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NFCU Pre-Approval [Pulled the trigger]

Valued Contributor

NFCU Pre-Approval [Pulled the trigger]

Got a pre-approval for the cash rewards card in the mail yesterday from NFCU. 

 

The offer is good for two months, I think I am going to wait until the end of the offer period. I am starting to think AA from lenders, or FR from AMEX is possible. I think I have like 20 INQs on each report. Way to many new accounts.

 

My thinking is, if I were to accept the offer now, I would get a high APR and lower limit than if I wait a couple months.

 

In a couple months some INQs will have aged, and my oldest account will get close to the 2 year mark.

 

Per credit karma: 693

6% utilization

100% ontime payments

AAoA: 9 months

Total Accounts: 13

Hard INQs: 13

Dergos: 0

Income: about $50k

 

Recent auto loan still hasn't hit my report.

 

Approved for $14k at prime plus 11.4%....not great but ehhh okay

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 1 of 19
18 REPLIES
Epic Contributor

Re: NFCU Pre-Approval


Dustink wrote:

Got a pre-approval for the cash rewards card in the mail yesterday from NFCU. 

 

The offer is good for two months, I think I am going to wait until the end of the offer period. I am starting to think AA from lenders, or FR from AMEX is possible. I think I have like 20 INQs on each report. Way to many new accounts.

 

My thinking is, if I were to accept the offer now, I would get a high APR and lower limit than if I wait a couple months.

 

In a couple months some INQs will have aged, and my oldest account will get close to the 2 year mark.

 

Per credit karma: 693

6% utilization

100% ontime payments

AAoA: 9 months

Total Accounts: 13

Hard INQs: 13

Dergos: 0

Income: about $50k

 

Recent auto loan still hasn't hit my report.


Based on the credit lines I see in your signature and the fact that Pre-Approvals from Navy are almost a 100% approved I would just do it now... you are likely to see an instant $25k from them!!! They don't so much care about INQ I don't think.

Message 2 of 19
Community Leader
Senior Contributor

Re: NFCU Pre-Approval

Agreed with above. I dont think NFCU cares, they just want to give you the highest credit limit they can! haha keep us posted if you do!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 3 of 19
Moderator Emerita

Re: NFCU Pre-Approval

But...what's the harm in waiting till the end of the offer? Approval will still be valid, some of the TLs will age as well as the inq's. unless you need it now, I say wait till May.
Message 4 of 19
Valued Contributor

Re: NFCU Pre-Approval


09Lexie wrote:
But...what's the harm in waiting till the end of the offer? Approval will still be valid, some of the TLs will age as well as the inq's. unless you need it now, I say wait till May.

^^^^^^^^^^^^

 

I have no need for it now, and I am worried about other lenders. Too many INQs and many new accounts. I also doubt NFCU would approve me for $25k. More like $10k @ 18% APR...yuck. I think after a couple months it will be more like $15k @ 15% APR, still bad but a little better.

 

I will call them and see if they have an idea of what the terms of the card will be based off a SP.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 5 of 19
Moderator Emerita

Re: NFCU Pre-Approval

Message 6 of 19
Valued Contributor

Re: NFCU Pre-Approval

I like the idea of you waiting, especially if you're at risk for AA or FR.  That offer will still be there in two months.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 7 of 19
Valued Contributor

Re: NFCU Pre-Approval

That will give me some time to get my new auto loan paid down as well. 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 19
Valued Contributor

Re: NFCU Pre-Approval

Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 9 of 19
Epic Contributor

Re: NFCU Pre-Approval


Dustink wrote:

Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.


Low limit?!!!

I mean I understand people post instant $25k all the time, my partner currently has $35k but $14 looks like nearly double your current highest and even if it wasn't i usually don't put numbers above 10 in low category Smiley Tongue

Message 10 of 19