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Nfcu decision makes no sense

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Valued Member

Nfcu decision makes no sense

So my wife and I decided to sign up for nfcu today after reading all the positive reviews. She has a TU credit score of 540 and mine is 693. She applied and got approved for the Go Rewards unsecured card so I figured I should have no problem getting one too so I applied. I was declined. No review message, just declined. I called and got no reason as to why. I'm confused. Any ideas on this? I double checked and all info was entered correctly
Message 1 of 11
10 REPLIES 10
Senior Contributor

Re: Nfcu decision makes no sense


@jch2122 wrote:
So my wife and I decided to sign up for nfcu today after reading all the positive reviews. She has a TU credit score of 540 and mine is 693. She applied and got approved for the Go Rewards unsecured card so I figured I should have no problem getting one too so I applied. I was declined. No review message, just declined. I called and got no reason as to why. I'm confused. Any ideas on this? I double checked and all info was entered correctly

What is the source of your credit scores?  Or asked another way, where did you get the scores from?





Message 2 of 11
Valued Member

Re: Nfcu decision makes no sense

Both of our scores come from Myfico
Message 3 of 11
Senior Contributor

Re: Nfcu decision makes no sense

So they are genuine FICO 8 scores.  Well, that's a head scratcher...





Message 4 of 11
Frequent Contributor

Re: Nfcu decision makes no sense

NFCU uses FICO 9 for credit decisions, I believe.

What’s your TU FICO9?
Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards, Points
NFCU: Flaghship Rewards, Cash Rewards, More Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 5 of 11
Valued Member

Re: Nfcu decision makes no sense

Its 654, but that's still considerably higher than hers.
Message 6 of 11
Frequent Contributor

Re: Nfcu decision makes no sense

It’s hard to say. More than score goes into the decision. Recent derogatories, DTI, Credit history, etc.

NFCU certainly marches to the beat of their own drummer, but something caught their attention in your file and they didn’t like it I guess.

Sorry.
Personal Credit -
AMEX: Platinum, Green, Cash Magnet, Schwab Investor
PNC: Cash Rewards, Points
NFCU: Flaghship Rewards, Cash Rewards, More Rewards, CLOC
PSECU: Founders
BB&T: Spectrum Cash Rewards
CapOne: Quicksilver
Discover: IT Chrome
Synchrony: PayPal 2%, PayPal Credit
Barclays: Uber
Store Cards: Target
AU Cards: Citi Rewards+

Business Credit-
AMEX: Blue Business Plus, Amazon Prime, Simply Cash Plus
Message 7 of 11
Community Leader
Senior Contributor

Re: Nfcu decision makes no sense

We need more info to provides ideas because everyones profile is a YMMV. So this what we need:

3 FICO scores
Any baddies
Income
AAOA
AoYA
How many CCs? Lender vs store
Aggregate UT and individual card UT
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 8 of 11
Moderator

Re: Nfcu decision makes no sense

Scores are only one component of of personal credit profile and only one criteria a lender uses or doesn't use.  They look what is within the whole credit profile and run through their algorithm.  Trying to compare two profiles is near impossible as you would have to compare how many tradelines you each have, aaoa, derogs, dti, etc, etc, etc..No two profiles are identical

Message 9 of 11
Frequent Contributor

Re: Nfcu decision makes no sense

The credit score is just a number. The higher the number, in theory the better chance of success.

However, the components that make up your score is what holds more weight and every lender has a different algorithm.

Expecting an outcome based on your Fico score is just setting yourself to be let down. This just happened to my wife with Navy because of my approval she assumed an automatic win. In reality a thinner file with recent late payments yielded a smaller limit.

Sorry you got declined! Navy can drop some monster SLs around and sometimes it's easy to assume the win when there might be some more work to do.

Wait for the letter and reference the reasons. Fix. And reapply a few months from now and things will work out.
Starting scores - 480 - 11/05/18
Current Scores -





Message 10 of 11
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