NFCU Denial Help!

[Anonymous]

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@Anonymous wrote:
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).

@humuhumunukunukuapua'a wrote:

baller4 has provided wise advice here.

Also consider the fact that listing "0" for rent may have caused a slight red flag in their computer system. Yes, I know your rent is actually zero, but it wouldn't be the first time that putting zero in a category that shows your expenditures for housing has tripped an alogorithm (since zero usually doesn't make sense). I don't think it's the entire reason, but it may be one of several factors.

Are the student loans showing as deferred on your actual credit report? Status showing is also important since your income is fairly low.

Also, you are listing CreditKarma scores and CreditKarma scores are not accurate. Obtian your real credit scores from the credit bureaus directly and you will see what you have to work with.

Wait for the letter, and talk to Navy once you have the letter, but be prepared for them to possibly stand firm in their decision.

Work to bring your scores and income up, develop your credit history further, give it time, and apply again in 6 months.

You may also wish to start with the secured nRewards card to develop the relationship, as several others have done on the board. Good luck.

[Creditaddict]

Otherwise, you submit a secure message online stating you have been working very hard to clean up your past mistakes and you thought you had cleaned up enough and gotten your scores into the 600 and wanted to continue that rebuild with a strong credit union and joined and applied with navy and was shocked to be instantly denied vs offered at least a smaller starting limit card.

They will manual review it and probably answer in under an hour.

[Anonymous]

So I decided to send them a secure message through my account portal this is what I said,

"Hi,

This is in regards to the credit card application associated with this confirmation number XXXXXXXXX

I wanted to add a few things I was unable to add to my application I couldn't find proper space for it maybe it will help or maybe it will not.

My personal income is $1650 a month while I'm finishing school. Here's what I couldn't add to my application. In addition to that I receive about $15,000 annually in scholarships and grants that I'm able to use for bills or living expenses my fiancée and I live at my Dad's house for now so there is no rent we owe we're moving in a few months but for the time being I do pay nothing towards housing. My fiancée and I do most of our banking together and I am an authorized user on most of her credit/bankcards. She makes about $29,000 annually which I do have access to those funds should I need them. Additionally I do make a hobby of selling on eBay so far this year I've made $2,500 in sales with them.

I believe this information may provide additional insight into my financial situation that was not able to be provided on the application for lack of space.

To be honest with you when I was 18-20 I didn't know how to manage credit I was given multiple accounts and I mismanaged them I've cleaned up my credit a lot since then and have worked diligently to improve my scores to about 650. I was hoping I could get in with a starting limit of even just $500 and with time take care of that credit card hoping that with time the limit will slowly but surely increase.

The reason I bring up the additional income information is because of this:

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

Thank you for your time,

XXXX XXXX

[Anonymous]

Creditaddict - There was no specific message area for credit for me so I put it under other.

Is my message okay?

[Creditaddict]

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@Anonymous wrote:
Creditaddict - There was no specific message area for credit for me so I put it under other.

Is my message okay?

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sure

[Anonymous]

Would you have added something or left something out?

[Creditaddict]

My experience with navy once you get into verifying income if it is not a joint application they will not except anybody else's income and they will not except stated self-employment income like eBay and less it is on your taxes so that's why I said last is more and you should just include it and then later if it means verifying or they don't except it they will remove that portion them self.

But let's see what they say, maybe it didn't come down to income

[Anonymous]

Well a lot of people have said DTI is most important for them. 'My student loans show as closed because they're deferred but that might play a factor.

I included reasoning as to why I'm including the additional income information for grants/scholarships as well as my fiancée's income because of the CARD act which requires them to allow it...

As far as eBay I may or may not add it to taxes depends if I hit 5k in sales depends on how things go.

I guess we'all see! So you think they'll reply today?

[Creditaddict]

Yes, they are usually very quick

[Anonymous]

This is their response:

Thank you for your message. Upon review the application was declined due to excessive credit obligations in regards to income. If you did not complete the application income portion correctly or forgot to include your other income, please complete another application with all of the correct income information and resubmit. As long as you resubmit your corrected application within 30 days, it will not result in an additional CBR inquiry. If you have any other questions, please let us know.

What should I do?