NFCU CC Instant approval

[2NE1]

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@DaveSignal wrote:

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@2NE1 wrote:
To those of you that applied over the phone, did they requested you to fax them paystubs or w2s? or they just asked for your income without proof and based the CL on your score? TIA.

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They did it all over the phone.  They asked me for my pay rate, my BAH and BAS rates (all of which can easily be looked up on the internet and I am sure NFCU knows already), and how much rent I pay for my apartment.  I think that was it.  I don't remember if they asked about my car, but I bought my car outright without financing.  I didn't fax them anything.

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Interesting, I had to Google what "BAH and BAS rates" meant... my income wouldn't fall under that code? Hmmm... my aunt is my household sponsor, I'd like to apply for their nRewards CC. What if you're full time student with no income? Would they automatically deny credit?

[DaveSignal]

Sorry, I am military and that is military jargon, but BAH and BAS are parts of my pay that are based on rank and location and are the same for anyone with the same rank and location.  Being military makes it very easy to get credit because it is nearly guaranteed that the lender will get their money and very unlikely that I will lose my job.

As far as not having any income, I can't imagine that any lender would extend an unsecured line of credit to someone who has no obvious means of paying their debts.

[2NE1]

Of course no income equals no credit, what I meant was like a part-time job (work study) type of income, would they base the CL on the score only?

[webhopper]

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@2NE1 wrote:

Of course no income equals no credit, what I meant was like a part-time job (work study) type of income, would they base the CL on the score only?

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All lenders base their decision on their own scoring model which considers income, past credit history, and length of credit history, among other things.  It is unlikely that any lender will consider extending credit based on score alone.

[skyisthelimit]

If you currently have a job, I would recommend trying to get a secured card then work from there.

[jordanmedical]

Can we get some more score examples please?

[Short-lady]

My fico score was 617 and I was approved for a 7k credit limit

[Datx]

Not an instant approval, but my brother recently was approved for a 6K cashRewards card with an EQ of 583. He also has a secured card with NFCU for about 14 months now and it never unsecured, so that might have helped him get approved on the cashRewards.

[CS800]

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@DaveSignal wrote:

Sorry, I am military and that is military jargon, but BAH and BAS are parts of my pay that are based on rank and location and are the same for anyone with the same rank and location.  Being military makes it very easy to get credit because it is nearly guaranteed that the lender will get their money and very unlikely that I will lose my job.

As far as not having any income, I can't imagine that any lender would extend an unsecured line of credit to someone who has no obvious means of paying their debts.

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BAS - Basic Allowance for Substance (food)

BAH - Basic Allowance for Housing (rent money)

[jordanmedical]

So it looks like mid-500s is a rarity and it's more the higher 500s