Reply
Contributor
Karunch
Posts: 93
Registered: ‎01-31-2008
0

NFCU Visa Approval

I called and signed up for a Navy Federal Credit Union account today.  After reading some more about NFCU on these forums, I called back and figured it wouldn't hurt to apply for a credit card.. And I'm totally shocked to find out that I was approved for the Cash Rewards Visa card with a $14k (yes $14,000) limit at 14.65% (prime + 11.4%).  The extremely friendly customer service rep said that she was surprised that I was instantly approved as well, since I had just opened my NFCU account today.

 

Right now my FICO score according to ScoreWatch is 677.  I had a CH7 BK discharged back in 2008, so I'm about 3 years out from that.  I've been working hard the past 3 years on improving my credit scores, but I have a long way to go still.  I've made all of my payments on time since then, and the past few months all of my cc's are PIF every month.

 

Here is a list of the credit cards that I currently have and I'm wondering which, if any, I should close?  Should I just keep them and not use them?

Cap1 MC, $2,000 limit, 22.70%

Hooters/Merrick Bank MC, $1,400 limit, 20.20%

Target Card, $200 limit

Cap1 MC, $1,500 limit, 22.90%

Kohls Card, $300 limit (keeping this card for the coupons)


Starting Score: 686 EQ (8/9/12), 668 TU (WalMart 8/8/12), 685 EX (3/25/14)
Most Recent Score: 684 EQ (3/26/14), 688 TU (3/25/14), 685 EX (3/25/14)
Goal Score: 700+


Take the FICO Fitness Challenge
Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008
0

Re: NFCU Visa Approval

Congratulations on your cashRewards VISA!    Good thing that you didn't app for nRewards VISA.

 

Do you carry the balance on any of your ccs?

What is the reason you want to keep target card if you do?

Any of those come with AF?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Frequent Contributor
kc12286
Posts: 361
Registered: ‎07-31-2007
0

Re: NFCU Visa Approval

Congrats.

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Valued Contributor
Datx
Posts: 1,051
Registered: ‎05-20-2010
0

Re: NFCU Visa Approval


bunnyrabbit wrote:

Congratulations on your cashRewards VISA!    Good thing that you didn't app for nRewards VISA.

 

Do you carry the balance on any of your ccs?

What is the reason you want to keep target card if you do?

Any of those come with AF?


Ack! You got me thinking when I read this statement. May I ask why you would prefer the cashRewards over the nRewards.

 

 

Congrats btw OP, that is a great CL with NFCU.

TU: 603 – EQ: 569 – EX: N/A – May 2010

Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008
0

Re: NFCU Visa Approval

[ Edited ]

MyCreditStinks wrote:

bunnyrabbit wrote:

Congratulations on your cashRewards VISA!    Good thing that you didn't app for nRewards VISA.

 

Do you carry the balance on any of your ccs?

What is the reason you want to keep target card if you do?

Any of those come with AF?


Ack! You got me thinking when I read this statement. May I ask why you would prefer the cashRewards over the nRewards.

 

 

Congrats btw OP, that is a great CL with NFCU.



It's easy ... check out the rewards program info.

Fact:

The rewards pts will expires on 4th yr in same month.  vs  No Expiration Date on cashRewards

The redemption of the pts is worth than used to be.  used to be 2500 pts for $25 Gift card and more choices.

The bottom line is nRewards rewards are not worth for me.

 

 

nRewards®

  

Point Redemption

Rewards Return

Start redeeming at 2,000 points for merchandise, gift cards and travel-related certificates.

Reward examples:

  • 2,000 points for $10 gift card from Starbucks or Applebee's
  • 3,500 points for $25 gift card from Best Buy® or iTunes Music Store
  • 7,500 points for $75 Gap® or Navy Federal Visa®Awards Card
Rewards up to 1% return on each dollar spent

Point Limits

None

Point Expiration
4 years
 

 

cashRewards

 

Rewards redemption

Rewards limits

Rewards expiration

Start redeeming once you reach a rewards minimum of $20.

None

None

 

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Contributor
Karunch
Posts: 93
Registered: ‎01-31-2008
0

Re: NFCU Visa Approval

I just called customer service for each of my cc's, and I found that none of my accounts have an AF.  As for my cc's, I make sure to pay them off every month.  But I realize that I probably was doing things incorrectly, and was using the cards in between when the payment was made and when the statement would generate.  So I would imagine that my CR's are always showing a balance on each of my cards, even though I'm technically always paying them off.

 

And for my Target Card, the reason that I'm thinking about keeping it is due to the 5% savings every time that I use my card in the store.  So I'm thinking about closing one of the Cap1 accounts, or the Merrick/Hooters Card account.


Starting Score: 686 EQ (8/9/12), 668 TU (WalMart 8/8/12), 685 EX (3/25/14)
Most Recent Score: 684 EQ (3/26/14), 688 TU (3/25/14), 685 EX (3/25/14)
Goal Score: 700+


Take the FICO Fitness Challenge
Frequent Contributor
mmduluth
Posts: 320
Registered: ‎05-17-2011
0

Re: NFCU Visa Approval

I figure since none of your cards have an AF, I would jut leave them open and SD one or two of them. 

EQ FICO - 718 - 01/10/2012 EX FICO - 732 - 04/28/2012 (AMEX)

Cap1 Platinum (1000) Macy’s (2000) Chase Freedom (3000) Kohls (600) Best Buy (2700) Amex BCE (8200) Chase Sapphire (5000) CarCare1 (1600) Discover IT (4000)
Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008
0

Re: NFCU Visa Approval


Karunch wrote:

I just called customer service for each of my cc's, and I found that none of my accounts have an AF As for my cc's, I make sure to pay them off every month.  But I realize that I probably was doing things incorrectly, and was using the cards in between when the payment was made and when the statement would generate.  So I would imagine that my CR's are always showing a balance on each of my cards, even though I'm technically always paying them off.

 

And for my Target Card, the reason that I'm thinking about keeping it is due to the 5% savings every time that I use my card in the store.  So I'm thinking about closing one of the Cap1 accounts, or the Merrick/Hooters Card account.


That's very good!    Then you don't need to close anything.  Keep it all open and active. 

This is what  and how I do on my ccs:

Report the balance

On three out of nine ccs ...  I carry the balance and PIF the statement balance by the due date.

Does not report the balance

On two out of nine ccs ...  I PIF the charged amount 1~2 days before its closing date, and stop using it until new billing cycle start.

On four out of nine ccs ...  sock drawer and use it every six mos and PIF before its closing date to keep it active.

 

What you have to do is, you just need to find out what's works for you and fit in your spending habit and routine.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+