NFCU declined letter - not what I expected

[Anonymous]

Hey all,

So looping back to my decline I got for my original application for Flagship on NFCU, I received my "reasons" letter in the mail yesterday and it was for nothing I expected really.

Original thoughts - I thought I was going to get dinged on past lates, or the insufficient good payment history excuse.

That wasnt the case.

Letter Reasons:

- Not enough history with NFCU

- No Credit Union Accounts

- Low Credit Limits

So in short I got hit for being a new customer to both them and credit unions in general. And they didn't want to be the ones to take my $1500 highest credit limit and risk it to $5k.

For now I set up a checking account/savings account with them and did a partial paycheck DD to that account and transferred one of my chase savings accounts to them as well. Hoping between that and the CC payments I do in the next 3-6 months they will do a limit bump based on these being the rejection aspects.

[fishbjc]

Good Plan OP.  I bet in 6 months, it will be an APPROVED.

[VanderSnoot]

I agree. It sounds like you have a good plan, OP. You're going to have a lot to celebrate in December.

[Anonymous]

Ya, Im torn between pushing forward for the Flagship or shifting to Chase so I don't break 5/24 rules...but will have to decide as I see stuff move forward.

Not sure how hard Chase Travel cards are to get vs NFCU Travel Cards. I know Chase looks like it has a better reward layout.

[VanderSnoot]

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@Anonymous wrote:

Ya, Im torn between pushing forward for the Flagship or shifting to Chase so I don't break 5/24 rules...but will have to decide as I see stuff move forward.

Not sure how hard Chase Travel cards are to get vs NFCU Travel Cards. I know Chase looks like it has a better reward layout.

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I'm new to travel rewards and am still trying to figure out how much value I'll get out of them. I'm netting about $800-850/year in cash back, so if I switch to travel rewards, I want to make sure I'm getting at least that much out of it. So far, it's been difficult to quantify, because a lot of rewards focus on luxury travel where, yes, I can easily save $800-850 on hotel/airfare, but I'm also increasing my spending because I wouldn't have chosen that hotel/airline to begin with. 

Initially I thought to h3ll with it, I'll just go for a WF Propel or NFCU (because I like them more) Flagship, but the Chase system is appealing, and I have a CF and CFU already. I'm well over 5/24 so I have time to figure it out.

Since you bank at Chase, have you gone in and talked with a rep? From reading on this site, it sounds like in-branch offers are the best way to go about it, whenever possible.

[Shooting-For-800]

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@Anonymous wrote:

Hey all,

So looping back to my decline I got for my original application for Flagship on NFCU, I received my "reasons" letter in the mail yesterday and it was for nothing I expected really.

Original thoughts - I thought I was going to get dinged on past lates, or the insufficient good payment history excuse.

That wasnt the case.

Letter Reasons:

- Not enough history with NFCU

- No Credit Union Accounts

- Low Credit Limits

So in short I got hit for being a new customer to both them and credit unions in general. And they didn't want to be the ones to take my $1500 highest credit limit and risk it to $5k.

For now I set up a checking account/savings account with them and did a partial paycheck DD to that account and transferred one of my chase savings accounts to them as well. Hoping between that and the CC payments I do in the next 3-6 months they will do a limit bump based on these being the rejection aspects.

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Did you apply for a different card?

I was denied for flagship (long story) but approved for cash rewards for $1k to establish my relationship with NFCU.

Relationship history seems to be the most important factor with them.

GL!

[Anonymous]

As far as in-branch, I have not done that yet. I honestly didn't even think about it until I started reading here, so that will probably be my plan rather than applying online in a few months. I really want the Sapphire Reserve, I don't mind the $450 cost. But not sure if that has a much higher requirement than the preferred.

For NFCU, I did re-apply for the GoRewards based on talking to underwriting and they said I would be good for that and gave me a $1k credit limit for that card.

[VanderSnoot]

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@Anonymous wrote:

As far as in-branch, I have not done that yet. I honestly didn't even think about it until I started reading here, so that will probably be my plan rather than applying online in a few months. I really want the Sapphire Reserve, I don't mind the $450 cost. But not sure if that has a much higher requirement than the preferred.

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Check out the CSP for the SUB. A lot of people here go for the CSP for a year and then PC to the CSR for the better return. Not sure if this will work in your situation, but it's worth considering, if you haven't.

As an aside, I'm surprised how few people actually do the math on rewards cards (and just app for cool cards).

[Remedios]

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@Anonymous wrote:

As far as in-branch, I have not done that yet. I honestly didn't even think about it until I started reading here, so that will probably be my plan rather than applying online in a few months. I really want the Sapphire Reserve, I don't mind the $450 cost. But not sure if that has a much higher requirement than the preferred.

For NFCU, I did re-apply for the GoRewards based on talking to underwriting and they said I would be good for that and gave me a $1k credit limit for that card.

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CSR has a minimum SL of $10000.00 and CSP $5000.00

I dont think either one is going to happen for you right now. 

[VanderSnoot]

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@Remedios wrote:

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CSR has a minimum SL of $10000.00 and CSP $5000.00

I dont think either one is going to happen for you right now. 

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That's a good point, Remy. If OP doesn't already have a $5k card, the CSP is out of reach for now.