NFCU Reasonings

[supill]

Hi all,

Can someone help me simplify what these mean? 

• "not enough debt management or property ownership experience" 

• "number or alternative credit lenders too high"

[Remedios]

You'll need to elaborate on what you applied for and what your profile looks like.

The way I read those is limited history and/or poor credit,  and too many finance accounts (in addition to alternative "lending" such as pay day loans" )

[supill]

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@Remedios wrote:

You'll need to elaborate on what you applied for and what your profile looks like.

The way I read those is limited history and/or poor credit,  and too many finance accounts (in addition to alternative "lending" such as pay day loans" )

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I'd say that I have a pretty limited file. I have a BK on file, scores range around 690-710. I don't have any payday loans whatsoever but I have an auto loan. I had applied for a credit card product. 

[Remedios]

I really don't know what NFCU policy on approvals with BK is (they weren't included, right?) but sounds like they are saying "too soon" 

I'm sure someone will be able to elaborate what the policy is (if there is one). 

[supill]

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@Remedios wrote:

I really don't know what NFCU policy on approvals with BK is (they weren't included, right?) but sounds like they are saying "too soon" 

I'm sure someone will be able to elaborate what the policy is (if there is one). 

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They were not included. I kinda had a feeling that's what they were saying. Thank you

[Anonymous]

@supill Sorry about the denial.. How recent was the bk? Did you apply for an unsecured cc?

I believe you have to be a year out of filing, but you should still be able to get approved for a secured card which could graduate to an unsecured card.

I will let the experts chime in.

[supill]

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@Anonymous wrote:

@supill Sorry about the denial.. How recent was the bk? Did you apply for an unsecured cc?

I believe you have to be a year out of filing, but you should still be able to get approved for a secured card which could graduate to an unsecured card.

I will let the experts chime in.

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@Anonymous my bk was from august of 2018, so a little over 2 years. I did apply for an unsecured but they came back with saying that I'm pre approved for the secured. I went for that but I got the denial for the unsecured. Thank you for the info! 

[Anonymous]

@supill My apologies for misunderstanding. Are you saying this recent decline was for the secured cc as well?

If so, I would just give it more time at least 6 months before reapplying for another unsecured cc with them. 

[supill]

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@Anonymous wrote:

@supill My apologies for misunderstanding. Are you saying this recent decline was for the secured cc as well?

If so, I would just give it more time at least 6 months before reapplying for another unsecured cc with them. 

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Oh no, you're fine! I think it's the way I had worded it lol. I applied initially for an unsecured credit card, got denied and those were the reasons and then on the bottom of the letter it said that I qualify for the secured so then I ended up getting that one. I was thinking that too, to also wait 6 months from now! 

[Anonymous]

@supill Thanks for the clarification. Congrats on the approval for the secured card.

Depending on how much you put down, you might see a partial credit limit increase at 3 months. They review the account at 6 months for graduation. It graduates to a cashrewards card, but you can pc it to something else. 

Good luck!