NFCU Declined For Not Meeting Their Lending Criteria???

[Anonymous]

After 5 months of membership I decided to apply for a NFCU CC to secure a lower rate and a 0% balance transfer on a purchase that will take 3 or 4 months to pay off. I applied for the go rewards with credit scores of 808 TU; 780 EX and 738 EQ.  They pulled TU which has 4 inquiries 6 months old.  One of the inquiries was them for the initial account with them. No derogs.  I am retired and have 180,000+ annual income.  I have less than 10% utilization and it is all on one card (about $7000).  All other cards have 0 balances. I anticipated transferring this balance to a NFCU card if approved.  I have approximately $80,000 in available credit. I curently have cards with PenFed; DCU; USAA; BMW Bank and 3 store cards.  I also have two auto loans, never late for a total of about $95,000.

Upon applyling yesterday the app went to review. This morning it shows declined and the following message:

Unfortunately, your request for credit has not met Navy Federal lending criteria for approval. You will receive additional notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate.

Does anyone have any ideas as to what steps I might take to recon before I get this 5 to 7 day letter?  I don't know what spooked them but thought they might not understand the source of monthly income with a retired person or perhaps the age of the current accounts (CC's about 6 to 7 months old). I have had credit for 40+ years  and have paid off 6 or 7 auto loans and two homes.

I have no idea what their lending criteria they speak of is and I kind of wanted to put this to bed within the next day or two.  I want to see if I can get ahead of this without benefit of the "letter."  Whatever it is they did not give me any oppotunity to explain anything they were concerned with prior to denying the app outright. 

If you have seen this message before or have any ideas on a recon (without another hard pull) please advise.  I don't want to recon and they pull again.  They sound like a great credit union but it's not worth a bunch of extra hard pulls.  I am torn between a recon and just letting it go but whatever I do I would like to do it soon and not 6 or 7 days from now waiting on a letter. Thanks for any suggestions.

[Themanwhocan]

Try calling NFCU at 1-888-842-6328 to see if they need any information.

My application didn't work, and it turned out I put my annual income down instead of monthly income. In your case, they probably can't verify income in the normal manner.

[Anonymous]

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@Themanwhocan wrote:

Try calling NFCU at 1-888-842-6328 to see if they need any information.

My application didn't work, and it turned out I put my annual income down instead of monthly income. In your case, they probably can't verify income in the normal manner.

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Thanks for your suggestion.  I appreciate it.

[Aduke1122]

I would recon by sending a secured message through your online account and explain to them toy don't understand why your were not approved and list your current scores , income and UTI and ask very nicely for it to please be reconsidered .

[Anonymous]

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@Aduke1122 wrote:
I would recon by sending a secured message through your online account and explain to them toy don't understand why your were not approved and list your current scores , income and UTI and ask very nicely for it to please be reconsidered .

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Although I don't feel the need to beg (for lack of the right words) for their approval I took your advice and wrote a very polite request for reconsideration.  They sent me an email and said they need proof of income for reconsideration.  I sent the proof of income and they sent a message saying it was under reconsideration and a decision would be forthcoming within 24 to 48 hours. Their app status still shows declined.  I don't feel that the outcome will be positive but I have to commend them on prompt replies to my recon efforts. All of this communication has been done today. I think that is good customer service. I applied yesterday around 3 PM.

Also I am not in a bind to have to try to get credit from them they do have favorable rates on their cards so it would be nice to get my foot in the door.  If approved it would be my go to card.  I do generally pay in full but I am carrying a balance on a 14 APR for the next 3 or 4 months that I would like to transfer to NFCU with a lower rate.

We will see what happens. Thanks for responding.

[Anonymous]

By chance do you happen to have a NFCU by you?

There in branch staff are fantastic and can get things moving much faster for you.

[Anonymous]

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@Anonymous wrote:

By chance do you happen to have a NFCU by you?

There in branch staff are fantastic and can get things moving much faster for you.

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Not close at all. Hopefully they will decide one way or the other within the next 24 hours. They have been pretty prompt online so far.

[Aduke1122]

Keep me posted on how it goes , and with your scores and profile you are right , you don't need them but I have a good feeling it will turn out good for you in the end .

[awp317]

One thing I learned is that NFCU is very skeptical of high reported income. when I applied in august I put my income down and it went to pending, a day later was approved but for a low limit. I messaged them asking for a CLI and they asked for paystubs, then asked for tax returns, I gave them both happily they approved the increase (a measly 3k) and I acceped figuring I would give it the 3 statement CLI chance and if It didnt move high up I would put it on the choping block. 

[Anonymous]

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@awp317 wrote:

One thing I learned is that NFCU is very skeptical of high reported income. when I applied in august I put my income down and it went to pending, a day later was approved but for a low limit. I messaged them asking for a CLI and they asked for paystubs, then asked for tax returns, I gave them both happily they approved the increase (a measly 3k) and I acceped figuring I would give it the 3 statement CLI chance and if It didnt move high up I would put it on the choping block. 

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I'd have to agree with that.  

To the OP, the majority of the population when working aren't fortunate enough to have and income of 180,000+; I'd imagine there are even fewer that can garner that salary level when retired.  It's a number that is bound to throw up red flags.

Denying you without asking for proof was their "polite" way of calling you liar, I would take some delight in proving them wrong.