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NFCU cashRewards Denied

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NFCU cashRewards Denied

Hey Everyone,

 

This is my first post on the forum, but I have been doing a lot of reading about NFCU. Decided to become a member of NFCU and apply for cashRewards. The system auto-denied me. Smiley Sad

 

I am a college student with a $14,000/year income. I have zero expenses and a good savings. I have had a Discover IT card ($1,500 limit) and Cap 1 Journey ($300 limit) for 3 months. I had 3 inquiries on my TU and a 688 TU vantage (no FICO's yet). I recon-ed through secure message right away and they said it will stay denied for credit reasons. Haven't recieved letter yet. 

 

Just curious what people think the issue was and when should I try applying again? I really want NFCU card. Probably slim history or no FICOs? Sucks, b/c I really wanted to get a start with Navy. 

 

Appreciate any thoughts,

 

Brandon

 

EDIT: Forgot to mention, I am AU on Syncrony card with $12,000 limit

 


Banking with: Ally Bank (Savings), NFCU (Credit), and US Bank (Biz and Personal Checking)
Started August 2018 (No Credit History)
FICO 8 (10/29/2019): EX 800, TU 775 | FICO 9 (10/04/2019): EQ 810
Message 1 of 17
16 REPLIES 16
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Established Contributor

Re: NFCU cashRewards Denied

Wait until they send you the reason letter/email then you will know what you need to focus on. 

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 2 of 17
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Re: NFCU cashRewards Denied

I just think it’s because your two recent cards are only 2 mos old. Try again at the 6-month mark. If declined again, try at the 12-month mark.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 17
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Re: NFCU cashRewards Denied

Maybe but they just approved me with 3 new accounts.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 4 of 17
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Re: NFCU cashRewards Denied

Exactly.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799
DEC 2017: EX 775, TU 778, EQ 769

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 17
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Re: NFCU cashRewards Denied

Just spoke with a rep today and asked about what I could do. They recommended either the secured card or a credit builder loan to establish some history with them. I think the credit builder loan would help diversify my score, was thinking $501 for 12 months.

Saw the guide on this forum about a credit builder loan, does NFCU allow you to pay the loan down to 9% and still keep the loan for 12 months? Should I try both or just wait to reapply at a later time?


Banking with: Ally Bank (Savings), NFCU (Credit), and US Bank (Biz and Personal Checking)
Started August 2018 (No Credit History)
FICO 8 (10/29/2019): EX 800, TU 775 | FICO 9 (10/04/2019): EQ 810
Message 6 of 17
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Re: NFCU cashRewards Denied

Yes I have the NFCU SSL. Just reported this month to all but 2 of the bureaus so far. Yes, you have the right idea. Message me if you have any further questions. I'm happy to help! 

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 7 of 17
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Re: NFCU cashRewards Denied


Saw the guide on this forum about a credit builder loan, does NFCU allow you to pay the loan down to 9% and still keep the loan for 12 months? Should I try both or just wait to reapply at a later time?


Yes, absolutely, it works like a charm.  Pay it down right away.  It will report right after the 1st of the next month regardless of payment date. No pull either!  You also get 92% of your money back in a few days after paying it down.

 

The SSL would be great but if you could swing it, the secured would be excellent.  With just a thin file and no degrog's, I would imagine that graduates pretty quickly in your case.  The $500 (or whatever) IS locked up until it graduates or you close it however unlike the SSL.  If you do the math, $541.00 does both...  SSL first.

 




Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
12-1-19 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG | AMEX Biz Gold NPSL
Message 8 of 17
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Re: NFCU cashRewards Denied

Exactly what I was thinking.

Do the SSL, pay it down, and then the secured. Is there anyway to get the secured without another hard pull or should I just apply again?

Banking with: Ally Bank (Savings), NFCU (Credit), and US Bank (Biz and Personal Checking)
Started August 2018 (No Credit History)
FICO 8 (10/29/2019): EX 800, TU 775 | FICO 9 (10/04/2019): EQ 810
Message 9 of 17
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Re: NFCU cashRewards Denied


@brandon1767 wrote:
Exactly what I was thinking.

Do the SSL, pay it down, and then the secured. Is there anyway to get the secured without another hard pull or should I just apply again?

The SSL will not be a hard pull, I never even saw a soft pull for either myself or Wife.  The secured card was a HP for me but that was 2 years ago.  YMMV, but I would guess yes.




Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
12-1-19 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG | AMEX Biz Gold NPSL
Message 10 of 17
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