@Anonymous wrote:
My FICO8 is 645 and my FICO 9 is 618. Here is the into in the denial letter.
Your Navy Federal credit score: 238
Limited credit experience
Average credit limit of open credit two or Red last 12 months
Number of balance decreases on on-air stage accounts in last 3 months
Number of inquiries on credit bureau report
Too much credit grabbing too fast. You do not have a long history of paying credit cards and you are trying to get as many as you can. NFCU is all about relationship. You will improve with time if you quit applying for cards and pay them properly. I would get a Navy secured card since you are a member. This will help build your relationship. Within a year you may get a $5,000+ card.
@Anonymous wrote:4 active collections is basically telling the bank "I don't pay my debts". Why did you not wait until this was cleared up before applying? Baddies in the past can be explained away. Current ones are another matter entirely.
Since you are in the process of paying them off, good. If you get denied wait until these things report as paid before app'ing again. Even if you do not get a PFD, paid always looks better on manual review because it says that "bad behavior" is in my past.
+1 This is exactly right, and combined with credit seeking behavior, it's a recipe for denial. Wait for the collections to update as Paid or be removed - this will also improve your FICO9 scores since FICO9 ignores paid collections - so pay the 4th collection too, and let all inquiries age to at least 6 months - a year would be better but 6 months should do so long as you take care of those collections. Then try to app again - you may need to start with the secured version and that's fine too - it will lead to great things as long as you handle it, and all your other accounts, responsibly.
Your internal score is too low, once it rises you'll feel the luv
@AverageJoesCredit wrote:
Your internal score is too low, once it rises you'll feel the luv
+1 (million)
