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Frequent Contributor
lessismore2014
Posts: 404
Registered: ‎06-11-2008
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I Want a NFCU cashrewards card, but scared to apply.

I just opened a savings account with NFCU, I want to apply for a personal loan but I would also like to apply for the cashrewards card but I am scared to. My fico is 715 with EQ I just checked it today. My credit history says 2 years. I have 6 accts, 2 accts with balances, 4 opened in past year 1 recent inq (total of 2), no baddies, what are my chances. I've seen people on here get high limits with scores lower than mine. I don't want to ruin my chances at the personal loan with them if I apply for a CC. Should I wait til after i apply for the loan?

 

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DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: I Want a NFCU cashrewards card, but scared to apply.


mnegron1969 wrote:

I just opened a savings account with NFCU, I want to apply for a personal loan but I would also like to apply for the cashrewards card but I am scared to. My fico is 715 with EQ I just checked it today. My credit history says 2 years. I have 6 accts, 2 accts with balances, 4 opened in past year 1 recent inq (total of 2), no baddies, what are my chances. I've seen people on here get high limits with scores lower than mine. I don't want to ruin my chances at the personal loan with them if I apply for a CC. Should I wait til after i apply for the loan?

 


You want to wait until you get your715 FICO score higher.  A new tradeline and inquiry can dip your 715 score below 700 if your AAoA's cannot handle it.  

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: I Want a NFCU cashrewards card, but scared to apply.

Your score is high enough for NFCU....and you would probably be approved.  However, depending on what your current balances are and how many new accounts you have will have an impact on your CL.

 

I would apply first for the item you want/need most.  Then call in and ask if they will consider you for the other product using the same pull.  If you do apps online, every app pulls CR.  If you call in and talk to somebody, you most likely can get both on a single pull.

 

NFCU is by far your best chance with any lender. 

 

IMO IME  :smileyhappy:

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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lessismore2014
Posts: 404
Registered: ‎06-11-2008
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Re: I Want a NFCU cashrewards card, but scared to apply.

I only have a bal on my installment loan ($7400) & mortgage (1 yr old $80,000), my walmart has $0 bal I pay it off ea mo, same with Orchard but that one hasn't appeared yet on my reports. One CC from 2007 is closed. I wanna be able to get a home improvement loan & also to pay off the installment loan I have already.
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FaircreditguyFL
Posts: 665
Registered: ‎03-31-2007
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Re: I Want a NFCU cashrewards card, but scared to apply.

You want to pay off an installment loan with a credit card?
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: I Want a NFCU cashrewards card, but scared to apply.

Many people have gone to NFCU with a builder card and CL of $1k or less as best cc and received $7.5k to $20k.

 

NFCU is the exception to the rule on higher CL's for newer credit, rebuilding credit or credit without previous higher CL's.

 

I can't tell you how many people have gone from a CapOne or Orchard of $750 CL up to an NFCU $10k plus.

 

I'm not guaranteeing that result (will also depend on your income), but you definitely have the best chances with NFCU.

 

IME IMO :smileyhappy:

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Regular Contributor
anderl
Posts: 243
Registered: ‎06-08-2009
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Re: I Want a NFCU cashrewards card, but scared to apply.

+1     I started with a Premiere MC-$300 CL and a Secured WFNB Visa($500CL) and was approved for a Flagship Visa(10K,instant approval)-NavChek LOC($15K),and GoRewards MC($1K) w/ a 672EQ and no baddies-I say Go For It.:smileyhappy:
Amex Platinum Charge(NPSL); Starwood Amex Preferred CC(20K CL); Delta Amex Reserve CC(21K CL); Amex PRG Charge(NPSL); Amex Zync(NPSL); United Presidential Plus Chase World Elite MC (15K CL); AARP Chase Visa Signature(35K CL); NFCU Visa Platinum(20K CL) NFCU LOC(15K); NFCU Go Rewards MC(17.5K); Disover IT 7.8K;
First Tech Federal Visa Platinum(15K CL); Simmons First Visa Platinum(9K CL); Wells Fargo Visa Platinum(7.5K CL); CitiBank Sears MC(6K CL); JCPenney Card(6K CL); Lowes(2.5K CL).
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: I Want a NFCU cashrewards card, but scared to apply.


FaircreditguyFL wrote:


mnegron1969 wrote:

I only have a bal on my installment loan ($7400) & mortgage (1 yr old $80,000), my walmart has $0 bal I pay it off ea mo, same with Orchard but that one hasn't appeared yet on my reports. One CC from 2007 is closed. I wanna be able to get a home improvement loan & also to pay off the installment loan I have already.
You want to pay off an installment loan with a credit card?

This is a good catch! If you get a killer low APR on a CC and move over an installment loan with a high rate, then that makes financial sense, IF you pay it off in the same time frame as the loan.

But this might hurt your scores, because revolving util counts for much more than installment util, and unless you have a cast-in-stone, can't-fail plan for paying off the transferred loan, you could wind up paying a ton of extra money.

It's rarely a good idea to move installment debt to revolving. It can work, but in pretty narrow circumstances. Just a general observation.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
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Re: I Want a NFCU cashrewards card, but scared to apply.


FaircreditguyFL wrote:
You want to pay off an installment loan with a credit card?

 

The OP also said they wanted to open a personal loan and was wondering whether to app for that or for a cc first.

 

I assume they may be talking about paying off the installment loan with the personal loan they wants to app for. Not sure...but that's how I took it.

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: I Want a NFCU cashrewards card, but scared to apply.

Thanks, I missed the "apply for a personal loan" part before the cashback card question.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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