvas Cu from Denver and am establishing one here in WA with STCU. Whom ever treats me the best going foward will earn my business.

I may or may not apply for a second card from Navy as I want some HP to drop off. I will ask for my cli after my third statement. I may re-app in 6mo for the cloc or I may app with Penfed and the ploc. Penfed doesn't like me though, i turned down a loan from them and they denied me for a CC after that. They love my wife though and throw money at her like she's a stripper.