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NFCU CLOC Denial...Recon?

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Frequent Contributor

NFCU CLOC Denial...Recon?

So I signed up for them late Wednesday night/early Thursday morning over the phone (in the middle of the night.  A US based rep, WHAAAT?!).  I was signing up with my step father as my sponsor and way in, with out him having an account with them.  Got told that as long as I would be able to provide any documentation that may end up being asked for me, I shouldn't have any issues.  By the time I had hung up the phone, I had already been given access and logged into my account.  I kind of got anxious after reading so many positive reviews about them and decided to app for a CLOC and the Plat card.  Both went into review.  Got kind of worried thinking I shouldn't have done it, considering I wasn't 100% sure whether or not my account was 100% yet, seeing as they may still need me to send in his documentation to prove eligibility.  Plus felt like the CLOC was just a bad decision all together after I pulled the trigger.  Even though I read it was revolving, some reason I thought it was installment and that's why I was wanting it.

 

The CLOC with in 12 hours went to denied due to not meeting their lending criteria.  I *think* the Plat was approved a little bit ago (little over 24 hours). I have it showing up with $500 SL and 17.99% APR (SL lower than I had hoped, but the APR is still lower than my C1 & Disc cards and just glad to get in, but definitely was hoping/expecting a $2000-ish SL), which makes me think I barely got in, if I did.  Still no kind of notification about that, so not 100% sure, but would assume so since it's in my account.

But what I'm curious about is should I attempt to recon the CLOC since I already suffered the HP for it?  Think I asked for $3000, thinking I had a shot after all I've read or at the very least, they'd counter (which after a bit more reading, doesn't seem like they do - lol).  Or should I apply for another like I've read and only ask for the $500 since that's what they approved the Plat for and hope it goes through and not another HP?  Or should I just leave it be and wait?  Don't really want to poke the bear.  

F8 TU 653 score.  Had 13 inquiries.  22% over all utilization.  1 C1 card showing a bit high (50ish% uti) since I paid off a few others and had a slow month.  1.5 year out of discharge.

 

With this I'm definitely in the garden for new accounts.

BK7 Discharged 12/16


EQ8/9: 674/725 | TU8: 683 | EX8: 735
Message 1 of 8
7 REPLIES 7
Moderator

Re: NFCU CLOC Denial...Recon?

With your profile being still fairly young post-BK, I'm assuming that you barely got in given the other items you shared about your profile.

Not sure whether the reconsideration would yield anything on the CLOC given that the $500 CC approval is kind of indicative of what they're willing to extend to you at this point in time.
Message 2 of 8
Frequent Contributor

Re: NFCU CLOC Denial...Recon?


@FinStar wrote:
With your profile being still fairly young post-BK, I'm assuming that you barely got in given the other items you shared about your profile.

Not sure whether the reconsideration would yield anything on the CLOC given that the $500 CC approval is kind of indicative of what they're willing to extend to you at this point in time.

Ok, ty!  Kind of what I thought, but figured it wouldn't hurt to get an opinion on whether or not asking would/could be worth it since I already got the HP from it.

BK7 Discharged 12/16


EQ8/9: 674/725 | TU8: 683 | EX8: 735
Message 3 of 8
Moderator

Re: NFCU CLOC Denial...Recon?

It doesn't hurt to try and see what they say.

They're definitely flexible and a great CU for those who are building or rebuilding.
Message 4 of 8
Valued Contributor

Re: NFCU CLOC Denial...Recon?

All of their CS is US based Smiley Happy
Nice friendly people, from what I have encountered
NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 5 of 8
Frequent Contributor

Re: NFCU CLOC Denial...Recon?

So got a question.  I was approved for the CC and I did try to recon the SL on it.  I was told that for now, it's the 'maximum credit line' they're able to give me.  And that I may apply for a CLI at any time, although it was recommended to wait 91 days to do so for best results.  So I'm all good there.

With the 'maximum credit line', does that include loans and/or the CLOC?  I'm kinda thinking it may with the CLOC since it is considered a revovling, but is handled by the same department as the loans, from what I can tell, so not sure?  Been trying to gather if all would be considered together or separate when it comes to this sort of thing and best I can gather is that it isn't.  Should I actually try reconning the loan and see if they'll give me less (although I don't remember what I asked for, think it was **bleep** near close to the bare minimum if not actually the bare minimum so might be pointless).  But the CLOC might be worth doing because I think I asked 2000, so could still get 500 like the CC if possible.  Don't really need it, but since I already wasted the pull on it, might as well try.  Would like to try to get the loan to help with consolidating and paying less APR in the end.

I received the denial reasoning for the CLOC and it was mostly because of AAoA and inquiries.  And they actually pulled my score 20+ points higher than I previously mentioned.

BK7 Discharged 12/16


EQ8/9: 674/725 | TU8: 683 | EX8: 735
Message 6 of 8
Valued Member

Re: NFCU CLOC Denial...Recon?

OP- after opening my account I also applied for a CC and was approved for only $500... approaching my third month on the 19th of this month. I had also app’d for the cloc and was denied. Applied again last Thursday for the CLoC after fixing a lot of things on my credit and was approved for 2k with AAoA being 6 months and 4 collections (medical totaling $400).
NFCU doesn’t like bankruptcy at all so I’d suggest getting that off your report before app’n for anything else. Also, try and get your scores up some more. And try to dispute some of those inquiries that aren’t tied to accounts.
Message 7 of 8
Super Contributor

Re: NFCU CLOC Denial...Recon?


@Drusbo wrote:

So got a question.  I was approved for the CC and I did try to recon the SL on it.  I was told that for now, it's the 'maximum credit line' they're able to give me.  And that I may apply for a CLI at any time, although it was recommended to wait 91 days to do so for best results.  So I'm all good there.

With the 'maximum credit line', does that include loans and/or the CLOC?  I'm kinda thinking it may with the CLOC since it is considered a revovling, but is handled by the same department as the loans, from what I can tell, so not sure?  Been trying to gather if all would be considered together or separate when it comes to this sort of thing and best I can gather is that it isn't.  Should I actually try reconning the loan and see if they'll give me less (although I don't remember what I asked for, think it was **bleep** near close to the bare minimum if not actually the bare minimum so might be pointless).  But the CLOC might be worth doing because I think I asked 2000, so could still get 500 like the CC if possible.  Don't really need it, but since I already wasted the pull on it, might as well try.  Would like to try to get the loan to help with consolidating and paying less APR in the end.

I received the denial reasoning for the CLOC and it was mostly because of AAoA and inquiries.  And they actually pulled my score 20+ points higher than I previously mentioned.


The CLOC APR can't be changed later. Not a big deal if you're only using it to bolster your utilization, but if you think you may use it in the future, it might be best to wait until your profile is stronger to get the best rate.







Message 8 of 8
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