NFCU "Acceptance Code"?

Anonymous · ‎01-28-2015

So, I got a mailer today with an "acceptance code" for a cashRewards from NFCU. I know that it's not a pre-approval, but I feel like my chances are probably good.

My question is, I am rebuilding from BK and my upcoming need for an auto loan (say June, July) takes precedence-- however, I'm confused about how more credit may help/hurt my score.

I have myFico monitoring, and confusingly it tells me that I have both too many new accounts and also NOT ENOUGH accounts. (I'm pretty smart... but I can't sort out how they can both be true).

I have three inquiries, one of which is set to fall off in May (before I would begin applying for auto loans). I have two open CCs, one at 50/$600 and one at 0/$1500. My average account age is good because of old auto loans and my open student loan (perfect 11 year history). Scores are TU 625, EX 652 EQ 659.

Everyone tells me NFCU is the way to go, and I have no doubts on that-- I even feel confident of an acceptance. I just don't want to turn around and see a dip in my score after all my hard work because of too many new credit lines, or whatever. Normally I would care less about the score, but with only six months to go before auto loan shopping, I'm admittedly nervous.

I need the best rate I can muster for my car; the real cash difference is so dramatic!

Thoughts?

creditlady43 · ‎01-28-2015

Hi fiveoh, I take it you are already a member with NFCU right? Your scores are good for Navy standards and they pull from Experian. I would definitely apply now. You can also get your car loan through them. I joined Navy and the same day I applied for a car loan with them online and was instantly approved for $47,500. A couple of hours later I applied for their Cash Rewards Signature Visa and was instantly approved for $10,000. Let me tell you that I did not believe my own eyes, I thought for sure that they had made a mistake and was going to issue me a new email stating that I was declined. But to my surprise, they kept their word and now I have a great banking relationship with Navy. Go online and apply for one of their credit cards now and leave another post informing us of what Navy gave you. I think that you are definitely in for a big surprise. At the time, my credit was ugly, ugly, ugly and they still took a chance on me. In terms of getting another credit card it's definitely not going to hurt you in fact, as long as you continue to manage it well and keep your utilization between 1-3% you will see your credit scores continue to rise. Write back and let me know the status on your apps!

Navy Fed Sig. Visa ($27,500)|BlueGreen Encore Rewards ($10,000)|CapitalOne ($6,950)|Discover ($1,000)
Starting Equifax Score: 520 (5/2014) - Current Score: 726
Starting Transunion Score: 613 (5/2014) - Current Score: 733
Starting Experian: 595 - Current Score: 742

Anonymous · ‎01-28-2015

My credit building started on October after 2 years without any credit. I got a letter last November from NFCU with an acceptance code and I decided to accept the offer. They approved me a cash rewards with 1K CL. My score were in the mids 500 with multiple accounts collection. At least 2 of them paid in full. Your scores are much higher than mine. So you will have no trouble getting a generous CL. Aside accounts with them grow faster and their customer service is the best.

Anonymous · ‎01-28-2015

@creditlady43 wrote:
Hi fiveoh, I take it you are already a member with NFCU right? Your scores are good for Navy standards and they pull from Experian. I would definitely apply now. You can also get your car loan through them. I joined Navy and the same day I applied for a car loan with them online and was instantly approved for $47,500. A couple of hours later I applied for their Cash Rewards Signature Visa and was instantly approved for $10,000. Let me tell you that I did not believe my own eyes, I thought for sure that they had made a mistake and was going to issue me a new email stating that I was declined. But to my surprise, they kept their word and now I have a great banking relationship with Navy. Go online and apply for one of their credit cards now and leave another post informing us of what Navy gave you. I think that you are definitely in for a big surprise. At the time, my credit was ugly, ugly, ugly and they still took a chance on me. In terms of getting another credit card it's definitely not going to hurt you in fact, as long as you continue to manage it well and keep your utilization between 1-3% you will see your credit scores continue to rise. Write back and let me know the status on your apps!

They don't always pull from Experian. Most of the time they pull from Equifax.

IslandSoul · ‎01-28-2015

I recently applied for GoRewards maybe two weeks ago. Thy pulled EQ.

Anonymous · ‎01-28-2015

@IslandSoul wrote:
I recently applied for GoRewards maybe two weeks ago. Thy pulled EQ.

They'll occasionally pull from TU and EX but about 85% of the time it's EQ.

Anonymous · ‎01-28-2015

When they pulled me for membership, they pulled TU. For whatever it's worth, I'm in the DC/MD/VA area.

Still contemplating. I don't want to look risky given that I just opened my barclays in December. My CreditOne is from last March.

This game is fun, but also frustrating sometimes!

Anonymous · ‎01-28-2015

@Anonymous wrote:
When they pulled me for membership, they pulled TU. For whatever it's worth, I'm in the DC/MD/VA area.

Still contemplating. I don't want to look risky given that I just opened my barclays in December. My CreditOne is from last March.

This game is fun, but also frustrating sometimes!

I'm in the same area and they pulled EQ. Go figure 😗. You should be fine. NFCU doesn't seem to care about other cards and inquiries

Anonymous · ‎01-30-2015

Well... I applied and got the "24 hour" message. Now of course I am panicking that I made the wrong decision.

I know there's nothing to do but wait, but thought I would update in case anyone had any further advice. I really hope I don't damage my already frail score by inquiring only to get declined.

I'll let you know what I hear back. This rebuilding game is tricky.

Anonymous · ‎01-30-2015

@Anonymous wrote:
Well... I applied and got the "24 hour" message. Now of course I am panicking that I made the wrong decision.

I know there's nothing to do but wait, but thought I would update in case anyone had any further advice. I really hope I don't damage my already frail score by inquiring only to get declined.

I'll let you know what I hear back. This rebuilding game is tricky.

Don't panic. That is fairly normal. You might now have to wait until Monday but I bet you're good to go.