Hello.
If this was the only denial reason listed for this card, does that mean I just need to continue to work on getting the total amount of debt down?
The GoRewards had about 4 reasons, but the secured just had the one in the title.
Just wanted to get my foot in the door but of course I'm willing to wait until I'm further in my rebuild
I would not apply for anything else until all of scores are over 600 with no lates for at least 12 months and your utilization under 48%.
Pay down balances and continue to make on time payments.
GL!
@Shooting-For-800 wrote:I would not apply for anything else until all of scores are over 600 with no lates for at least 12 months and your utilization under 48%.
Pay down balances and continue to make on time payments.
GL!
Thank you. This is a plan I can follow. I'll wait until start of next year.
@Anonymous wrote:I became an NFCU member in 11/2019, applied for and was instantly approved for the secured card with a $500 deposit in my savings - and my score was in the 400's. Income is now only Social Security disability = ~$1000/month, have two Capital One cards (total CL $4500) and Discover (CL $1750), all three maxed out but payments on time, and lots of collections and charge offs that re-report every month from when I became disabled and had to let everything go except the Capital One's (my highest CL) and Discover (was my oldest account). So I somehow have a very different experience than you have evidently had with NFCU vis-a-vis score requirements, DTI, and approval for the secured card.
I'm sure it's my student loans hurting my DTI the most. It's over $100k (u don't even wanna know), yet I only make $40k/y.
They've been that amount now for over a decade and it's never stopped approval from other lenders even after my BK7.
Hopefully getting my current, non student loan debt down will help w Navy.
@Anonymous wrote:I hear you re: student loans. Mine are sitting at $160,000 including my MBA, but because of disability I am on the REPAYE IBR which means I pay $0/month and each month that passes accrues towards the total time period for loan balance forgiveness at the end (I think it was after 15 years it goes to $0/owed). With over $100k in loans and paying via an IBR @ $40k/yr income, that probably is barely covering interest, I would look into each of the various IBR plans to see which one would take the biggest bite out of your principle balance (thinking one of the ten year plans) without raising your monthly payment too much. That is, if you can change your repayment plan. Not sure if that is allowed or not, I set mine up when I did a consolidation via the studentaid.gov site.
My loans were already consolidated actually with the.gov site however I'm currently enrolled in an online degree program so my loans are in deferrment. I don't make any pmts.
@Anonymous wrote:
@collics wrote:
@Anonymous wrote:I became an NFCU member in 11/2019, applied for and was instantly approved for the secured card with a $500 deposit in my savings - and my score was in the 400's. Income is now only Social Security disability = ~$1000/month, have two Capital One cards (total CL $4500) and Discover (CL $1750), all three maxed out but payments on time, and lots of collections and charge offs that re-report every month from when I became disabled and had to let everything go except the Capital One's (my highest CL) and Discover (was my oldest account). So I somehow have a very different experience than you have evidently had with NFCU vis-a-vis score requirements, DTI, and approval for the secured card.
I'm sure it's my student loans hurting my DTI the most. It's over $100k (u don't even wanna know), yet I only make $40k/y.
They've been that amount now for over a decade and it's never stopped approval from other lenders even after my BK7.
Hopefully getting my current, non student loan debt down will help w Navy.
With the SLs, I would avoid most CUs for CCs, just in my personal experience.
I have something like 135k+ in SLs and make a but more than that annually, but the last CU somehow determined my income was like 26k! I have an unusal paycheck and they apparently couldn't figure it out even though bank statements and W2s reflect much more than that (and obviously the paychecks themselves). Anywho...they definitely relied on DTI and figured on their calculations how much the SLs monthly payments are and not even at what your payments actually are (via ibr or deferement or whatever), but rather used 2.5% of the balance as a monthly payment amount, which is basically insane, as even most mortgages calculate at 1%. They were unwilling to change the calculation unless my SL servicers could provide documentation of what the payments would be *for the life of the loans*...which obviously with IBR or anything else, they recertify you annually. And in the end, even going off of the *actual* payment amounts, they were just jerking me around and would not budge on the calculations.
Lesson learned, I now completely stay away from CUs for the rest of my foreseeable life (or until they are paid off or forigiven, which is decades from now) for getting CCs. The application process was comprable to getting a mortgage and in the end couldn't even get a $300 secured CC because they were afraid I just couldn't afford to pay it!
Enough of my gripe, but that is too bad that they couldn't help you get your foot in the door with at least a secured card to prove yourself.
Wow thanks for the insight!
looks like I won't get a card w navy until the SL are the only debt I have left