NFCU Disappointment

[Guyatthebeach]

frugal23,

Personally I would close the NFCU secured card since you were approved for the Cash Rewards card. I would leave Overstock open. I would leave the Mission Lane Visa open until the annual fee bills for the next year. If they don't waive the annual fee, I'd close it then.

[VanderSnoot]

2. and 4. I would close Overstock and Mission Lane, as well as the secured NFCU card. You can keep Mission Lane until before the AF hits, or just dump it now, whichever is easier on you. Your Wayfair has a high CL, so I would keep it for utilization purposes.

1. Not sure. Perhaps just that YMMV.
3. Shouldn't hurt you at all as they will understand your reasoning.

[Anonymous]

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@Anonymous wrote:

Bumping for responses in regards to the following questions:

**Questions I have at this point:

1. So I guess being 18 months post BK is no longer the prerequisite. Shall I guess it's 24 months now?
2. What do you think i should do with this "secured" card they approved & sent to me? Should I close it? Don't really need it now since they reversed decision on the cashRwards card (as mentioned above).
3. Will closing the secured card wreck my chances for the auto refi later on when i re-apply?
4. Can I close 2 of my lower CL cards now w/o much effect to my score? (want to close: Overstock & Mission Lane Visa (along with secured NFCU card) No acivity or balances on any of these cards. All opened in last 6 months. Doesn't lower my utilization much at all now.

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1. For credit cards, requirements post-BK are (as of 2018): anytime post-discharge for secured cards, 12 months-post discharge for unsecured (with $1k max limit), 24 months post-discharge for uncapped limit unsecured card.

2. I'd personally keep the secured card open and hope that it auto-graduates after 6-7 months. If it doesn't then close it. If you need the funds securing the card, though, then close it. 

3. I can't think of a significant impact. Also, at NFCU auto loans and credit cards are reviewed by different credit teams.

4. Closing cards only caps your AAoA, in my opinion. If you don't pay a fee, why not keep these open and let them age? If you pay a fee, ask to convert to a product without a fee. If you can't do that, close the accounts that charge fees. 

... all just my humble opinions.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Bumping for responses in regards to the following questions:

**Questions I have at this point:

1. So I guess being 18 months post BK is no longer the prerequisite. Shall I guess it's 24 months now?
2. What do you think i should do with this "secured" card they approved & sent to me? Should I close it? Don't really need it now since they reversed decision on the cashRwards card (as mentioned above).
3. Will closing the secured card wreck my chances for the auto refi later on when i re-apply?
4. Can I close 2 of my lower CL cards now w/o much effect to my score? (want to close: Overstock & Mission Lane Visa (along with secured NFCU card) No acivity or balances on any of these cards. All opened in last 6 months. Doesn't lower my utilization much at all now.

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1. For credit cards, requirements post-BK are (as of 2018): anytime post-discharge for secured cards, 12 months-post discharge for unsecured (with $1k max limit), 24 months post-discharge for uncapped limit unsecured card.

2. I'd personally keep the secured card open and hope that it auto-graduates after 6-7 months. If it doesn't then close it. If you need the funds securing the card, though, then close it. 

3. I can't think of a significant impact. Also, at NFCU auto loans and credit cards are reviewed by different credit teams.

4. Closing cards only caps your AAoA, in my opinion. If you don't pay a fee, why not keep these open and let them age? If you pay a fee, ask to convert to a product without a fee. If you can't do that, close the accounts that charge fees. 

... all just my humble opinions.

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Thanks everyone!

You gave me some great options to comb thru....Will keep all posted.

1). Yeah, DH & I BK's are 18 months old already, so i met that requirement, no real reason they had to initially deny it, thats probably why they ended up approving it on the recon (scores at the time of app in siggy).

2). In regards to the secured card, I could keep it & just factor it in as part of my emergency funds in savings & leave it be for a while & hope it graduates.

4). I already paid the first AF of $59 to Mission Lane. I will hold it until I get my auto refi approved (to show age).

So thinking of staying put until we get over the auto refinancing hurdle, don't want to shake things up. We want this car paid off ASAP faster with lower interest rate badly.

[Anonymous]

UPDATE:

DH & I decided to try yet again with NFCU on Monday 3/16/20 to refi our SUV away from Cap 1.

We decided since I will be replacing my car by end of the this year, we will refi out of our joint ownership & instead into his name alone.

DH scores at time of app with rep:

FICO 8 CC:

EQ: 701

EX: 682

TU: 672

This time it was actually APPROVED! YIPPIE!

This allows us to go from 12.9% with Cap 1 to 4.29% with NFCU, although the loan was extended out to 60 months again.

We really weren't in it for a lesser monthly payment, more for the interest rate reduction. We want it paid in full before we replace my car at end of year. 

IN ADDITION (exactly 1 week later):

They instantly approved DH for 12.5k (SL) for the MR Amex Card (online app)

Approved CLI for my Cash Rewards card from $5k to $10k (phone request).

Approved my NavChek/CLOC request for $500 (phone req app).

No luck merging that secured card into my Cash Rewards card. (didn't cancel it yet).

You guys were right, I guess I needed a bit more patience to have the same level of success.

Doesn't necessarily happen at the same rate of speed/length of time as others did.

Will stay still for right now until time to replace my car.

Hopefully, at that time I can get a great loan rate for that car with them as well.

Fingers crossed & Thanks everyone!

[AllZero]

^ Congratulations on DH and your approvals and CLI!

[EverForward]

Congratulations 🎊🍾🎈  Your persistence with NFCU seems to be paying off 

[Phoenixupward]

Navy Fed is about relationships.  I'm 20 months post bk discharge and Navy has been very good to me.   I have checking, cds, ira and savings established through Navy.  I opened a secured CC with them in Jan 2019., graduated in 5 mos to 2k SL.  I received a 500 cli in Jan 2020.  Apped for the Navy Amex Card in Feb 2020 was approved for a 7.5k SL.  I also utilize the AZEO method.  So be patient.  Navy's fair.  The more money you funnel through Navy the better your chances are for their products.  Good Luck. 

[EverForward]

Thank you for sharing your experience and DP @Phoenixupward!

I'm new to NFCU, I joined a month ago with a $300 nRewards and a checking, 12mo post Ch7 discharge.  One of their local bank reps recently also advised me relationships are important to them.  I'm old school, so branches and relationships work for me, expecially in thie crazy world.  I'm sure they make business decisions when they need to, but it doesn't hurt that they're fair with their customers and generous with their CL,