Navy Federal (NFCU) Denial & Recon - Please Help

[godawgs0808]

I've been lurking for awhile but this is my first post so I hope I'm posting it in the right place! I've had a NFCU card for 9 months that still hasn't graduated. I applied for an unsecured card 6 months ago and was denied. When my secured card didn't graduate this month I applied again for the cashREWARDS card and was instantly denied for the 2nd time. I sent a secured message asking for reconsideration and received the response below - 

"Thank you for your message, we conducted a second review of your application. However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time. Similar to other lenders, we periodically review our lending policies, including the amount of credit card credit lines we approve, and make adjustments to reflect economic risks. In response to the current pandemic's impact on the U.S. economy, Navy Federal has scaled back the amount of credit extended to credit card applicants. As economic conditions improve, we may adjust our policies accordingly."

Has anyone gotten a message like this from NFCU? Is there anything I can do to improve my chances or at least get my secured card to graduate? Is it worth asking for a 2nd recon? A little background - I went through some personal issues in 2016 when I was 21 and really messed up my credit. I've been rebuilding for just over a year. Since I got the nRewards secured card I've done PFD on all collection accounts, rehabilitated my student loans and paid off a couple of charge offs. My FICO 8 scores have gone up over 100 points. I have 2 charge offs left from 5.5 years ago that I'm working on paying. I only let a small balance report on my secured card each month and always PIF. I've also had a capital one card for 12 months with no late pymts. I have a steady income and I've had the same job for 3.5 years. 

Current FICO 8 scores - TU 629, EX 650, EQ 627 

Utilization - 8%

Student loans - 10k

Income - 60k

2 charge offs from 2016 totaling 3k 

[Girlzilla88]

@godawgs0808      Looks like a pretty standard review reply I wouldn't push back to much just wait a bit longer it seems it's more of a time thing with them really.     I have gotten that same message a couple times now XD      They just aren't ready just yet but that's nothing bad on you the way I see it.     I would wait a month or so and try again especially if you have some big changes happen.   

If you can try waiting out that 1 year mark with them since it's a Secured card you have that may work in your favor as well but you got your card COVID year like me so they are being a bit tougher so to speak on specific people especially new new just feeling you out and the longer you are with them and more you work on things it will benefit you

On a side note have you tried getting your C/O removed or worked off?!      If you can get those off that may help your score too!   

Just reread that last part so good you are DEFINITELY heading in the right direction and I would keep doing what you are doing 

[Anonymous]

Very interesting. I had an old unpaid charge off, scores around 610, and a capital one card with no lates when navy gave me a $500 card then 90 days later gave me 15k card. 

What was reason for denial in your rejection letter? What is your internal navy score?

[Heatt99]

The card will unsecure soon. Navy is just feeling out your payment history. Seems like you still have a fairly young credit profile with some hiccups along the way. 

Look at your denial letter and work towards what they emphasize within the letter. If you feel comfortable, try other lenders for pre-approvals ie. Discover 

Fico optimal scoring takes place with 3 revolving and 1 installment account. You only have 2 revolving; Disco might take you in for the 3rd???

[fsalsa2]

How many late payments have you had in the last 24 months? That may a key factor. Additionally, your unsecured card will most likely unsecure in the next few months. In the credit game, it seems that patience is a key trend. It looks like your doing all the right things and if you really want to get in with Navy, I would wait for your card to unsecure and maybe wait a few more months to request a cli. May I ask what kind of card you are looking for? Other lenders may be a good fit as well!

[Wavester64]

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@godawgs0808 wrote:

"Thank you for your message, we conducted a second review of your application. However, after careful consideration, we have determined that we must stand behind our original decision. We regret that we are not able to reach a more favorable decision at this time. Similar to other lenders, we periodically review our lending policies, including the amount of credit card credit lines we approve, and make adjustments to reflect economic risks. In response to the current pandemic's impact on the U.S. economy, Navy Federal has scaled back the amount of credit extended to credit card applicants. As economic conditions improve, we may adjust our policies accordingly."

Has anyone gotten a message like this from NFCU?

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I got this when I got my 2nd NFCU card and they gave me a SL of $9K and I sent them a PM to see about raising it to $15K.