Denied a CLOC with Navy

[Anonymous]

So, I said I would wait to apply for the CLOC with Navy but after reading about all these approvals I started to think even I could get approved despite my low EQ score (616). WRONG. They denied me so hard. Lol I tried sending a secure message asking for reconsideration but they gave me a number to call telling me I'd have to put in another application and speak with a loan officer. Should I? I really don't want another hit point but I'd like to get approved for SOMETHING since the whole point to use it to pay off a $2500 loan I took out last month that came with an outrageous apr (25%). I knew I shouldn't have applied so much ($15000) but I was a) trying to keep my utilization low and b) hoping they'd counter if they couldn't approve me for the full amount. If I do decide to call how much should I ask for? I feel like I should aim low, but how low? any suggestions would be greatly appreciated!

[12njoy]

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@Anonymous wrote:
So, I said I would wait to apply for the CLOC with Navy but after reading about all these approvals I started to think even I could get approved despite my low EQ score (616). WRONG. They denied me so hard. Lol I tried sending a secure message asking for reconsideration but they gave me a number to call telling me I'd have to put in another application and speak with a loan officer. Should I? I really don't want another hit point but I'd like to get approved for SOMETHING since the whole point to use it to pay off a $2500 loan I took out last month that came with an outrageous apr (25%). I knew I shouldn't have applied so much ($15000) but I was a) trying to keep my utilization low and b) hoping they'd counter if they couldn't approve me for the full amount. If I do decide to call how much should I ask for? I feel like I should aim low, but how low? any suggestions would be greatly appreciated!

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Sorry to hear about your denial.  The only thing we could give you is suggestions as you indicated but we would need more information like what current trade lines you have, any negatives you have, specifically what and how old, income, etc...

[jeffm4688]

From what i've read it's usually best to ask for $500 just to get your foot in the door if you get denied the full amount, but obviously YMMV.

[Anonymous]

Thanks for the replies everyone! I guess it would have been helpful to add a bit of information to my post...oops! Anyway, I did actually just bite the bullet and call the number to put in another application. I asked for a humble $500 and the loan officer put me on hold for about two minutes. She came back on the line and said it would need further review. Bummer. I wake up this morning and what do I see?! A text from Navy congratulating me because I was approved!! I do wish I could have save myself a hit point and just asked for $500 to begin with so it was definitely a learning experience. At least now I have my foot in the door and I can hopefully get an increase in the next 6 months! Thanks again guys for all your suggestions and advice!

[Anonymous]

Aaaaand there goes my happiness. I happened to check my credit reports today and I see another hit point for NFCU on TU instead of EQ. I don't know why I didn't stop to think that they could possibly pull another bureau if they couldn't qualify me through my EQ score the first time. I know I should be grateful that they even approved me for anything but I already have so many inquiries on TU already that I probably would have just left it alone and not tried to recon if i knew they were going to pull another bureau. I should have asked before it was done though so the fault lies with me. Oh well. I went to the branch today to sign my paperwork so at least I have my foot in the door...

[UncleB]

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@Anonymous wrote:

Aaaaand there goes my happiness. I happened to check my credit reports today and I see another hit point for NFCU on TU instead of EQ. I don't know why I didn't stop to think that they could possibly pull another bureau if they couldn't qualify me through my EQ score the first time. I know I should be grateful that they even approved me for anything but I already have so many inquiries on TU already that I probably would have just left it alone and not tried to recon if i knew they were going to pull another bureau. I should have asked before it was done though so the fault lies with me. Oh well. I went to the branch today to sign my paperwork so at least I have my foot in the door...

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With NFCU, anytime you 'recon' it's generally another HP, and that's with any of their products.

In any case, you got your foot in the door, so there's that to be happy about!  In a few months you'll likely qualify for a CLI as well (keep in mind for the CLOC it's always a HP for CLIs).