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Established Contributor
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Registered: ‎12-19-2008
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Re: NFCU changed unsecured credit policy for new members

I failed to mention, the CSR told me NFCU was experiencing new members opening unsecured CCs and then immediately taking large cash advances. NFCU was not even receiving the first payment. Somewhat same type situation with other unsecured cash loan products.
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ER_Tech
Posts: 57
Registered: ‎09-21-2009
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Re: NFCU changed unsecured credit policy for new members

Is can see that happening but a direct deposit of $100 per month is not going to fix that if I take the cash advance as soon as I get the card.
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MsKiwi
Posts: 832
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Re: NFCU changed unsecured credit policy for new members


plasticman wrote:
I failed to mention, the CSR told me NFCU was experiencing new members opening unsecured CCs and then immediately taking large cash advances. NFCU was not even receiving the first payment. Somewhat same type situation with other unsecured cash loan products.

 

So some people rebuilding are not doing it for honest reasons and are muckin up for those of us who are trying. Loverly, btw the way ,coffee and cream and all it's cracked up to be when you want a crown & 7 . LOL
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Re: NFCU changed unsecured credit policy for new members


ER_Tech wrote:
Is can see that happening but a direct deposit of $100 per month is not going to fix that if I take the cash advance as soon as I get the card.

 

I agree..perhaps NFCU will consider the direct deposit amount along with EQ score/credit profile when making an unsecured CL decision. I dunno...I can only speculate based on the information I obtained today. It will be interesting to hear other new NFCU members experience going forward and the information obtained for unsecured cash products thereto. 
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Re: NFCU changed unsecured credit policy for new members

[ Edited ]

hemi961 wrote:
My son joined 2 weeks ago and applied for the cash rewards visa at the same time.  He was instantly approved with a $15,000 limit. 

 

Hi hemi961,

 

This is great information. Just the type of information the members need. The newer the actual experiences of members here the better. IMO

 

It seems to me this policy is "evolving" with NFCU. What the final actual policy will end up "evolving" to is yet to be seen. IMHO

 

 

ETA: I presume your son was not required to have direct deposit set up. Is he currently in the military? Do you have an established account with NFCU?

 

 

Message Edited by plasticman on 10-06-2009 03:19 PM
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creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: NFCU changed unsecured credit policy for new members

If I had new business to conduct with NFCU I would go ahead and do it until we hear of a few more new members being turned away. Could be that the branch people in Temecula have enough spare time on their hands that they actually read all the procedural emails that are sent out. Those in the credit granting department may be too busy to do so!

 

If this does turn out to be widely applicable NFCU would be more conservative for new members that PenFed is.

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smallfry
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Re: NFCU changed unsecured credit policy for new members

NFCU has been far too easy. Penfed far too hard.
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Re: NFCU changed unsecured credit policy for new members

[ Edited ]

creditwherecreditisdue wrote:

If I had new business to conduct with NFCU I would go ahead and do it until we hear of a few more new members being turned away. Could be that the branch people in Temecula have enough spare time on their hands that they actually read all the procedural emails that are sent out. Those in the credit granting department may be too busy to do so!

 

If this does turn out to be widely applicable NFCU would be more conservative for new members that PenFed is.


+1

 

Although I spoke today directly with a CSR in Virginia, I have been told different things (on other subjects) by different NFCU CSRs in Virginia on several occasions, I agree completely with CWCID.

 

 

edited in an attempt at clarity

Message Edited by plasticman on 10-06-2009 04:32 PM
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: NFCU changed unsecured credit policy for new members

All I can say is, wow.

If Navy is getting burned by new members doing cash advances and defaulting, how about restricting new members from doing cash advances? Duh.

You gotta hope this isn't a trend. Imagine if every CC issuer required that one do direct deposit to them every month. My poor paycheck would be split 8 ways at least, more if I had to do two direct deposits for a bank from which I had two cards!

I suppose if I can dig up some sort of CD product or MMA at Navy, I could do that. But I'm trying to simplify my banking life, not make it even more crazy.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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jausanka
Posts: 483
Registered: ‎05-06-2009
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Re: NFCU changed unsecured credit policy for new members


creditwherecreditisdue wrote:

If I had new business to conduct with NFCU I would go ahead and do it until we hear of a few more new members being turned away. Could be that the branch people in Temecula have enough spare time on their hands that they actually read all the procedural emails that are sent out. Those in the credit granting department may be too busy to do so!

 

If this does turn out to be widely applicable NFCU would be more conservative for new members that PenFed is.


+1
 
I had just signed up last week to get an account established with them so I could build a relationship before looking for my first mortgage.  After reading this thread, I went ahead and pulled the trigger on a Platinum Visa App even though I intended to wait until after I got direct deposit set up and my scores over 700.... But I am impatient.
$14k @ 12.9%
Not a great interest rate, but also not too bad for someone with a 687EQ and a BK7 from '04!
New fan of NFCU, and hopefully PenFed and Alliant will soft me and see the new highest CL and try to compete! 

 


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