Back in with Navy Fed but denied More Rewards

[WhiteCollar]

Fico Fam,

I settled an account with Navy Fed a little over a year ago. This week I re-established my relationship by opening a checking ($1k deposit) and savings account ($2k deposit). $200 a month will be automatically deposited into my savings by my employer. I was also approved for auto re-fi (EQ hard pull). Feeling lucky, I used the prequalify tool and saw that I qualified for all credit cards. I decided to app for the More Rewards AMEX for the $300 SUB. Well it was DENIED! It was a TU hard pull and TU is my better report. I called immediately to recon but was told I would have to wait until I received the letter stating the reason(s) why I was denied. I haven't received a letter telling me the reason(s) but I'm going to assume it was because of the old account I settled. 

After reading how other folks were able to redeem themselves with Navy Fed maybe I should app for a secured card? Or maybe just pay the auto loan for 6 months and reapply? What do you guys think I should do? I was also told if I applied for a Secured card it would result in another hard pull on TU.

[newmomnewme]

Sheesh. Bump for advice... 

[OmarGB9]

Prequalify tool is garbage. You can't trust it. That said, they probably are still a bit weary of you since you only recently paid them back. Perhaps garden and pay that car loan for a year and try again? Alternatively, you can go for the secured card, but yes, at the risk of a 2nd HP. It can graduate as early as 6 months.

[Girlzilla88]

@WhiteCollar    I agree with @OmarGB9 

[WhiteCollar]

Thank you @OmarGB9! I'm 

going to go into the garden for at least one year. I have some new accounts I need to let age anyway. 

[AllZero]

That is unfortunate about the denial. Wait until you get the letter to see if you can address those item(s).

[M_Smart007]

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@OmarGB9 wrote:

Prequalify tool is garbage. You can't trust it. That said, they probably are still a bit weary of you since you only recently paid them back. Perhaps garden and pay that car loan for a year and try again? Alternatively, you can go for the secured card, but yes, at the risk of a 2nd HP. It can graduate as early as 6 months.

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+1

[Anonymous]

@WhiteCollar I am sorry to hear about the denial. No offense, but how does the rest of your report look?

I think the best option is to wait for the letter and depending on the reason request a recon.

Navy is DTI sensitive so that could play a part if you have high utilization atm. 

[WhiteCollar]

@Anonymous No offense taken. Only 2 inquires this year and 1 last year. Utilization between 1-3%. Only debt is a monthly car payment that I just re-financed. Income is over six figures.

[Anonymous]

@WhiteCollar Thanks for the promp reply. Imo, everything sounds good and you definitely should have been approved. It's more than likely that the previous account had something to do with it.

I still suggest you recon once you get the denial letter. Hopefully you can get their decision overturned (its not impossible).

Worst case, you will have to be patient and re-app later. 

Good luck and keep us posted!

Congrats on getting back in with Navy btw.