@barbaralee wrote:
Yes, it is odd, and NFCU has done it for years, or at least as long as I have been posting on these forums. But you can pretty much guarantee if you have scores in the low 600s, and a collection or 2 you are looking at a 5k credit line with NFCU, lol. Which isn't a bad thing, by any means, but if one has proven they can't handle even that amount than you would think they would cut back on how free they are with credit.
I don't know, I just found the letter from when they approved my card in Nov. According to MyFico I had an EQ of like 640 but the paper shows 599. I have 1 unpaid collection from 2011 and I was approved for 10K. Maybe it was my other revolving accounts, mortgage, and 2 car loans. My AAoA is like 4 years so my file isn't thin.
@Anonymous wrote:NFCU hasn't become as big and successful as they are by being reckless with their lending practices. They also are known to be very aggressive if you default or are late with payments.
I know it's a bit off topic but you're absolutely right Irish!! I'm pretty sure if they give you enough rope to hang yourself with, they have their institutional safety nets in place to ensure you wished you'd never abused their financial trust lol...no..but seriously
Back on topic. Opening new accounts, doing balance transfers to max out the accounts could be a red flag I'm sure but perhaps it's just a simple security issue...such as verification of charges. What would worry me is that all accounts attached to the initial account are locked out as well. Perhaps NFCU is thinking one might be dumping 5 tradelines into 1 with the intent of dumping the account. From their perspective 1 negative TL on a credit report would look much better than 5 negative trade lines. Either way we're all just speculating and playing devil's advocate but deep down inside hoping for the best outcome. Good luck to you and all those you sponsored and hopefully it's something simple that can be resolved with a few questions answered and the tap of a few account keys on their end.
I don't think anyone is saying they're wreakless because they wouldn't still be around if they weren't. It's just not the norm for most banks or credit unions and I don't believe anyone can dispute that.
I'm not complaining as my utilization greatly appreciates them. I put a few bucks in my checking/savings every two weeks but thanks to situations like this, I don't see me ever using them as my full time bank though.
@msbia wrote:
@MaisCher wrote:I don't think anyone is saying they're wreakless because they wouldn't still be around if they weren't. It's just not the norm for most banks or credit unions and I don't believe anyone can dispute that.
I'm not complaining as my utilization greatly appreciates them. I put a few bucks in my checking/savings every two weeks but thanks to situations like this, I don't see me ever using them as my full time bank though.
I agree it's not the norm for most banks or credit unions, that's why THIS particular credit union keeps their membership closed to all except a targeted population of military, retirees or DoD workers and their families. They are willing to give that demographic a chance that other banks or CUs won't, but if you misrepresent your membership or default on your payment agreements, trust they will be coming after you. I am always happy to see new people who are rebuilding get approved for credit with NFCU, especially when other banks close their doors on us.
Im with you too, I have checking and savings but they are not my main bank, USAA is.
Same here, USAA with an auto transfer every two weeks to navy for 20 bucks.
I'm not sure about the demographic comment only because of the newer membership criteria. As it stands "Jane can join because her Dad is retired military, her boyfriend John lives with her so now he's a member. He can now sponsor his mom who can now sponsor her siblings, parents, other children etc. None of which may have military affiliation. They started with a very very targeted demographic but now I think it's a little more loose.
