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Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
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Internal CL Zync + question re 61day 3xCLI + NFCU

I didnt want to create three different threads for these questions so I put them all here.

 

1. What is the best way to check my internal CL for my NPSL Zync card.  I dont want to hit the spending limit button if it will have negative consequences.  Would calling them directly be a better way to do it or should I just leave it alone?

 

2. In a week I'll be able to join NFCU.  Should I app for their products before my new accounts hit or app after they do? (I could even wait until I refi in June if that is a better option.)

 

3. In 55 days I'll be eligible for 3xCLI on my Delta AMEX card.  Would I be more likely to get full CLI if I have a NFCU card reporting with a high CL or not (worried about too many new accounts and its impact on AMEX CLI approval vs. benefits of having high CL card on report?



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

As far as the Zync and check spend ability go, your fine. Test it out, nothing is going to happen. I have personally used it quite a few times with amounts ranging from 2k up to 10k and haven't had any AA yet. You just cant use it more than twice in a 24 hour period or it will lock you out. It wont do u any good to call a rep to see how high you can go bc they use the exact same feature and can only use it twice in a 24 Hour period. I know bc i called and tried and thats what i was told. More thank likely they started you with a 2k limit, so i would start from there and go up.


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

Oh i guess i should mention that there was a member who claimed they used the check spending ability for some random amount and then immediately went and made a large jewelry purchase and was FR. so i guess if you use the feature dont go do something that makes you look risky, like maxing out your cards internal limit on something like jewelry that can be quickly liquidated into cash lol. On the other hand though, we did have a member who tested the spend feature to the tune of 1million and they HAVE NOT been FR'd. I would just tread lightly until account is not as new but dont be afraid to use the spending feature.


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Valued Contributor
Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

Thanks for the info.  Now how about my other two questions :smileyhappy:



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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tinuviel
Posts: 4,877
Registered: ‎11-02-2010
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

FWIW, when I wanted to see what my internal limit was, I didn't want to have to keep guessing with the button -- ie: put in a low number, put in a high number, etc. until having narrowed in on a figure. I simply called up and asked. I explained that I wanted to make them my primary spending card and didn't want to risk embarrassment by hitting my limit and having the card rejected. The CSR was very polite and friendly, was happy to hear that I wanted to increase my spending with them (they do have a spendcentric business model), and looked up my internal limit for me. At the time, it was $5000, which I was very pleased to hear. I went ahead and started using my Amex Green as my primary piece of plastic, and I wouldn't be surprised if between the increased spending and my credit scores improving over the last few months, that my internal limit has increased. The point is, I'm glad that I called and received a direct answer, as it gave me peace of mind when using the card.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
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Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

First, Amex isn't chase. Historically, Amex pays more attention to their internal scoring system than to what other lenders have done when it comes to credit limit. I doubt adding a high limit nfcu product will alter their decision. Otoh, each new inquiry risks passing their mystery threshold of "too many". if you want to maximize your chances of an Amex CLI, use the card, pay it off, pay everything else down as much as possible. Once you apply for the CLI, then decide if you nfcu product helps you. If your ultimate goal is to refi a mortgage, then I think the Inq and lower AAoA will hurt you more than the higher CL will help you. Why not make an nfcu card a reward for staying in the garden until the refi is done?

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
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Revelate
Posts: 9,157
Registered: ‎12-30-2011
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

[ Edited ]

+1 to everything Cdnew stated.

 

For the second question, I don't think it matters at all when it comes to the magical land which is NFCU.  If anything, you might do better with the Amex CLI reporting before your NFCU membership, though I agree that if you have a mortgage refi coming up just chill till that's done with the exception of the SP CLI.

 

Amex doesn't appear to care about your other limits, and I think obtaining another tradeline with a high CL would make them think twice about extending you a CLI in that same period.  Wrapping your arms around them and making certain there's low utilization on the card (and everywhere else) by your second statement I think is the best strategy.

 

Tinu: why didn't I think of that, thanks for the tip!

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU


Cdnewmanpac wrote:

First, Amex isn't chase. Historically, Amex pays more attention to their internal scoring system than to what other lenders have done when it comes to credit limit. I doubt adding a high limit nfcu product will alter their decision. Otoh, each new inquiry risks passing their mystery threshold of "too many". if you want to maximize your chances of an Amex CLI, use the card, pay it off, pay everything else down as much as possible. Once you apply for the CLI, then decide if you nfcu product helps you. If your ultimate goal is to refi a mortgage, then I think the Inq and lower AAoA will hurt you more than the higher CL will help you. Why not make an nfcu card a reward for staying in the garden until the refi is done?


I was thinking about that as well.  I wish joining NFCU wasn't a hard pull.  If that wasn't the case I would definitely do it.  But my roommate thing right now will probably be for only 6 months.  So I have a short window to app.  The short window to app and the fact that they will HP for membership is kind of influencing my decision to app earlier than later.  However, I'm eliciting advise and may change my mind.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Revelate
Posts: 9,157
Registered: ‎12-30-2011
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

[ Edited ]

I don't know mortgage lending but I suspect 680 may be a tier point.  Not worth the inquiry if it takes you from 681 to 679 on EQ honestly :smileyhappy:.

 

6 months may be minimal penalty or even none in a lot of people's cases with the way it's calculated, but it isn't absolutely zero.  Also that new NFCU tradeline may adjust your AAOA too, and the additional account might be an underwriting concern.

 

All in all, take the NFCU inquiry and tradeline post refi where you're garnering at least 3 inquiries anyway, the extra NFCU one at that point is extraneous.  Normally I'd say do it immediately, but not with a mortgage-anything coming up, and that goes doubly true for the current economy where mortgage rates may start creeping up.

****

 

Editing the wall of shame: bad advice possibly given - if your refi is FHA, it won't matter for your score in this case as you're well clear of the minimum FICO needed and that doesn't influence rate.  Conventional, yes it might matter.

 

It might make some difference to underwriting in either case, right or wrong new accounts aren't looked at as signs of financial stability, regardless of how much financial sense they make.  It probably will make a difference to Amex though, and personally I'd try to prioritize that side of things as NFCU apparently tries to crush your established tradelines for the shock and awe value if nothing else.  In any event I'd wait, it's possible it might make a difference in your refi, it's possible it might make some difference in your Amex CLI hunting, and it's unlikely to the point of statistical irrelevancy it'll make a difference in your future NFCU approval.  Actually your NFCU approval might benefit from the Amex decision.

 

Two possible downsides and no real upside other than a six month head start on the tradeline to applying now; benefits short-term, possible minor downside mid-term (payment history / AAoA), no issue long-term to waiting.  Since mortgage > all, I'd wait.

 

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Duncanrr
Posts: 2,843
Registered: ‎06-08-2012
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Re: Internal CL Zync + question re 61day 3xCLI + NFCU

True.  If rates go up in 2 consecutive periods I'll refi regardless of whether it is June or not.  Im just trying to figure out my best path.  In June I'll have 5 inquiries make the 1 year point in my CR (3 pulls for my Cap1 card, 1 WF pull and 1 Amex pull -from March). 

 

March would also make me 1 year removed from my last late.  By that time all my scores should be over 700!  (only one that isnt right now is my EQ).



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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