@Anonymous wrote:Long story short ive been with NFCU for about 5 months now, direct deposit, secured card, pledge loan, savings account with them.
Income is around 6-7k bring home a month.
Only have one collection due to medical on my transunion bankcard fico 8 is around 652.
Use my cards like a debit card and have them report a $0 Balance every month. Have a few other "new" cards that are under 6 months old with 2k-5k limits.
Also oldest accounts is 5.6 years old.
Few paid auto loans/ personal loans.
I like NFCU but trying to figure out their underwriting steps.
-Balance Status of navy accounts
-Number of payments in the last year
-Number of inquiries in the last year
-Insufficient variety of secured loan accounts
Internal score 215 out of 450.
Any insight and or tips?
Welcome to My Fico Forums, @Anonymous. 
I'm not sure what you're asking here, so would you please clarify? It appears you joined Navy five months ago and just unsuccessfully applied for the GoRewards card. And that the bullets were from your denial letter?
Navy's "Internal Score" runs from 100 to 450. Most of us only find ours out if we're denied for credit. From my observations, it has appeared that a score in the upper 200's to low 300's is desired for approval along with other credit factors in check. I was denied with a score over 400 but that was with what they considered excessive credit-seeking.
How old is the medical collection?
Navy is very relationship-based and time is your best friend with them. While five months may seem like a lot, give them more time. Using their deposit products may be helpful in growing that internal score but since it is proprietary, no one really knows for sure what the factors are or how they are weighted. Keeping utilization low is important, of course, but time alone will help you build both your FICO and internal score as long as you continue to make timely payments, let that medical collection age, and avoid seeking more credit. I would suggest waiting at least six months if not a full year before reapplying. Good luck and keep us posted!
@Anonymous wrote: ... Just wanted to get some insight on what those reasons mean.
- Balance Status of navy accounts
- Number of payments in the last year
- Number of inquiries in the last year
- Insufficient variety of secured loan accounts
While those reasons appear straightforward, keep in mind that lenders are required by the Equal Credit Opportunity Act (1974) to provide those reasons to a denied credit applicant. See this link for more details about lender requirements. Each lender provides "canned" responses, some of which may seem to apply better to a particular situation. In other words, don't get too wrapped up in the denial reasons as they can be somewhat generic.
Just curious, but were there ever any overdrafts or other adverse action on the deposit accounts? I'm trying to figure out why they mentioned "Balance Status."
For reasons two and three, they basically mean they want to see a longer payment history and want to see less credit-seeking (inquiries.)
Insufficient variety of secured loan accounts sounds to me like they may be uncomfortable with the UNSECURED revolving accounts you have with other lenders and don't wish to approve you yet for an unsecured card. But I'm not sure if that is the meaning.
Either way, time should work wonders. 