@mrshulkisloislane wrote:
@itspnutbutterkellytime wrote:
NFCU looks at utilization heavily. 47% is a lot, especially for a rebuilder. 47% shouldn't be (isn't) the norm despite having smaller limits. You should be keeping them under 30% at least. Ideally, you should be using just one card and keeping that under 30%.
When I applied for a NFCU CC, my utilization was at 5% even though my limits were smaller like yours. My scores were in the low 600's, many inquiries and I still had other derogs showing, though most were paid off. Still, I was able to get a GoRewards card with a $2,100 limit and I attribute that to my low utilization.
This baffles me! I know this thread is a year old but I had to chime in. I appd nfcu cash rewards. Branch mgr. suggested was my best bet. They pulled TU which was 643 at time, 5 inq. in last 12 mos., 0 lates, 20% útil, 2 collections (5 yrs. old, 1 medical was told Navy doesn’t count those.), oldest account 8 mos. aaoa 5 mos. 1 nfcu secured loan (9% owing.) 36,000 annual income and I was instaDENIED and they 2nd that emotion on recon. What am I missing? I know you shouldn’t compare but it’s hard when I see others like the poster above boasting approvals at $2100 no less. My internal Navy score was 228. What is it they don’t like about my profile? I thought collections were the issue but that wasn’t listed on letter. I offered to send in proof of income on recon and they still didn’t bite. I mean goodness could I get a measly $500 to start? What now? So discouraged
I’m only responding to your message not the larger thread. Sorry about your experience with NFCU. It’s difficult to speculate without having all of the factors.
When you compare your utilization with the utilization of the person quoted, the difference between 5% utilization and 20% utilization can be enormous. Also, their could be a huge difference in income and housing obligations. For all we know, that person could be making $250K. Essentially, even though their score may be slightly lower their obligations could be significantly lower than yours.
There’s no established standard for data points so we only get what people want to report. Often, it’s not all of the available information which makes it difficult to provide an apples to apples comparison.
For example, their derogatory items could be three medical collections for less than $100 compared to your non-medical collections for X amount. It’s difficult to determine risk with incomplete info. However, Navy has all of the info.
I know that’s not what you wanted to hear. I’m also sometimes baffled at some of the folks NFCU approves including myself on my first card. But I remember that I don’t have all of the details.
Hopefully, that provides you with some solace. What I do know is that NFCU seems to be a bit more forgiving than other lenders and their opinions change with a bit of time and TLC. Don’t give up on them.
