New member at NFCU but declined for CC

[Anonymous]

Hello everyone.

I am very new to this forum and new to developing credit. been reading comments for several months and decided to jump in. Soo here it is..

Hoping to get a little help on my next move. I recently became a new member at NFCU. I applied for the cash rewards and go rewards but both were DENIED!  my TU score is 660 with UTI at 48% and my Equifax is 710 with a UTI of 40%  income is high 130k.  Two auto loans both around 15k opened around june 2017...also have 4k almost cc and personal loan for 1k from my hometown credit union. I was just recently approved for a citi double cash for $3900 . I do have a first premier for $500 ($390 balance)and a horizon card for $500 since may 2017.  did i pull the trigger too soon??

Thanks for any help you can provide.

[Anonymous]

I'm sure the experts will chime in here, but I would say even with that income, your DTI(debt to income) is very high by navy standards.  They like low DTI mostly, but the rest of your profile counts too.   You have a lot of newer loans/cards, and that could be a factor as well.  Great thing is that they are easier than most, so getting the DTI down and that income you could see a huge SL approved.

[Anonymous]

Thanks for the reply!

I will be working on getting my DTI down asap. How long should i wait before trying to app again? I see some say 90 days but I think i should be able to knock down my DTI before the 90 days.

Thanks.

[Anonymous]

Do you know the reasons why you were declined? If you don't know yet, I would wait for the letter and see if you can recon. If recon fails, then it's just a matter of working to decrease your DTI and trying again later.

[peghede]

ive seen ppl with high income  over (over 125k)70 uti and 75  dti and getting aproved for 1 even 2 cards18k and 10k

[Anonymous]

Thanks for the reply.

Ok i will just wait on the letter. I did not get a reason why i was denied. I was thinking because of new accounts maybe?? but I guess I will have to wait and see.

[Anonymous]

Thanks for the reply!

Wow thats great. I hope I can get some love like that from NFCU. Maybe I can recon once I get this letter in 5-7 days!

[Anonymous]

Lower your uti, let your accounts age and try again in a few months. I app’d in Dec 2016 upon joining with high uti and was denied. Less than six months later I lowered my uti into single digits and picked up $35k with a LOC and one card.

[Anonymous]

Thanks for the reply.

Thats great news! Congrats on those approvals. That would be sweet if I came close to those type of approvals.

Should I go for LOC or a CC?  Whats the difference from a LOC and checking LOC?

[Anonymous]

Have you considered a secured card? I would hold off on the cloc until your utility is down.