NFCU - Declined

[Anonymous]

Hey all!

Hearing the great stories here I signed up for Navy Fed Credit Union and threw my hat in the ring for a visa card.

Fico TU was - 682, Net Income over 100k, credit utilization under 10%...only derogatory remark is a handful of late payments a little over a year ago.

I got declined... awaiting my letter on the "why" since know one can give any info on the phone or in branch and then I was thinking of doing a review process for reconsideration.

The best guest in branch is that I am a new customer so they dont want the risk, but this seems like crap. Thoughts from other members? I don't want ANOTHER credit pull if I do a recon, so any advice on how to proceed would be great. Thought I was in a good place for this one.

[Aspireto850]

That's a bummer!

I would suggest you access the 'Message' feature in your account online and send them a request to reconsider your application with just a soft inquiry!

Good Luck

[Meanmchine]

Its the lates

More than 1 late in less then 2 years

[rbentley]

I agree it is the lates.  You say a "handful".  How many is that actually.  How late... 30/60/90?

I think you are going to have to wait for 2 years from the last late before I would recomend that you try again.

[Gunnerboy]

I agree with the others that its likely the late pays.

Did you by chance app for the Flagship? Perhaps you just weren’t approved for the minimum 5k SL..

[Anonymous]

Ya I figured it was going to be on the lates, its two 60 days. 

I have a request in for a goodwill removal for both, but have had no luck so far. Figured maybe since this was my only item and my income/other debt is solid that it wouldn't matter as much.

But guess not!

[Meanmchine]

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@Anonymous wrote:

Ya I figured it was going to be on the lates, its two 60 days. 

I have a request in for a goodwill removal for both, but have had no luck so far. Figured maybe since this was my only item and my income/other debt is solid that it wouldn't matter as much.

But guess not!

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Thats gonna be a 2 year gardening excursion for you. Most lenders wont touch that

[Anonymous]

LOL ok, sounds good.

[CreditInspired]

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@Anonymous wrote:

Hey all!

Hearing the great stories here I signed up for Navy Fed Credit Union and threw my hat in the ring for a visa card.

Fico TU was - 682, Net Income over 100k, credit utilization under 10%...only derogatory remark is a handful of late payments a little over a year ago.

I got declined... awaiting my letter on the "why" since know one can give any info on the phone or in branch and then I was thinking of doing a review process for reconsideration.

The best guest in branch is that I am a new customer so they dont want the risk, but this seems like crap. Thoughts from other members? I don't want ANOTHER credit pull if I do a recon, so any advice on how to proceed would be great. Thought I was in a good place for this one.

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Hi and welcome to MyFICO

Can you provide us with some more stats?

What CCs do you have and what are their CLs?

Is any one CC over 30% UT?

What is your AAOAs and AoYA?

What are the lates? Are they CC-related, medical, what?

What are your EQ and EX FICO scores?

How many inquiries do you have in the last 6 mos, 12 mos, 24 months?

Answers to these questions will give us a better idea on how to direct you.

[Anonymous]

Hi, I just wanted to give you some encouragement. I too recently joined NFCU (in January). I had similar scores to you when I joined. I also had more lates (I fell behind on my mortgage early last year and had to enter a payment plan for like 6 months and the bank reported a late payment for each month I was in the plan). I got approved for a Cash Rewards card with a 1K spending limit. So don't give up. Do you have a good credit mix? At the time I applied, I had a car loan, two credit cards, multiple student loans, and a mortgage--perhaps that's why they overlooked the mortgage lates.

EDIT: Here is a thread where someone got an NFCU secured credit card first and then got a second (unsecured) card 6 months later despite having numerous lates on their credit report and credit scores lower than yours (see post #3):

https://ficoforums.myfico.com/t5/Credit-Cards/My-navy-federal-secured-is-about-to-graduate-Should-i-...

Maybe you should try for a secured card first and build history with them. NFCU seems to reward people big time who do that.  As they say, "the juice is worth the squeeze."