Credit Cards

[aubie]

Today I applied and was accepted as a member to Navy Federal CU. One of the main reasons that I applied is because I have heard that they have the best customer service and they treat their members’ right. I also heard that they only pull from EQ. Here is my question. My current EQ score is 601. As if last week, I have a three baddies excluding  a couple of student loans that have been refinanced (fall off 03/08), but still showing up until early next year. Should I apply now or wait till my score increase before I apply for one of their unsecured cards? I already have a CC with my CU with a limit of $3000 (8%util) and no other revolving credit. 

Thanks in advance for you advice!!!

[kball64]

Grats on your NFCU membership!  I got an nRewards VISA with a $2K CL with them in June when my EQ was 597 and  I still have a few baddies on my report.  They are all "paid" but one of them is a paid CO as recent as December 2007.  I was also approved for a LOC for $5K and was just recently approved (yesterday) for an nRewards MC with a CL of $4.5K.  And yes, they do exclusively pull EQ.  Just a hint, when I applied the first time in March my EQ was 560 and I was declined so when I applied the second time, I sent them a message after I submtted my app and explained how I wanted the card to help rebuild my credit, etc.  Not sure if that helped but it sure didn't hurt.  Good luck!

[jaybird201]

Below a 560 you get automatically denied by the computer. Above that you're still considered, and if you're not approved by the computer, you can opt for a recon with a manual review of your report and score. If you're able to justify the baddies and you've improved of late, you'll have a better shot.

[lurknomore]

Based on posters on this board and on whogavemecredit.com, I'd say you have a decent shot at being approved for NFCU (around 70-75%).  If you can afford to wait a while and let your scores improve, of course your chances will only get better.

Either way, keep us posted.  Good luck!

[aubie]

Hey guys thanks for all the good information, I think that I am going to "roll the dice" and apply. Wish me luck!!

[Miss1975]

Do I have to become a member to get a cc or loc with NFCU?

[lurknomore]

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Miss1975 wrote:

Do I have to become a member to get a cc or loc with NFCU?

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Yes.  NFCU has very explicit membership requirements, and you have to be a member to apply for any of its products.  If you have a way "in", NFCU is definitely worth it.

[timber]

Congrats Yawn on your new relationship with NFCU - they are the best in my opinion.

The only thing I can suggest is if you're going to apply for more than one loan product, like both MC & Visa, NavCheck LOC, etc... I would apply by phone or via snail mail (application is include in your welcome docs). This way they can use one EQ hard pull to consider you for all credit products that you have app'd together, otherwise you will get a hard inquiry on EQ for each online application. Just a suggestion. If you're only going to apply for one thing to start, then online is a great way to do it.

Best

[Miss1975]

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lurknomore wrote:

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Miss1975 wrote:

Do I have to become a member to get a cc or loc with NFCU?

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Yes.  NFCU has very explicit membership requirements, and you have to be a member to apply for any of its products.  If you have a way "in", NFCU is definitely worth it.

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Thanks for the response lurk... Check your PM's

[smallfry]

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yawn1419 wrote:

Hey guys thanks for all the good information, I think that I am going to "roll the dice" and apply. Wish me luck!!

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I would wait to get that score up before applying.