I wanted to share some data from my cc denial by NFCU. I know there is endless info here about them (and I've read most of it) but some of this I haven't seen discussed.
Back story - I started my rebuild in Jan 2018. Subprime cards March 2018. First unsecured prime card (<1k) June 2018 and I was picking up steam. I became a member of NFCU in July 2018 with an eye on the future. In March 2019 I switched all banking over to Navy and shortly thereafter applied for a cc. Denied. I barely read the AA letter and accepted my credit just wasn't there yet.
Fast forward to today and I've been thinking about applying again so I pulled out the AA letter and its interesting... Reasons for denial:
-Utilization of revolving credit lines in last 3 months
-Limited credit experience
-Months since most recent inquiry
So while not necessarily "new account/inquiry" sensitive, they kind of are if you have a lot of new accounts due to a rebuild picking up steam. I feel like they want to be first in on a rebuild or last after you're rebuilt.
Most interesting is that while everyone quotes their TU scores and tries comparing them to other approvals, NFCU doesn't use your TU score. At all. They use data from your TU report, but not the score. My AA letter, "In processing your application, we used a credit scoring system that asigns a numerical value to various items of consumer report information we consider in evaluating a member's creditworthiness. These numerical values are based on analysis of repayment histories and behaviors of large numbers of members. The system creates a proprietary Navy Federal credit score for each applicant... We did not use your credit score from a consumer reporting agency, but rather a proprietary credit score..."
So they look back at your historical balances, are a bit inquiry/new account sensitive and your TU
score doesn't matter whatsoever. Hope this helps someone in deciding if/when to apply.