NFCU Denial Help!

[Anonymous]

I was feeling really confident applying with NFCU for their nRewards card a lot of people encouraged me to do so even though I wanted to remain in the garden I felt like they'd open me with a 500 CL and in time I could work my way up. I opened a savings account with them through my Dad who is a member a week ago and tonight was confident enough after a PFD was removed from all 3 reports to apply.

I applied for their NRewards card and for a flat out denial message saying sorry we'll mail you the reasoning in 5-7 days. I've really worked my ass off to pull my scores up and still I got denied. I called in to see why and they said they can't give me any info other than it was a HP from EQ (even though CK shows it being a HP from TU) and to check the letter in the mail for why I was denied.

Scores: EQ from CK 671 from FICO8 656
EX: 636 FICO8
TU from CK 659 from FICO8 651

Please help any advice I'm really sad right now

[Anonymous]

On my EQ report there's 2 collections

1 from 2011 for $1800
And
1 from 2013 for $1000

On my TU there's one additional collections

For $250 from 2013

I've seen and been told by multiple people they've been approved for NFCU credit with up to 5 collections showing. These are both really old collections so I thought they'd have less sting

[Anonymous]

Any chance of recon or why I was denied? There's been plenty of approvals with more derogs and lower scores so I don't understand.

nRewards Visa
Date: 10/06/2016
Subject: The status of your new nRewards Visa credit card is Declined.
Message:
Confirmation Number: XXXXXXXXXXX
Loan Type: nRewards Visa
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.

[austinguy907]

Need to know specifically why they're denying you to put you in the right direction.  Get the letter and maybe it will make more sense.  Could be inquiries, debt level, etc.  Should've listened to your gut on gardening instead of peer pressure

Off to the garden with you!

[Anonymous]

I think you will have to wait for the letter.

I have heard that credit unions, and especially NFCU, are very astute to debt to income ratios.    Do you have loan balances for large amounts?     

They may also be sensitive to inquiries, how many TransUnion inquiries do you have?

No sense in beating yourself up, use their other services if you wish and try again in 6 months.

[creditguy]

This is why YMMV is a prominent acronym around here. I was approved with scores lower than yours but that obviously means nothing or you'd have been approved. You have to look at your overall profile.

Navy doesn't have any particular item they look for to deny your app, but debt to income and utilization is a big deal. Another thing to consider is a bunch of new accounts. If you have new accounts, let them age for at least six months and build some history.

In the meantime wait for the letter and go from there. Try again at a later date and you'll be in a better position for approval and a higher SL. If you were hoping for a $500 SL, you must of thought you were borderline approval, let your profile grow and focus on higher SL's. Don't rack up a bunch of toy limit cards. I was approved on my second try with navy and I'm glad I waited because they were very generous whereas on my first try they probably wouldn't have been and I'd be stuck in low limit hell. Don't get sad, get motivated and try try again, best of luck.

[Anonymous]

As far as inquiries: at the time I had 7 inquiries on my report.

2 rental HP':ms for an apartment from 2014
1 HP from NFCU to open the savings account
4 from other creditors.

For some reason people use TU a lot I was hoping for an EQ pull as it's my best and I checked credit pulls database they use EQ a lot and even the CSR thought it was an EQ pull.

As for loans I have about $35k in deferred student loans they're in deferred status for the next 2 years. And I'm in school full time so my current income is about $1650 a month but I have no rent currently (living with family).

However I wasn't able to fit a few things on the application which are crucial.

1) My fiancée's income (about 28k) which I have access to regularly to pay bills if/when needed we Bank a lot together.
2) Grants and Scholarships in receiving.

I am allowed to use both of these but the application gave me nowehere to provide them.

"According to an amendment to the CARD Act, borrowers over 21 can list any income to which they have “reasonable expectation of access.” This broad definition includes:

Personal income
Income from a spouse or partner
Allowances and gifts
Trust fund distributions
Scholarships and grants
Retirement fund distributions
Social Security income"

[Anonymous]

Oh also another 2500 from eBay sales.

Assuming DTI is the issue what would you recommend would you say I should appeal and recon OR should I just wait 6 more months to a year (when I hit 700 with EQ and TU they never pull EX according to credit pulls database and that's my lowest so + for me).

[baller4life]

DTI is most likely the issue. Since you have taken the hp, I would send a secure message listing all addtl income you have access to. And ask them to reconsider using same hp.

[Creditaddict]

When supplying the income, you should just combine it all to provide either the yearly or monthly income that is yours and you have access too that is allowed under the statement you posted.  Navy might eventually check and much of what you posted they won't accept but most other banks will never check that and some actually do accept it so just use it until asked or told differently...

I might go back and submit an app for a different card and use all the income and see.