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NFCU Secured Denied Post Discharge...

Andy77
Valued Contributor

NFCU Secured Denied Post Discharge...

Hello.

 

Well, not sure what to do now.  I got my Ch 7 discharge yesterday and app'd for NFCU secured card, instant denial, so I sent a PM with my discharge paper and and explanation, their reply...

 

Because we take our members' requests seriously, we conducted a second review of your application. Upon further review, we have determined that we must stand behind our original decision. Due to your recent Bankruptcy, we are unable to honor your requests. As a financial institution, we must adhere to general lending guidelines in order to ensure fair lending decisions for our entire membership. We regret that we are not able to reach a more favorable decision at this time.

 

When I app'd for the secured card I had a 3k secured shared loan (2 yr term) I opened on May 11th and I already paid it down to 2k.

 

My current scores are EQ 629, TU 618, EX 622

 

Income 9235 month gross

 

Discover will not approve me (IIB)

Barclays won't approve me (IIB)

 

I currently have capital one, not secured, 500 cl, zero balance

credit one, 500 cl, zero balance

AU on my mothers chase visa, 7k bal, 23k limit, 51 years old perfect history

AU on friends M-Life rewards card, 3k bal, limit 15k perfect history

 

What should I do now.....Wait six more months and apply for the secured card again ?

OR get an oepn sky or First Premier so I have (3) of my own cards reporting ?

 

Thank you

Message 1 of 10
9 REPLIES 9
ImTheDevil
Community Leader
Senior Contributor

Re: NFCU Secured Denied Post Discharge...

Your scores aren't the issue for Navy, it's that the ink isn't even dry on the discharge. There are quite a few lenders who will approve you with a BK, even a recent one...but not one that discharged yesterday.

 

I would keep what you have and get OpenSky, and then don't app for a year. Tend the cards you have, practice AZEO, and in a year I think you'll have several more options. Stay away from First Premier - they're vultures. You don't need that kind of headache in your life.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 2 of 10
Andy77
Valued Contributor

Re: NFCU Secured Denied Post Discharge...

 

Thank you for the reply. 

 

How much progress would I loose if I just kept my two cards, capital one and credit one 

and one share builder with NFCU as opposed to (3) credit cards and the share builder ?

 

I would rather use my two cards for six months, pay off my share builder and re-app with NFCU for the secured card again.

 

Do you think at 9 months rebuild (I got my capital one prior to discharge) I would still be decliined for secured NFCU ?

 

Message 3 of 10
SweetSerenity
Contributor

Re: NFCU Secured Denied Post Discharge...


@Andy77 -congrats on your discharge; that's a great start to your new financial life!

 

 Now I have to respectfully ask you, is there a specific reason that you're trying to get another card so soon? I think what you have currently is sufficient to begin your rebuild. I know there revolvers and one installment is optimal for profile purposes but it's a marathon, not a sprint. Take it easy and let what you have build you up until your scores rise and your BK settles.

 

 You've got this!

Message 4 of 10
Andy77
Valued Contributor

Re: NFCU Secured Denied Post Discharge...

 

For my third card, for optimal scoring, I wanted to get NFCU secured. I mean it is secured afterall, how hard could it be to get, lol

 

The reason why I wanted this card now is because in a year I was going to try to get a fairly large auto loan with them so I wanted to continue my credit relationship with them now, other than having the sharebuilder with them, but I guess, for me, now this secured card is not in the cards ha ha ha

 

So I will let my two cards age....

Message 5 of 10
FiresOut
Super Contributor

Re: NFCU Secured Denied Post Discharge...

One thing that will help. Get rid of this------>AU on friends M-Life rewards card, 3k bal, limit 15k perfect history

Util is too high. AU's arent quick fixes. Not doing much good ATM.

Message 6 of 10
ImTheDevil
Community Leader
Senior Contributor

Re: NFCU Secured Denied Post Discharge...

Agreed ^^^. The ideal AU card has low single digit or zero usage. 20% usage offsets any gain you might get in the age factors.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 7 of 10
Andy77
Valued Contributor

Re: NFCU Secured Denied Post Discharge...

 

Well, finally got in with NFCU, Transunion updated to show discharge on 5/11/20, I applied today for 3k seured card and approved.

Very happy.

 

Also paid down Chase from 10k to 1500.00, i hope that will make a nice score bump for me.

Message 8 of 10
BmoreBull
Established Contributor

Re: NFCU Secured Denied Post Discharge...

Congrats, glad it worked out for you with NFCU. Good job on getting the utilization down on the Chase card.


Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 9 of 10
tehdrizzle
New Contributor

Re: NFCU Secured Denied Post Discharge...

Just use cash, my wife and I plan to never use credit again.  Around here it's impossible to get financing after a bankruptcy for 8-10 years which is a huge blessing in disguise.

Message 10 of 10
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