@sailor_mercury wrote:
@Revelate wrote:
Nothing really useful to add except to suggest that if you don't need anything else (unless you're picking up additional rental properties in the near future) gaining access to NFCU is *well* worth the HP in my opinion.
There's really no downside when we're talking 1+ years, and tremendous upside across their suite of products. I'm not a member but I'd advise anyone who can get access, to do so.
Beyond that I've never heard of AGI being used for an approval either, but a lender's underwriting guidelines could be playing a game of pin the tail on the donkey for all we know.
I would agree with the exception that the OP has 23 years of service with the Army. So when he does separate he will be retired and will qualify for membership at anytime as a retiree. So why apply and take the hit on the HP when NFCU membership will always be available?
Because all things being equal take the inquiries as soon as possible: majority of the FICO algorithm is time-dependent, take any negative information and get it aging right now.
If one isn't looking for a mortgage or potentially an auto loan within the next year, simply take the inquiry now and get it out of the way when it's a guarunteed approval for membership. Statistically this is the best method for managing one's credit report, as at some point when you do need the report, it's best to have minimized the damage by having any negative (which includes even minor ones like an inquiry) as far back in one's history as possible. Accomplishing that means taking the hit immediately where feasible which it likely is in this instance from the description.
Similar calculus to app sprees when one is establishing the first and second rounds (maybe third, YMMV) of tradelines.
@sailor_mercury wrote:
@Revelate wrote:
Nothing really useful to add except to suggest that if you don't need anything else (unless you're picking up additional rental properties in the near future) gaining access to NFCU is *well* worth the HP in my opinion.
There's really no downside when we're talking 1+ years, and tremendous upside across their suite of products. I'm not a member but I'd advise anyone who can get access, to do so.
Beyond that I've never heard of AGI being used for an approval either, but a lender's underwriting guidelines could be playing a game of pin the tail on the donkey for all we know.
I would agree with the exception that the OP has 23 years of service with the Army. So when he does separate he will be retired and will qualify for membership at anytime as a retiree. So why apply and take the hit on the HP when NFCU membership will always be available?
Because getting a mortgage through NFCU could be of benefit to the OP. Taking the HP's now will make that available and make the same HP's old by the time he's applying for said mortgage.
Starting Score: All Under 590 (8/2011)
@BootStraps wrote:
@sailor_mercury wrote:
@Revelate wrote:
Nothing really useful to add except to suggest that if you don't need anything else (unless you're picking up additional rental properties in the near future) gaining access to NFCU is *well* worth the HP in my opinion.
There's really no downside when we're talking 1+ years, and tremendous upside across their suite of products. I'm not a member but I'd advise anyone who can get access, to do so.
Beyond that I've never heard of AGI being used for an approval either, but a lender's underwriting guidelines could be playing a game of pin the tail on the donkey for all we know.
I would agree with the exception that the OP has 23 years of service with the Army. So when he does separate he will be retired and will qualify for membership at anytime as a retiree. So why apply and take the hit on the HP when NFCU membership will always be available?
Because getting a mortgage through NFCU could be of benefit to the OP. Taking the HP's now will make that available and make the same HP's old by the time he's applying for said mortgage.
That's what I was wargaming last night. For whatever didn't think of going through NFCU to get a mortgage, but if that is the option establishing a relationship now could be beneficial. And who knows maybe I would be one of the lucky ones and get a pre-approved notification. If not, and I app for a card it would at least show some history even though the 2 departments probably don't talk.
@takeshi74 wrote:
@BigBS wrote:On a positive note, I asked what m CS was and she told me 818 on TU!
With a score like that you could easily absorb much more than just 2 HP's.
You could very well be correct. I just needed to find more reason than just applying for a card to use the INQ.
@Revelate wrote:
@sailor_mercury wrote:
@Revelate wrote:
Nothing really useful to add except to suggest that if you don't need anything else (unless you're picking up additional rental properties in the near future) gaining access to NFCU is *well* worth the HP in my opinion.
There's really no downside when we're talking 1+ years, and tremendous upside across their suite of products. I'm not a member but I'd advise anyone who can get access, to do so.
Beyond that I've never heard of AGI being used for an approval either, but a lender's underwriting guidelines could be playing a game of pin the tail on the donkey for all we know.
