DCU denied

[Anonymous]

I applied for a membership and then credit card online and was denied for the cc. I called and spoke to a "loan officer" and was told it was likely due to too many collection accounts. Is it worth trying NFCU?

Income: $225k

Current accounts:

Capital One Quicksilver: $0/300 (opened Dec 2018, 0 lates)

Citi AAdvantage: $0/2400 (opened Dec 2018, 0 lates)

Target: $0/200 (last reported 2016, 0 lates)

Macy's: $0/200 (last reported 2009, 0 lates)

Mortgage: $360k (1yr old, 0 lates)

Capital One Auto Finance: $27k (1yr old, 0 lates)

Student Loan 1: $15k (11yrs old, 0 lates)

Student Loan 2: $15k (11yrs old, 0 lates)

CreditKarma stats:

TU: 618, EQ: 624

Hard inquiries: 13

Total accounts: 9

Credit age: 10yrs 2months

Derogatory marks: 12 (ALL medical collection accounts: $4400 total, $400 average)

Credit card use: 4%

Payment history: 100%

[Pikaboo-icu]

Welcome to My Fico..

Honestly, you have great income.. Is there a reason you haven't tried to settle the collections?

They're going to hinder any & all apps..

The rebuilding board has great info and members to advise you on settling collections.. Pay for deletes etc..

Do you have Military affiliation to join NFCU?

They're very dti & uti focused so you might have problems getting approved there if DCU denied.

Sorry. 

[Anonymous]

Thanks for the reply! I havent settled the medicals because I haven't put much effort into credit until recently. If I settle them how long will it generally take for my scores to bump up?

My NFCU affiliation is that my grandfather was active duty Air Force.

[CreditCuriosity]

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@Anonymous wrote:

Thanks for the reply! I havent settled the medicals because I haven't put much effort into credit until recently. If I settle them how long will it generally take for my scores to bump up?

My NFCU affiliation is that my grandfather was active duty Air Force.

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Yes with your income I am surprised you let those go for such a small amount of money in the grand scheme of things.  Did you settle for PFD (pay for delete)?  or just settle?  If it is the latter do yourself a favor and google whychat hippa and do some reading as you can get those off really early or if they are fairly recent they will be with you up to 7 years from insertion and hold your scores down.  if you google what I said and educate yourself they certainly can be gone alot sooner.  btw this process can't directly be discussed on this forum, but when something can be taken care of fairly easily I feel bad not sharing a push in thte right direction and let you discover somet stuff and participate where you find what you seek.   Best of luck 

[Remedios]

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@Anonymous wrote:

Thanks for the reply! I havent settled the medicals because I haven't put much effort into credit until recently. If I settle them how long will it generally take for my scores to bump up?

My NFCU affiliation is that my grandfather was active duty Air Force.

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There may be no scoring bump at all  or a small one unless they are deleted after payment. 

I'd suggest you check this thread https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/m-p/4727098

Also, if you wish, you can post your scoring questions here  https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

Quite a few people there can give you a better idea on how your score may change depending on circumstances such as collections, utilization etc 

Good luck! 

[Anonymous]

I haven't disputed them at all. I used to peruse a different forum many years ago so I am familar with the various ways to attempt to get them removed.

These all seem to be legit and reporting accurately. Three of them are about 5.5 years old and total out to about $1k. Illinois has a 5 year rule I thought?

Six of them are with the same collection agency. I think I'm going to try to pay for deletes.... is that typically successful if I offer 50%?

[coldfusion]

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@Anonymous wrote:

These all seem to be legit and reporting accurately. Three of them are about 5.5 years old and total out to about $1k. Illinois has a 5 year rule I thought?

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Different states have different statues of limitations defining how long a creditor can successfully sue you to collect an unpaid debt.  That's different than how long it can be reported, which is regulated at the federal level and not individual states. 

That 5 year rule defines the SOL, not the reporting window.

[Anonymous]

thank you!