@deserteagle wrote:I just recently applied so I haven't received my letter of denial yet
What about the last time you applied 6 months ago?
@deserteagle wrote:I need some assistance with nfcu. Like how do I get approved?! I want a card from Navy fed! I keep applying get denied than wait 6 months. What's the problem?
The problem is that, like me, lenders consider us both high risk until we prove ourselves otherwise. You can fix that the hard way (by eventually getting approved for CCs from sub-prime or predatory lenders with high fees and very high APRs, getting the CLs bucketed in sub-prime low limits that rarely or never grow, and using these CCs responsibly for a year or more) or you can fix that the easy way, like I did. You are so, so lucky, because you're eligible to do the same thing I did!
It tells me I'm approved for the secure card only.
That's is definitely not what I'm looking for. I'm more along the lines of the nfcu cash rewards but I just need information on how to get my credit in tip-top shape
@deserteagle: Did you know the Navy Fed secure nRewards CC is the next best thing to the Navy Fed cashRewards CC when you don't have good FICO scores? Sure, it gives back 1% in points while it's secured, but the balance of points converts to 1.5% cash back (exactly like the cashRewards CC gives you!) as soon as the secure nRewards CC graduates to the unsecured cashRewards CC, often 6 or 7 months after CC approval. The downside is that you have to wait until graduation to cash in that max cash back, and you have to provide a $200 to $5,000 security deposit until the secure nRewards CC graduates.
Your credit file won't be in tip-top shape until you get the negative accounts removed, either by pay-for-delete (PFD) or waiting for the accounts to drop off your CRs 7 years after the date of first delinquency (DoFD). Post a question in the "Rebuilding Your Credit" forum for expert advice on PFD. For fastest replies, list the details of each of your negative accounts (name of company which holds the account, DoFD, last reported update, amount owed, whether it's a charge-off account (CO) or collection account (CA)) and late payments, and how much money you have available (or will have available and when) to pay the creditors.
However, you can still reach the low- or mid-700s in FICO 8s and 9s while you're waiting for the negatives to be removed. If you're interested, please let me know, and I'll post the steps necessary to do this the quickest. Hint: This requires getting approved for the Navy Fed secure nRewards CC with a deposit of at least $200, using the secure nRewards CC every month, and having enough income and savings to pay all your revolving accounts (CCs and CLOC) in full and on time every month, as well as make all required payments on installment loans on time.
@deserteagle wrote:
@FinStar wrote:
@deserteagle wrote:Current scores Fico score 8
Tu: 631
ex: 637
eq: 628
I forgot to mention that.
Aside from the scores you've provided, can you elaborate on what's holding them down? Do you have any other tradelines reporting, such as other credit cards, installment loans, etc? Also, do you have any negative or derogatory items on your reports?
CLOC and 2 personal expense loans(with NFCU) utilization 41% last reported discover card utilization 0%, 2 CO's both recent that's all i can think of.
Two recent charge-offs is why you're getting denied... Navy doesn't want to be the 3rd.
If you REALLY want a navy Cc, then my advice is to go fore the secured card. If you aren't willing to do that then you probably won't get a Navy card until either those charges-offs are resolved ore they are 3-4 years old.
