Navy Federal Thread for CLI and Additional Cards

[Shooting-For-800]

I can see my information in my account.  All correct.

Received text messages when I opened acct and applied.

This is driving me crazy.

[AverageJoesCredit]

One thing about Navy is their communication can be wicked slow. Have Faith , good news usually is worth the wait

[Anonymous]

Turned down for the cash rewards 2 hours after the Under Review message.  Turned down for an auto refi on my truck with my wife as a cosigner immediately.  Called in and was told it was due to my cosigner so we redid the app with just me.  Went under review because the current lender was closed for the day.  Got an email a few hours later stating it was declined so I called in this morning to ask why.  I was told it was due to past delinquent credit obligations (our BK).  So the whole 1 year wait after a BK discharge isn't their requirement apparently.  We've re-established our credit since the discharge including their secured credit card for my wife which graduated a few months ago.  We pay in full every month and other credit we established has been excellent with no late payments whatsoever.  I really don't know what NFCU wants from me before approving me for anything.  Scores are in the mid 600s too so those shouldn't be an issue.  DTI is low.

I give up on NFCU.

[Anonymous]

---

@Anonymous wrote:

...  So the whole 1 year wait after a BK discharge isn't their requirement apparently.  We've re-established our credit since the discharge ...

---

It is a requirement. Are you familiar with the phrase " necessary, but not sufficient"? It applies to your situation. The 1-year wait is "necessary" but this wait, in and of itself, is "not sufficient." Navy requires something more, which, to this reader, seems more than reasonable. Sir, you went bankrupt, and not all that long ago. 12 months of subsequently paying some bills on time hardly offsets a large default (in my estimation -- I'm not a bank underwriter).

Being "done" with Navy might serve you in the short run ("I showed them!") but it's doubtful it will serve you in the long run. Play the long game, sir. 

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

...  So the whole 1 year wait after a BK discharge isn't their requirement apparently.  We've re-established our credit since the discharge ...

---

It is a requirement. Are you familiar with the phrase " necessary, but not sufficient"? It applies to your situation. The 1-year wait is "necessary" but this wait, in and of itself, is "not sufficient." Navy requires something more, which, to this reader, seems more than reasonable. Sir, you went bankrupt, and not all that long ago. 12 months of subsequently paying some bills on time hardly offsets a large default (in my estimation -- I'm not a bank underwriter).

Being "done" with Navy might serve you in the short run ("I showed them!") but it's doubtful it will serve you in the long run. Play the long game, sir. 

---

Great advice James!  I agree that 12 months post BK is recent when it comes to credit.  I think all that can really be done here is continue with positive payments and let the BK age some more.  The floodgates could certainly open especially with NFCU.

[Anonymous]

It amazes me how people can get upset about being denied credit after a BK. Mine will be 9 years old in August and I still get denied credit now. Navy is a lot more willing to help rebuilders but they aren’t going to throw out all of their lending criteria either. There aren’t many lenders out there that will let you grow as quickly as Navy will. It’s worth the time to grow the relationship. NFCU has treated me exceptionally well and I’ve got both a BK and very low income. I wish I would have found them back in 2014 when I started my rebuild. 

[Anonymous]

Man, all the tough love here just brings a tear to my eye!! Although not all that pleasant to read I feel like the main points above are right on. Bankruptcy gets thrown around alot here on the forums but the true scope of the damage often can be overlooked. In this case I won't even venture to guess how long it took to destroy ones credit to the point of having to even consider bk.......and to have those things....what are they..."expectations" ... in regards to a certain bank and getting approved is simply preposterous.  

Expectations often are derived from emotional investment. Meaning, that when alot of us realize that things are bad and want to do better we have to put in an absurd amount of work to fix things. With all that hard work we become emotionally attached to our FICO scores... once that happens we lose the ability to be objective and realistically give an honest look at how much "risk" would be involved in regards to lending.

In this case a premature expectation. FICO scores are just one piece to an already complicated puzzle. Throw in a BK or foreclosure and you bet that puzzle just went from 100 pieces to 5000. 

I had therapy this morning and I think that's where these references are coming from..I think my therapist is rubbing off on me.  Navy has been very accommodating to my wife and I throughout our rebuild and it has taken much longer then a year and that's without a bk or anything super heavy. I did have my house foreclosed on 9 years ago...but couldn't imagine a year afterwards expecting anything from anyone.. Again, just my 2 cents. Your in the right place...keep on keeping on.

[AverageJoesCredit]

Well said @Anonymous Most of just want to help each other grow with Navy and understand Rome wasnt built in a day. I still have plenty of rejections littering my cr from Navy. The cool thing is once you start receiving luv, all the hardships will become battle scars to share a laugh or two with your fellow warriors

[Anonymous]

---

@AverageJoesCredit wrote:
Well said @Anonymous Most of just want to help each other grow with Navy and understand Rome wasnt built in a day. I still have plenty of rejections littering my cr from Navy. The cool thing is once you start receiving luv, all the hardships will become battle scars to share a laugh or two with your fellow warriors

---

Yeah that possibility of rejection holds me back from going for that third card or a CLI on my Platinum. So many HPs from Navy as it is and $14,700 credit card plus $500 CLOC isn’t exactly small potatoes with any lender but especially with my income. 

[AverageJoesCredit]

Lol, Tru Dat @Anonymous

I hit the buttons recently for pits and giggles , everything is locked or frozen, just to see if i had any luv during this AR. Got letters a day ago, Cash Rewards i believe i still havent reached 6 months since my last account combo, hence a recent change to account jargon, and Platinum couldnt see Eq so not sure of outcome except hp lol.

Honestly i wouldnt care for the hp but now everytime i think of apping something i just look at my inqs and say to myself, if i dont stop adding hps ill never reduce them . The one good thing about having so many cards is i truely DONT really need another. Ive done the hard part, i made my file thick, now its time to let it grow. OMG i cant believe i just wrote that haha. Do you know the roasting id receive if the GC read that?🤯