NFCU Recon

[myquestionsfico]

I recently got into NFCU and immediately applied for a Visa Signature Flagship Rewards Card.  A few days later, I received the dreaded decline email.

I've read on here that NFCU is willing to reconsider regularly and that the best way to do it is via a secure message to them.  Does anyone have any pointers on how to best make a case for reconsideration?  I have a few old charge offs that I'm sure have gotten in the way, 5 years ago when I lost my job.  I've since been vigilant about paying off my credit cards and never missing a payment. 

I'd love to hear from anyone that was able to make a case and what you said/did to appeal to them to give me an opportunity, even if with a small credit line to start.

[FinStar]

Reconsideration outcomes will definitely vary for each individual.

That said, you'd need to provide the reasons that were cited in the decline letter so that the community can provide you with some guidance.

Another item to keep in mind, the Flagship version's minimum CL is $5K, so they would not be able to reconsider the application for anything lower, unfortunately.

[myquestionsfico]

Also, is it better to call in and speak to someone, or write them via a secure message?  Is one better than than the other?

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[FinStar]

Traditionally, most folks have gone through the secured message route, but it's doubtful the outcome would be any different.

[myquestionsfico]

Thank you, FinStar.  I just got an email saying that I was declined and that I would receive a letter in 7-10 days.  I'll add info on that when I get it.  The email did suggest that I "may want to consider applying for our nRewards secured credit card." 

Any idea if those potentially convert to unsecured at a later time and strong payment history.  Happy to do that if I can get in with them and then convert to unsecured in short order.

[FinStar]

Anytime @myquestionsfico.

If you were to apply for their secured product, yes it does graduate. A variety of folks have used that approach to establish a credit relationship that way if the unsecured route cannot be established right away.

I'm fairly certain plenty of members can chime in on the secured approach success.

[myquestionsfico]

Thanks FinStar. 

If anyone has any pointers about how to best prep for recon - example letters, phrasing that is beneficial, etc., I would certainly appreciate it.  I'll post the content of the letter once it arrives. 

I'm sure it notes serious delinquency (again, I have 2 unpaid charge offs from 5 years ago, that are still reporting, though I haven't missed a credit card payment in 4+ years). 

I can provide them with documentation of my payment history to Amex (2 cards with stellar track records), Discover, and CapOne - all with perfect payment histories over the past 4 years. If I were to go the route of secure message, I could literally give them that documentation, as well as my plea for reconsideration.

[Anonymous]

I don’t want to burst your bubble here but the chances of NFCU changing their mind with unpaid charge offs is close to 0. They aren’t even generally known for successful recons to begin with and Flagship successes are close to 0. They also won’t use the same app for another card so you will have to take the HP to try for another product. If they are offering the nRewards, I probably wouldn’t throw another HP away trying to get like the cashRewards or something. The nRewards graduates very quickly, less than 12 months usually, and plenty of people have had success getting an unsecured card before the secured graduated by building that history with NFCU. 

[Anonymous]

Speaking from someone who did the exact same thing In July.......the flagship does have the 5k min limit like stated before. I was denied as well for that reason. When I logged on to my online portal and saw in my offers I was recommended to the rewards card. Apped the SAME DAY and was instantly approved. Didnt get the big cl but as you've read before the second card is where the big boy come into play after your 3rd statement. Good luck my friend!

[Anonymous]

I'm not sure how/if the recon works, but I can tell you that lately, the NRewards secured cards are graduating right around the 5th statement.

Mine did, as well as several others on here. I had a secured limit of $500, and they bumped my limit up to $2000 and returned my deposit.

I believe that it's not just about the negatives in your credit file, it's about establishing a history with them. I have a ch 7 bk discharge in October 2018, and now I have an unsecured card AND they approved an auto loan 2 months ago for me.

Navy rocks!