NFCU Cash Rewards Denied!

[IssacFair]

I joined Navy Federal last week and decided to pull the trigger and app for the Cash Rewards card. Got a flat out denial and message saying I should receive a letter in the mail with the reasons for denial.

My credit is very bad. I have multiple charge-offs and collections that are 2 years old. Scores are in the high 500s. 

I guess I will apply for their secured once the funds are in the account, and then hopefully watch my relationship with NFCu grow.

[hawkins]

NFCU has been known to be very generous to people with bad credit but even they have limits. Good news is they have a secured card which I have read is pretty good. I recommend aping for that if you haven’t already. Also the Discover secured is very good. In the meantime you will need to work on those. Chargeoffs/collections. I was once where you are now with an even lower score so it can be done. Just work hard and devote everything to trying to fix what is done. It will take time lots of time but it will happen if you stay at it. Don’t app for any more cards except secured right now it will just be a wasted hard pull at the moment. You can do this.

[M_Smart007]

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@IssacFair wrote:

I joined Navy Federal last week and decided to pull the trigger and app for the Cash Rewards card. Got a flat out denial and message saying I should receive a letter in the mail with the reasons for denial.

My credit is very bad. I have multiple charge-offs and collections that are 2 years old. Scores are in the high 500s. 

I guess I will apply for their secured once the funds are in the account, and then hopefully watch my relationship with NFCu grow.

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Sorry for your Denial OP

Grab That Secure card, use it properly and you should be able to Apply for a second Card once you get your scores up,

and show Navy you can Handle The Secure Card. At least you now have one foot in the door!  GL2U

[CreditInspired]

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@IssacFair wrote:

I joined Navy Federal last week and decided to pull the trigger and app for the Cash Rewards card. Got a flat out denial and message saying I should receive a letter in the mail with the reasons for denial.

My credit is very bad. I have multiple charge-offs and collections that are 2 years old. Scores are in the high 500s. 

I guess I will apply for their secured once the funds are in the account, and then hopefully watch my relationship with NFCu grow.

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In the meantime work on cleaning up derogatories with goodwill letters, requesting PFD, etc., because until you do those things, no lender will give you a CC unless it's a shark lender that will charge you ridiculous fees and interest rate. 

[Shooting-For-800]

Relationship is everything with NFCU.

I got $1,000 SL with a 745 Fico Score when I opened my membership.

91 days later, I got a $20,000 SL Flagship with a slightly lower FICO.

Get a secured card, increase your score 20-40 points and wait 3-6 months.

You will get a $10k card before you know it.

GL!