I would agree with the exception that the OP has 23 years of service with the Army. So when he does separate he will be retired and will qualify for membership at anytime as a retiree. So why apply and take the hit on the HP when NFCU membership will always be available?
Because all things being equal take the inquiries as soon as possible: majority of the FICO algorithm is time-dependent, take any negative information and get it aging right now.
If one isn't looking for a mortgage or potentially an auto loan within the next year, simply take the inquiry now and get it out of the way when it's a guarunteed approval for membership. Statistically this is the best method for managing one's credit report, as at some point when you do need the report, it's best to have minimized the damage by having any negative (which includes even minor ones like an inquiry) as far back in one's history as possible. Accomplishing that means taking the hit immediately where feasible which it likely is in this instance from the description.
Similar calculus to app sprees when one is establishing the first and second rounds (maybe third, YMMV) of tradelines.
Great point that I had not previously considered.
I am now a member.
@BigBS wrote:This was a new one for me today and I wanted to find out if I was just naive, stupid, or what. So, this morning I applied for membership and new checking account with LMCU. Since I incurred a HP (TU) for the membership figured I would go ahead and apply for the Prime Platinum VISA card. Did I really need it, no, but I liked the idea of a no balance transfer fee card. Anyway, scores are looking good and I called n and gave the CSR all the info she requested. She put me on hold for a minute and came back and said that they would need to see my tax return to verify income. I thought no problem and when I got home scanned and sent them my 2013 return. Called and verified that they received it and they same young lady said she had it and would call me back with a decision in a few minutes. Like she said, she came back to tell me that I was denied. I thought the reason might be because I had too much credit, but no . . . she told me that they used my adjusted gross income (AGI) from my tax return to figure my DTI which put it over 60%. Since when do financial institutions use AGI to determine credit worthiness? I could see if I was a sole proprietor or self-employed, but I have been a member of the United States Army for 23 years. Besides, my salary I have additional income provided by the rental properties that I own and all total I bring in $200K/yr - my AGI was only ~$73K last year. I also included a copy of my Leave and Earnings Statement and was told those were the rules. Am I just that new to the credit game that I haven't heard of that being done. I can probably see if you are requesting a high CL, but I didn't qualify fr a pot to p$3! in. Please tell me what I'm missing?
Thanks for sharing ! I am so glad i didn't open an account with them now. Thank you for your Service 
@Wade64 wrote:
@BigBS wrote:This was a new one for me today and I wanted to find out if I was just naive, stupid, or what. So, this morning I applied for membership and new checking account with LMCU. Since I incurred a HP (TU) for the membership figured I would go ahead and apply for the Prime Platinum VISA card. Did I really need it, no, but I liked the idea of a no balance transfer fee card. Anyway, scores are looking good and I called n and gave the CSR all the info she requested. She put me on hold for a minute and came back and said that they would need to see my tax return to verify income. I thought no problem and when I got home scanned and sent them my 2013 return. Called and verified that they received it and they same young lady said she had it and would call me back with a decision in a few minutes. Like she said, she came back to tell me that I was denied. I thought the reason might be because I had too much credit, but no . . . she told me that they used my adjusted gross income (AGI) from my tax return to figure my DTI which put it over 60%. Since when do financial institutions use AGI to determine credit worthiness? I could see if I was a sole proprietor or self-employed, but I have been a member of the United States Army for 23 years. Besides, my salary I have additional income provided by the rental properties that I own and all total I bring in $200K/yr - my AGI was only ~$73K last year. I also included a copy of my Leave and Earnings Statement and was told those were the rules. Am I just that new to the credit game that I haven't heard of that being done. I can probably see if you are requesting a high CL, but I didn't qualify fr a pot to p$3! in. Please tell me what I'm missing?
Thanks for sharing ! I am so glad i didn't open an account with them now. Thank you for your Service
I wouldn't say that I would recommend them, but I don't think they are a bad organization. They were following the rules of asking for tax information when supplemental income (rental, in my case) is being used. I do disagree with the use of AGI since that is just a tax number and does not speak to true income. Nonetheless, if you are interested in 3% interest on a savings account not a bad deal. The CC was just a bonus I was trying to get since I had already eaten the HP.