NFCU

[Anonymous]

Have a question guys..

On 3/23 i got accepted into NFCU

on 3/24 i applied for the cashRewards - declined even on recon

on 3/30 i opened a nRewards secured card with $500

on 4/1 i called to raise it to $1000

My FICO's are TU 613, EX, 644, EQ 641

Currently have 4 charge offs reporting, 2 Bank of America $9540 & $6101 fromn 7/2014, 1 Amex $8655 (no payment history reported), and 1 Honda $9570 all from 7/2014

I currently have the following cards opened:

1st Financial Bank USA Cash Rewards Visa - $1,250CL perfect on time history since 2009

Capital One- $900CL perfect on time history since 2010

Credit One Visa- $1200CL opened 11/2016

Firestone Card- $1000CL opened 9/2016

Nordstrom Visa $3000 - opened 11/2016

Chase Visa $500 - opened 4/17

Kay Jewelers $906 - opened in 2013

NFCu nRewards $1000 opened 3/17

And then i am an AU on about $38,000 in CL

Utilization is 6%

AAoA is 4 years 9 months thanks to some AU cards

I really want a NFCU unsecured card to make that my primary credit card. How soon do you think it will take before they will approve me? I have already pushed $5000 in spending through the secured card and have paid everything the same day it posts.

[Anonymous]

I'd think the $34k in charge offs are going to continue to garner the decline. Those are really big amounts. Time will tell as you progress in your relationship with NFCU though! 

[Anonymous]

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@rmm140 wrote:

I'd think the $34k in charge offs are going to continue to garner the decline. Those are really big amounts. Time will tell as you progress in your relationship with NFCU though! 

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=/ not too long ago it was 85k in charge offs... slowly but surely they've been coming off, i was hoping they would look at the more recent history

[Meanmchine]

There is a light at the end of the tunnel of Charge Off pergatory. I have 2 6+ yr old charge offs on my files ( only 1 with TU ) That being said, I think you should look to the garden to grow your existing limits. Another option for you is if you can afford it, try to settle thats COs for less than full amount.

[Anonymous]

I am sure the chargeoffs are hurting you.  I had similar but not quite as large of an issue a few years ago but my chargeoffs were paid, anyway NFCU would not approve me for a CC so I ended up doing a secured card at 500.  Within a few months they approved me for an unsecured card at 5k which now has a limit of 18k.  The secured cards generally unsecure at 13 months and then they bump your limit, mine coverted in October and the limit was increased to 2k, I am waiting till the next AR to request a CLI and I am hoping for something over 20k.  The point is NFCU will give you a chance but you may have to prove yourself for a little while first.

[Anonymous]

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@Anonymous wrote:

I am sure the chargeoffs are hurting you.  I had similar but not quite as large of an issue a few years ago but my chargeoffs were paid, anyway NFCU would not approve me for a CC so I ended up doing a secured card at 500.  Within a few months they approved me for an unsecured card at 5k which now has a limit of 18k.  The secured cards generally unsecure at 13 months and then they bump your limit, mine coverted in October and the limit was increased to 2k, I am waiting till the next AR to request a CLI and I am hoping for something over 20k.  The point is NFCU will give you a chance but you may have to prove yourself for a little while first.

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How many months after getting the secured card did you get approved for the unsecured?

I couldn't contain myself so i sent navy a message and they responded with "Thank you for your inquiry. We would like to see a minimum of 3 on time payments before considering opening a new credit line. We also recommend obtaining a copy of your credit report from the three major credit reporting agencies, Equifax, Trans Union, and Experian.  Please address any items of concern on your credit report before applying to ensure we have the most up to date credit information. If you have any other questions, please let us know."

To me it seems like she was saying that after 3 statements/3 payments it would most likely be an approval, but it also seems like she reviewed the last HP and saw the chargeoffs and that's why she made the direct reference to address items of concern on my credit file. What do you guys think?

[Anonymous]

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@Anonymous wrote:

I am sure the chargeoffs are hurting you.  I had similar but not quite as large of an issue a few years ago but my chargeoffs were paid, anyway NFCU would not approve me for a CC so I ended up doing a secured card at 500.  Within a few months they approved me for an unsecured card at 5k which now has a limit of 18k.  The secured cards generally unsecure at 13 months and then they bump your limit, mine coverted in October and the limit was increased to 2k, I am waiting till the next AR to request a CLI and I am hoping for something over 20k.  The point is NFCU will give you a chance but you may have to prove yourself for a little while first.

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How long did it take from the time you opened the secured to the time you got approved for an unsecured? I asked NFCU and they told me to wait until they see 3 payments made on time. So i am assuming that means 3 statements and 3 payments