NFCU approval questions?

[FireMedic1]

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@GZG wrote:

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@shojus wrote:

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@SUPERSQUID wrote:

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@shojus wrote:

I have been with NFCU for about 8 months and have all my banking through them, as well as my direct deposit.  I have a few lower funded CD's and a basic checking and savings account.  My current FICO8 scores are around 675-695 with great current payment history and fairly low DTI, but I have (1) $4500 charge-off from 6 years ago.  My question is, I am a 100% disabled veteran and my yearly income is about $65k.  I know some banks aren't keen on approving apps that show unemployed or "other".  I just don't know what to put down...?  I have been told by another person to put retired, but I just don't wanna mess this up.  I have (3) inquiries on my TransUnion file and the latest inquiry has been about 6 months ago.  Just looking for any advice on if my score and income is good enough for a decent credit limit or should I wait?  Also, the whole employment question is making me wonder what to put down.  Thanks for any advice!

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If I was in your shoes I would use retired. I was forced to retire in 2017 when I became disabled. I had a very small checking and savings at NFCU for 7 months. Then I applied in dec/2021 for the cash rewards cc and was approved for 3700, now that cards limit is 21,700.

Then 4 months later I applied for the platinum cc but was approved for a low 1k sl, that cc is now 9k.

My income is much lower than yours at 39k and I have a bk7 from 12/2019.

I have managed to get some pretty nice cards and 101k in limits, and I entered retired on alll of them, ymmv.

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So I bit the bullet and applied for the Cash Rewards card that they have sent me direct mailers to my home for.  I got declined!?  That's very surprising because my DTI is below 20% and I make 65k/year and my FICO8 score is around 690.  I use them for ALL my banking and I heard it was a pretty easy card to get for the most part.  I figured worst case scenario I would get a low limit, but nothing...  Kind of in my feelings about this one!  

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let us know what the letter says, the reasons and your internal score

I'm surprised they wouldn't even give you a $500 limit, is your old CO actively reporting every month?

once you get the letter, see if you can recon and reverse their decision 

last ditch effort, freeze your TU and apply for the nRewards secured card and hope they can use your HP from this denial and let that graduate to the cashrewards

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@GZG Cant talk about freezing and applying or gaming the system.

[GZG]

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@FireMedic1 wrote:

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@GZG Cant talk about freezing and applying or gaming the system.

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my bad, fixed

[SUPERSQUID]

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@shojus wrote:

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@SUPERSQUID wrote:

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@shojus wrote:

I have been with NFCU for about 8 months and have all my banking through them, as well as my direct deposit.  I have a few lower funded CD's and a basic checking and savings account.  My current FICO8 scores are around 675-695 with great current payment history and fairly low DTI, but I have (1) $4500 charge-off from 6 years ago.  My question is, I am a 100% disabled veteran and my yearly income is about $65k.  I know some banks aren't keen on approving apps that show unemployed or "other".  I just don't know what to put down...?  I have been told by another person to put retired, but I just don't wanna mess this up.  I have (3) inquiries on my TransUnion file and the latest inquiry has been about 6 months ago.  Just looking for any advice on if my score and income is good enough for a decent credit limit or should I wait?  Also, the whole employment question is making me wonder what to put down.  Thanks for any advice!

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If I was in your shoes I would use retired. I was forced to retire in 2017 when I became disabled. I had a very small checking and savings at NFCU for 7 months. Then I applied in dec/2021 for the cash rewards cc and was approved for 3700, now that cards limit is 21,700.

Then 4 months later I applied for the platinum cc but was approved for a low 1k sl, that cc is now 9k.

My income is much lower than yours at 39k and I have a bk7 from 12/2019.

I have managed to get some pretty nice cards and 101k in limits, and I entered retired on alll of them, ymmv.

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So I bit the bullet and applied for the Cash Rewards card that they have sent me direct mailers to my home for.  I got declined!?  That's very surprising because my DTI is below 20% and I make 65k/year and my FICO8 score is around 690.  I use them for ALL my banking and I heard it was a pretty easy card to get for the most part.  I figured worst case scenario I would get a low limit, but nothing...  Kind of in my feelings about this one!  

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I am surprized you got declined too, you seem to have better numbers overall than me. I have seen some approvals at NFCU posted on here as low as a 500 sl

[shojus]

@SUPERSQUID  Ya, I have seen SO many people talking about NFCU and how it's so easy to get cards with low scores AND derogatorys that I figured I was a shoe-in, especially when they sent me direct offers for this specific card.  Typically financial institutions won't send those unless you're pretty much good to go from my research.  I waited to apply til after 8 months of me being a member and opening CD's and having multiple of their offerings.  I was going to send them a message but I guess it's best to wait til I get the reasons for denial.  It's so surprising that Amex would easily throw me $5k and then they tripled my limit to $15k after 3 months, but I get denied from a Credit Union I actually bank with!  And that was also with a lower FICO8 score...  Anyways, I will reply back with any other information to see if I can't get this reversed or just to see what they say.  Take care 

[shojus]

So after asking for a reconsideration (and being denied again) I found out that they are saying my DTI is too high and that's what caused the denial.  What I'm not understanding is that I only have (2) current debts on my credit reports, which are $440/month for my auto loan and $894/month for my mortgage (which I pay half of with a roomate).  I pay off all my credit cards at the end of each month, so it's not like I'm holding balances.  My take-home is around $4k+ a month, so are they adding insurance, utilities, food, etc.  I figured a DTI below 25% is reasonable isn't it?  I guess Navy Federal is super strict, cause I didn't have a problem getting any other card with places I don't even do business with.  I asked them this same question and they told me I needed to dispute with TransUnion on why my DTI was showing so high, but I pulled a new report and it just lists what I stated here.  IDK, quite frustrating...