Reply
Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Apping for NFCU cc today...


Crashem wrote:

With a recent bankruptcy (and even 3 years is considered recent), it really doesn't matter what your score is.  Hell for many lenders, any bankrutcpy is too recent and many have 5-7 year hard denial rules.  Few decent credit cards are willing to "take a chance" on you.  The result is that your more recent credit history ends up being playing with horrible credit cards with toy limits.  So becomes vicious cycle as you can't show use of decent CL cards and therefore, the few who will consider you so recently out of BK, won't give you anything but toy limits.  NFCU gives you chance to break that cycle. 


I would listen to crashem this man knows his stuff and gives excellent advice.

 

OP congrats on your approval.  If your willing to move all your DD to them then I would do that now rather than later.  They seem to be more leniant to those who have DD with them that way they kinda know your income.  Wait 6-12 mos (I think you mentioned wanting a car loan in March 2013) then you can apply for a CLI and maybe your car loan with them

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Member
miltolam
Posts: 42
Registered: ‎07-29-2012
0

Re: Apping for NFCU cc today...


rootpooty wrote:

Crashem wrote:

With a recent bankruptcy (and even 3 years is considered recent), it really doesn't matter what your score is.  Hell for many lenders, any bankrutcpy is too recent and many have 5-7 year hard denial rules.  Few decent credit cards are willing to "take a chance" on you.  The result is that your more recent credit history ends up being playing with horrible credit cards with toy limits.  So becomes vicious cycle as you can't show use of decent CL cards and therefore, the few who will consider you so recently out of BK, won't give you anything but toy limits.  NFCU gives you chance to break that cycle. 


I would listen to crashem this man knows his stuff and gives excellent advice.

 

OP congrats on your approval.  If your willing to move all your DD to them then I would do that now rather than later.  They seem to be more leniant to those who have DD with them that way they kinda know your income.  Wait 6-12 mos (I think you mentioned wanting a car loan in March 2013) then you can apply for a CLI and maybe your car loan with them


Root, my man...Yup, I'm going to Garden until March. I plan to use the card only for purchases >$100 and pay them off in full every months. Maybe just leave like a $10 balance to show some kind of activity. Comes 3/1 I'm going to app for an CLI. Hopefully that will happen before my statement closes for that month (that way if approved, NFCU will report the new CLI to the CRA which will make my scores go ^ right before I app for a car loan). I'm not really worried about getting approved for a car loan tho. I plan to borrow no more than $23k anyway and to me, that's nothing. Does this seem like a sound plan everyone???

 


Starting Score (August 2011 post chapt7): Mid 500's for all three
Current Score (August 2012): EQ: 660 TU 662 EX 656
Goal Score (Spring 2013): 700+ for all three
Wallet: CapOne Platinum Rebuilder: $750CL/ Orchard Bank: $420/ NFCU nRewards $2k

Take the FICO Fitness Challenge
Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008
0

Re: Apping for NFCU cc today...


Crashem wrote:

miltolam wrote:

A_Madel wrote:

Good luck. Things should be fine. Keeping fingers crossed for you.


***UPDATE, UPDATE***

 

OK everyone, I just got a text message notifying that I was approved. I contacted them to see if they needed additional information. The representative told me that I was approved for $2000 nRewards card. How do I feel....ehhh, I'm humbled but I was expecting at least 5k minimum. I have my recon letter here explaining my situation (motorcycle accident). Should I submit it and see if they will give me a CLI or just chill. Please advise everyone...I got it uploaded and ready to go. All I need to do now is just click the button. Thx in advance

 


congrats.  No harm in trying, but you should be thrilled.  You are barely one year out of bk.  Hardly any cards would approve you for any amount.  The 2k seems generous to me.  Doubt anyone would give 5k to someone who recently blew out their creditors and with minimal experience with credit afterwards.  The reality is they can't tell why you bk  so they need to be cautious.  Maybe send them last couple of paycheck stubs and reiterate your stability and bk a situational thing.  I would ask for specific amount during recon and I wouldn't recommend asking for 5k.   That would look ungrateful.  Just say maybe 3.5k as it would be enough for monthly expenses given your xx salary and how you hope to build history with them and prove yourself.  Ask for cli in 6 months to 1 year or maybe another card product to show multiple decent cl cards as I doubt anyone else will give you multi thousand cl in near future.


This.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008
0

Re: Apping for NFCU cc today...


Crashem wrote:

With a recent bankruptcy (and even 3 years is considered recent), it really doesn't matter what your score is.  Hell for many lenders, any bankrutcpy is too recent and many have 5-7 year hard denial rules.  Few decent credit cards are willing to "take a chance" on you.  The result is that your more recent credit history ends up being playing with horrible credit cards with toy limits.  So becomes vicious cycle as you can't show use of decent CL cards and therefore, the few who will consider you so recently out of BK, won't give you anything but toy limits.  NFCU gives you chance to break that cycle. 


and This. NFCU is the ONLY lender that could have given such amazing results at this juncture. Treat them like gold and they'll just keep growing with ya, burn them and they will morph into a hound from the dark side.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Apping for NFCU cc today...


score_building wrote:

Crashem wrote:

With a recent bankruptcy (and even 3 years is considered recent), it really doesn't matter what your score is.  Hell for many lenders, any bankrutcpy is too recent and many have 5-7 year hard denial rules.  Few decent credit cards are willing to "take a chance" on you.  The result is that your more recent credit history ends up being playing with horrible credit cards with toy limits.  So becomes vicious cycle as you can't show use of decent CL cards and therefore, the few who will consider you so recently out of BK, won't give you anything but toy limits.  NFCU gives you chance to break that cycle. 


and This. NFCU is the ONLY lender that could have given such amazing results at this juncture. Treat them like gold and they'll just keep growing with ya, burn them and they will morph into a hound from the dark side.


haahaa.  So true.

               LIMITS IN CARD DESCRIPTIONS

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}