Denied Personal Loan From NFCU w/Spouse

[bburney4]

Seeking advice, i applied for a personal loan with my wife at Navy Federal, they denied us, mainly because of my credit scores. That was a week ago, do you think my wife should try by herself again or wait 30 days  before trying again.

My scores are 620 and hers is 710 on TU.

Thanks.

[CreditInspired]

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@bburney4 wrote:

Seeking advice, i applied for a personal loan with my wife at Navy Federal, they denied us, mainly because of my credit scores. That was a week ago, do you think my wife should try by herself again or wait 30 days  before trying again.

My scores are 620 and hers is 710 on TU.

Thanks.

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Hi and welcome to myFICO

Can you give us some additional info on her stats? 710 is kind of iffy. Any baddies? High utilization? Lots of inquiries? What are her EX & EQ scores?

[TheRedHat]

A 710 score is fine. I've been approved for a personal loan from NFCU with a score in the mid 600's. However, her APR may be a bit high. Not sure on how long the waiting period is after a decline, so someone else can chime in about that.

[ghgirll40]

The thing about NFCU is they dont like high utilization and your history with your checking and savings accounts there all matters. If you have had any NSF in the past 90 days even if its because you used their OOPS option you will get denied. If you paid off high balances recently you have to give it a few months to establish that they will stay paid off. I was denied with my current credit score over 700 because i had paid off my cc balance in the recent 30 day statement period. It depends what their denial letter says truthfully. Fico score alone is not what they go by at all Hope this helps!