NFCU Declined my Application!

[GB44]

I heard a lot of positive things about NFCU on this board so I thought it would be a great place to start for getting a quality credit card with a satisfactory limit (4-5k). However, after a TU credit pull to join and EQ credit pull to apply for the cash rewards, I have nothing but two wasted credit pulls. My Fico scores are TU 685 and EQ 674 so I'm actually pretty shocked with the denial. I guess I'll have to wait for the denial letter to see the reason why. My Question for the board is has anyone had success with reconsideration or has anyone applied for their secured visa (don't want another credit pull)? Any information is greatly appreciated!

[chasmith]

I joined NFCU right after my BK7 discharge in 2009, for that reason I didn't even apply for credit, I did the double play of opening a $1,000.00 secured installment loan, taking those proceeds and some more money and opening a $3,000.00 secured VISA.  With hindsight I might have tried for credit as I hear various people saying they might even do that.

I've kept up my relationship with NFCU, including direct deposit of part of my pay.

I wasted some inquiries trying to add undecured credit  butrecently called and spoke with the credit folks on the phone.  I was able to drop the interest rate on my auto loan from 10.49% to 5.99%, keeping the payment roughly the same but chopping 5 months off the duration, add a NavChek line and increase my VISA line.  Based on the love shown by NFCU I'm switching my primary direct deposit to them.

I would definitely call in and discuss your credit request.  It might be that with proof of income or some additional explanation they would grant credit, and I certainly think their secured card would be available.

[bbb925]

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@GB44 wrote:

I heard a lot of positive things about NFCU on this board so I thought it would be a great place to start for getting a quality credit card with a satisfactory limit (4-5k). However, after a TU credit pull to join and EQ credit pull to apply for the cash rewards, I have nothing but two wasted credit pulls. My Fico scores are TU 685 and EQ 674 so I'm actually pretty shocked with the denial. I guess I'll have to wait for the denial letter to see the reason why. My Question for the board is has anyone had success with reconsideration or has anyone applied for their secured visa (don't want another credit pull)? Any information is greatly appreciated!

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I'm shocked you were denied too. Have you pulled your reports to make sure there are no adverse accounts on them? The reasons I would think for denial are, A) They need more info. B) Something is showing adversely on your credit reports or C) Your credit history is short with low limits meaning you don't have a long standing relationship with credit. I would wait to get the letter of denial and then judge whether a recon call would work. Let us know what you do! Good luck!

[mtva24]

Damn son, I got approved last week and I have a 614...I've had a checking and savings with Navy FCU for a while though

[Anonymous]

I had success with two recons. I appllied for the nRewards around 11/2010 and was decline. I forget the exact reason. My BK was discharged 1/2009. I sent in a letter an explained my reason for BK and explained that I have not had any negatives on my report since filing in 2005 and that I recenlty purchased a home. They gave me $2000 limit. Dec 2010 I applied for NavCheck and was declined. Called to recon on phone. The rep placed me on hold came back and said it was approved but  they needed to run the credit again because it had been 30 days since I orginally applied.Good thing was my credit score had gone up within the 30 days. (683 Equifax).  Only asked for $1000.00 and it was approved. Last about a week ago I submitted for an increase on my CC. I only asked for $1000.00 which took my limit to $3000.00. I should have asked for more, but I am rebuilding and need to take it slow.  Next time I am going for a larger amount.

[GB44]

Thanks for the information everyone. I sent NFCU and email yesterday asking for a reconsideration and I received an email today stating that it was approved. Not sure yet what the initial denial was based on but I'm thinking it had to do with me not having direct deposit setup on the account yet. I'm not sure what the limit is yet, just glad it was approved upon reconsideration......................On another note, I noticed that they ran TU and EQ for the credit card and another TU upon joining.

Hopefully, the approval will help me get to the 700 club by the end of this year.

[Red1Blue]

Congrats on your approval. Keep us updated once you know the limit on your card.