@Janneman wrote:
@W261w261 wrote:
@Janneman wrote:
@Aim_High wrote:
@Janneman wrote:recently my application for flagship card denied. i want to check my internal score with them. have checking, saving, money market, cashRewards (now converted to platinum), pledge loan and direct depositing with this cu. denial letter mentioned internal score-254...how come?
Navy doesn't make their formula for "internal score" public, @Janneman. While some of us have hypothesized that having a variety of banking products like you do helps, there's no real proof. Maybe your score would be 188 without all those products? I believe there are FICO-type variables that go into the internal score as well, so if you have any derogatories, late pays, collections, those could be affecting you. They do seem to reward length of membership with them, so if you opened all of those accounts up in 30 days, it may not tip the scale as much in your favor as-if you did it over two years, for example. The good news is that as your length of membership increases and if you continue to build a strong overall credit file, your internal score will likely also increase.
Im NF member for 11 yrs..all these years hv checking a/c (my daily drive a/c), saving a/c, money market a/c, direct depositing, (since 11 yrs), pledge account. Never have any collections, late pays, no any derogatories, dti is nothing and i hv CashRewards for many years with huge CL...yet still they denied me for flagship card by saying that my internal score is 268. I hv CashRewards for many years and all other accounts for 11 yrs. What I am missing?
Wow. Tough rejection. Everything seems so good for you. How's your income?
They denied my app for flagship card for not being able to qualify for minimum amount of $5k which is required for flagship cc, but on the other hand I have 42k$ cl on my CashRewards card for many years..they hv been sending me preapproved offer of personal loan of 100k$ ever since. My income is almost 71k/annually. On denial letter I saw my score something 235 or268.
If you have a 42K CL with another card with them and just make 71K a year I think your exposure with them is too high. I mean they gave you credit on the other card for almost 60% of your income. If you have other credit cards on top of that I can totally see that they feel you got all the unsecured credit you need.
@AverageJoesCredit wrote:
@Crowhelm wrote:
@Janneman wrote:They denied my app for flagship card for not being able to qualify for minimum amount of $5k which is required for flagship cc, but on the other hand I have 42k$ cl on my CashRewards card for many years..they hv been sending me preapproved offer of personal loan of 100k$ ever since. My income is almost 71k/annually.
If you have a 42K CL with another card with them and just make 71K a year I think your exposure with them is too high. I mean they gave you credit on the other card for almost 60% of your income. If you have other credit cards on top of that I can totally see that they feel you got all the unsecured credit you need.
Navy gives many of us more credit than our incomes support, low and high income earners alike. What we do with that credit is up too us but I'm glad they actually mean "Our members are our Mission ".
+1 @AverageJoesCredit. Lenders are different when it comes to their willingness to extend credit limits as a ratio to income. While some lenders would be starting to "dry up" any new offers of credit at 60% (or at even lower ratios), this isn't always the case with Navy FCU.
Good
@Aim_High wrote:+1 @AverageJoesCredit. Lenders are different when it comes to their willingness to extend credit limits as a ratio to income. While some lenders would be starting to "dry up" any new offers of credit at 60% (or at even lower ratios), this isn't always the case with Navy FCU.
Good to know. Both our kids are military so I was eying Navy already as our next credit union to join. Nice to know they are very generous.
