NFCU Approval - Is this Normal ?

[Inspiredman]

I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit,  1% Util, No new account, No new inquiries, and 5 years age of credit.

I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.

I felt quite insulted as i thought secured cards were for other purposes.

Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.

I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.

With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?

Im kind of new to the forum please pardon my question.

[AI_JMV]

Navy doesn't care about your credit report as much as it cares about the age and quality of your membership. The more money and credit vehicles you put through them, the more they reward you. Time + NFCU History = very nice credit offerings. 

[SouthJamaica]

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@Inspiredman wrote:

I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit,  1% Util, No new account, No new inquiries, and 5 years age of credit.

I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.

I felt quite insulted as i thought secured cards were for other purposes.

Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.

I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.

With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?

Im kind of new to the forum please pardon my question.

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I'm surprised at what you experienced. Perhaps it's the economy making them crazy.

[805orbust]

Definitely has to be because they're starting to get skittish. A secured card is an insult with that profile. However, I wouldn't give up on Navy tho, they're great for credit cards. I would give it 6 months and reapply. 

[Laredo]

I joined NFCU years ago but only applied for a card a in 2021 and was told I could get a secured card.  I put $500 on the card.  Within 6 months it was changed to a rewards card for $1K.  I don't use it much but they have increased it a couple more times and my limit is now $5K.  I would say it is normal to wind up with a secured card but in a matter of time you will get an unsecured card and most likely with a high limit.  I think like others have said they are a little skittish and want to get to know you first.

[kilroy8]

No, not normal.

To be honest, unbelievable.

More here than meets the eye.

[Stealth-1]

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@Inspiredman wrote:

I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit

Did you ever receive the denial letter? If you did, you could try another recon to refute the specific reasons they listed. Overall, lenders are getting stingier and you're new to them...maybe they felt you already have enough existing credit per your income (not mentioned here), and want to know you better first. Your profile looks good, so a secured card doesn't seem "normal". But this is speculation until we know what the denial letter said.

[Jayy]

I don't know if it's normal, but it's not unique. I had a similar experience with them when I applied for the More Rewards at the start of August this year right after joining. I really wanted the Flagship but I knew that was a long shot for a first card with them so I was saving that for card #2. Scores were ~800 with longer age of credit than you but did include a recent mortgage.

Reasons for denial came back as 1) Age of NFCU relationship, 2) Direct Deposit status with NFCU, and 3) Account balance with NFCU (I only funded it with ~$100 when I opened). Before trying recon I opened a flagship checking account, stuck ~$10k in it and waited for a DD to hit but recon was still unsuccessful and they told me to app for the secured card instead. I moved $5k to max out the secured limit and I'm planning to PC it to More Rewards once it unsecures and app for the Flagship separately.

Based on my experience, if you have no previous relationship with NFCU I'd really recommend letting your membership sit for a while rather than applying for a CC shortly after you join. I'm sure there are some with strong enough profiles to get a high limit unsecured card day one but it seems that NFCU is tightening down and wants to see you put in some time first.

[ipmyf88]

My personal experience was the opposite. I had no lending relationship, only a checking account opened a year before with small weekly deposits. I applied for the Platinum and was approved for 20k (my highest line at the time) at almost the lowest rate. That was in June 2020. My credit score at the time (per Credit Karma) was around 750 and income was about 80k.

[SUPERSQUID]

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@Inspiredman wrote:

I joined NFCU and applied for NFCU Platinum card on September 3rd 2022 and was denied, I was surpised as my TU score was 760 With no baddies, I had over $110k in Total Credit limit,  1% Util, No new account, No new inquiries, and 5 years age of credit.

I wrote a letter to credit lending via the secured page to recon but that was also denied, I was advised to apply for the secured card.

I felt quite insulted as i thought secured cards were for other purposes.

Afterwards, i spent some time reading about NFCU on this forum and i realised that some other members shared the same experience.

I deposited $2,000 in the NFCU savings account and i applied for the secured card. My TU was frozen but my Equifax was open, they pulled equifax and approved me for a $2,000 Secured nrewards card.

With a good credit score and no baddies, is it normal for NFCU to still have me start with a secured card ?

Im kind of new to the forum please pardon my question.

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Maybe it has something to do with having tu frozen? NAVY pulls tu9 for new cards, eq9 for cli's.

In my case i opened a checking/savings with 15 dollars each, waited 7 months and then apped for the cash rewards. approved for 3700 unsecured with a bk7 on my reports and scores in the high 600's