Be patient? EDIT: I'm in NFCU

[John86]

Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous.  I honestly don't think I'll be ready to actively search until November.  I want to save up a bigger downpayment plus funds for furnishing and renovating.  The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card.  Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?  

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well? 

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)

[myjourney]

Welcome to the forum 

If you think you'll be approved then app now and garden for the next 7 months before the mortgage

[-Wade-]

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@John86 wrote:

Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous.  I honestly don't think I'll be ready to actively search until November.  I want to save up a bigger downpayment plus funds for furnishing and renovating.  The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card.  Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?  

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well? 

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)

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Welcome to the forum! It may be hard to get in with PenFed with a score under 720 ( just my 2 cents )

[grinlikechelsea]

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@-Wade- wrote:

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@John86 wrote:

Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous.  I honestly don't think I'll be ready to actively search until November.  I want to save up a bigger downpayment plus funds for furnishing and renovating.  The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card.  Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?  

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well? 

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)

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Welcome to the forum! It may be hard to get in with PenFed with a score under 720 ( just my 2 cents )

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I second this. PenFed is extremely conservative, but waiting to get your scores up is well worth it. They have excellent rates.

[John86]

Thanks guys, well I really wanted to get in with a nice CU.  Perhaps I should just wait and continue with the lender I have when I'm ready.  The other account I wanted was the billmelater account, not sure it's worth HP by itself. I like to do at least three HPs at once.

[kroberts67]

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@John86 wrote:

Thanks guys, well I really wanted to get in with a nice CU.  

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What about Navy?  Or app for the cards and garden them to get your scores up.  Penfed sounds like they're worth the patience.

[grinlikechelsea]

Navy is good if you are in their membership demographic. I don't know about their mortgages, but they are extremely generous with credit card limits.

[John86]

@kroberts67 and @grinlikechelsea I wish I could get in with NFCU.  I've thought of everything.  The only people I know that are eligible are my Uncle and one of my good friends.  I don't have any immediate family members or a roommate that qualifies.  I even considered a position with the DoD to join that CU  I do know I could get in with a few other federal credit unions in DC because of my job, but I can't find much about them. 

@kroberts67 Are you saying that I should go ahead and apply for the other card I want now and garden? I'm on the fence. 

Thanks again.

[grinlikechelsea]

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@John86 wrote:

@kroberts67 and @grinlikechelsea I wish I could get in with NFCU.  I've thought of everything.  The only people I know that are eligible are my Uncle and one of my good friends.  I don't have any immediate family members or a roommate that qualifies.  I even considered a position with the DoD to join that CU  I do know I could get in with a few other federal credit unions in DC because of my job, but I can't find much about them. 

@kroberts67 Are you saying that I should go ahead and apply for the other card I want now and garden? I'm on the fence. 

Thanks again.

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Immediate and extended family qualify for membership, I believe. I qualified through my grandfather, who was in the Marines.

[John86]

So I looked up the NFCU eligibility rules again and I'm sure I can't join directly through my Uncle.  However, my father could probably join and I can join based off of him.  I asked my father to call and see about his eligibility and the rep asked the same questions on the eligibility wizard.  The last question was if he had a family member who fit any of the above eligibility requirements.  He said yes and she said that should be fine and offered to start the process.  They only asked what branch my uncle served and that was it.  So right now, I'm just waiting to see if it will be approved.  I will know more by Weds hopefully.

BTW, I was worried my Uncle had to be a member first, but it seems he doesn't according to the online chat.

Bradley: Great. Your father would be eligible to join Navy Federal even if his sponsor is not yet a member. However, he is not able to submit the application online.  He can apply in writing, by visiting a branch office, or by calling us anytime at 1-888-842-6328.  

He will need to provide us with information regarding his relationship to his sponsor and how his sponsor is eligible for membership.  

If all goes well, I will apply for one of their cards.  Thanks