A little confused about NFCU approval process

[AlmostNJ]

Thanks.  That explains it then. So the credit score is not the only thing.  Wifes income is 24K but mine is 210K. 

[pizza1]

What your Overall utilization look like? like give a %.

[Anonymous]

Both of us 24% overall utilization

[Anonymous]

Are AlmostNJ and hernandez_nj the same person?

[Anonymous]

Yes. I dont know why it shows up as 2 different handles.

[UncleB]

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@Anonymous wrote:
Yes. I dont know why it shows up as 2 different handles.

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@Anonymous  check your PMs.

--UB

[Anonymous]

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@AlmostNJ wrote:

Thanks.  That explains it then. So the credit score is not the only thing.  Wifes income is 24K but mine is 210K. 

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Am I from another planet or what???

So you make 210k + your wife makes 24k. total of 234k!!! 

20k/month.

And you are "making payments" on $3500 colection?

Wow. Why not just pay it off.

I came to this country with nothing. 

I lived on 14k/year for 1 year. had zero debt. saved. was able to easily lend my aunt 5k.

Then I started making 35k/year. Bought a nice house. paid it off. bought brand new car with cash. saved 100k. all in 8yrs.

I was a little bit lucky with timing my house purchase but still man your income is 10x what my was.

(now I am loaded...but that is completaly different story...)

point is ........why are people so bad with their money?

unreal.

I am not trying to be mean....I just dont get it. it is ubelivable to me that somone can make so much money and have money problems.

[AlmostNJ]

Alexi

Nice story. Doesn't really answer my question though.

[Anonymous]

You can't just look at your credit score and compare it to others.  Lenders don't make decisions just on the basis of credit scores because scores are simply a snapshot of your credit status at a particular point in time and they would be very misleading if your situation changed after the score was calculated.  Instead, lenders evaluate your entire credit profile i.e. your credit history/records for the past seven years; and some lenders look back at more than seven years based on their internal records.

You were approved for an auto refinance because it is secured debt; meaning that if you don't make the payments NFCU can repossess your car.  Credit card approvals are different because they represent unsecured debt - if you don't pay back the lender they don't have a tangible asset they can seize.  So lenders tend to be more picky when considering unsecured debt and currently you have significant derogatories like the $3,500 charge-off that lenders don't like to see.  That derogatory will remain on your credit report for 7 years even if you pay it off.  Added to that, your 24% utilization is higher that what many lenders prefer to see since it means you're likely overextended with debt and its possible you will default.

What is the individual utilization on the cards you currently have?

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@Anonymous wrote:
I have been a member for about a year. I have a 663 FICO and I was approved for a Used car auto refinance at 16%.
I applied for a Reward Visa, rejected. I applied for a 500 Overdraft LOC. Rejected.

My wife has a 703 FICO and she was rejected for a Reward Visa as well.

I see folks on this board with much lower scores get approved with crazy SLI.

What am.I doing wrong?

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[CreditInspired]

Alexj
OP asked a genuine question about why he and his wife were denied for a NFCU credit product. Please remember that responses should always provide value and insight to forum members. We are all here to learn and many of us have been in similar situations.