NFCU Flagship Rewards CC Application

[Anonymous]

I have had an NRewards Credit Card from NFCU that was opened in 2014 - never had a late payment.  I did keep the utilization consistently at 100% but the past couple months have paid it down in full.  My scores in the toilet due to identity theft but I finally brought TU to 701 (vantage 3), Experian to 688, and Equifax 650 (slow to remove some things but will eventually happen).

I figured I would apply to NFCU Flagship for a better travel points card and higher limit (NRewards is at $3k) and because NFCU only pulls TU which mine was at a 701 score. They DID only pull TU which was nice but I was declined!

I ended up applying over the phone and it went into review and 24 hours later they declined it!  I've seen people with bad scores get like $10k SL on this card!  So I re-coned via their secure message and called in and had phone teller do it as well.  I haven't heard back, but REALLY?! 

Has anyone seen anything like this?  I have no negative accounts or collections!  I have an auto loan with 2 late payments in Sept / Oct but it's now up to date.  

Any guesses how recon will go?  I only applied because I thought a 700 score was good and because I recently got a full time job with a 130k annual salary.  I can't believe this!

[CreditCuriosity]

No profile is the same that is what you must remember.. Although yes I have seen people in the 500 to low 600's get approved for big CL's on this card or other cards from NFCU so much more goes into it.  Profile/Income/DTI and many other things as well.  It is near impossible to compare one persons profile to another.  Kinda like I got a LOL 1k discover limit a few years back where others right out of BK or scores in low 600's get 10k+ making say 40k a year with 50%+ utilization.. It is aggravating to say the least and a head scratcher, but Discover and NFCU have their target markets and what they look for along with all other lenders.  Scores aren't everything by any means as even Citi is approaching the sub-prime market giving people in the low 600's DC cards at albeit lower limits the market is ever changing as they are likely to be more profitable than people say in the 800 scores that rarely carry a balance, etc.  Even if their is a higher Charge-Off Rate as it is off-set by the balance carrying and the people that make good on their bad credit but have learned their lesson and making good now on repayment although possibly carrying a balance which is more money for said lender

With regards to the recon I doubt it will fly, but nothing left to lose.  Always can try again in another 3-6 months assuming the rest of your stats are in order being DTI, etc.

[rbentley]

Your 701 TU score is a Vantage score and is not used by Navy or virtually any other credit institution. Navy uses FICO 9. You need to find out what your actual FICO score are.
You also minimize two late payments the past 2-3 months. Those are undoubtably of concern to any lender.
Finally, you do not say what your DTI is. It is a big factor for Navy.

[Gmood1]

First of all, you need to pull your true Fico scores here for a $1 https://www.experian.com/help/login.html

Also, with two late payments so recent. You can forget about approvals for a while. It's likely your scores are much lower than what you've been lead to believe.
It will take 12 to 18 months before the doors will open for you again. Especially the way lenders have tightened over the last six months.

[Pikaboo-icu]

---

@Anonymous wrote:

I have had an NRewards Credit Card from NFCU that was opened in 2014 - never had a late payment.  I did keep the utilization consistently at 100% but the past couple months have paid it down in full.  My scores in the toilet due to identity theft but I finally brought TU to 701 (vantage 3), Experian to 688, and Equifax 650 (slow to remove some things but will eventually happen).

Has anyone seen anything like this?  I have no negative accounts or collections!  I have an auto loan with 2 late payments in Sept / Oct but it's now up to date. 

---

Yes, we have seen things like this due to the items in bold.

I'm sorry you were denied but income alone is not what NFCU is looking for.

As others posted, the recent lates, keeping your card at 100% uti for an extended period are both red flags.

Also as posted that V3 score is not a model used by NFCU so you need to find out your actual TU score. 

It may take some times, a year or better after the lates, before you can get another approval. 

[CreditCuriosity]

Missed the two recent lates.. yes that is going to be a huge impact on how lenders view you.  Especially with 130k income with recent lates that is a possible indictation a person is living beyond their means.  Not saying this is you, but how a lender can view it.

[CreditInspired]

Hi OP and welcome

I won’t echo what everyone else has said because they are correct.

What I want to say is, IMHO, is stop being mad at NFCU because they declined a risky borrower for additional credit. Treat this as a lesson-learned. Sometimes things like this can be a wake-up call.

So let’s prepare for 12 months from now.

The first step is to garden.

Second, see about mailing GW letters to the auto lender for the Sept/Oct late. Pray, tell it’s not NFCU. If yes, you may have to garden a little longer.

You don’t say anything about other CCs, but if they’re high UT, work on getting those paid down too.

Finally, since 35% of one’s scores come from on-time payments, make this a priority.

GL2U

[Meanmchine]

---

@CreditCuriosity wrote:

Missed the two recent lates.. yes that is going to be a huge impact on how lenders view you.  Especially with 130k income with recent lates that is a possible indictation a person is living beyond their means.  Not saying this is you, but how a lender can view it.

---

Bingo

Especially if the second late payment was a 60 day late