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NFCU - Declined

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New Contributor

NFCU - Declined

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.

 

Message 1 of 20
19 REPLIES 19
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Established Contributor

Re: NFCU - Declined

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









Message 2 of 20
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Super Contributor

Re: NFCU - Declined

Its the lates

More than 1 late in less then 2 years


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2020 CCT EX 830 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 3 of 20
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Established Contributor

Re: NFCU - Declined

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.

 

Message 4 of 20
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Regular Contributor

Re: NFCU - Declined

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..



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 5 of 20
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New Contributor

Re: NFCU - Declined

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!

Message 6 of 20
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Super Contributor

Re: NFCU - Declined


@JRack 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!


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


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>08/2020 CCT EX 830 TU 848 EQ 844

I'd get it one piece at a time
And it wouldn't cost me a dime
You'll know it's me when I come through your town
I'm gonna ride around in style
I'm gonna drive everybody wild
'Cause I'll have the only one there is around.

- Johnny Cash One Piece At A Time
Message 7 of 20
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New Contributor

Re: NFCU - Declined

LOL ok, sounds good.

Message 8 of 20
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Community Leader
Super Contributor

Re: NFCU - Declined


@JRack 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.

 


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.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 9 of 20
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Regular Contributor

Re: NFCU - Declined

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."

Message 10 of 20
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