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Established Contributor
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Re: NFCU changed unsecured credit policy for new members

[ Edited ]

haulingthescoreup wrote:
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.

I thought the same exact thing. NFCU also lets one take their full CC CL out as a cash advance and only charges 2% more over one's current purchase APR for doing so.

 

I would love to sit in on the next NFCU board meeting so I might be clear on how, why and what policies are to be enforced now.

Message Edited by plasticman on 10-06-2009 05:03 PM
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Re: NFCU changed unsecured credit policy for new members


jausanka wrote:

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! 

 


Congratulations!

 

Very good new information!

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Re: NFCU changed unsecured credit policy for new members



Congratulations!

 

Very good new information!



Thank you!  Extremely pleased and excited! 

 

Established Contributor
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Re: NFCU changed unsecured credit policy for new members

Please see edited original post. I just spoke with a supervisor in the NFCU CC department and this new policy will apply to new members with less than 2 years credit history on their EQ report. The history can be installment or revolving.

 

I know my friend that applied has this history. Once again, NFCU is not in sync system wide with it's information. The CSR I spoke to earlier today did not attempt to qualify his remarks to me knowing I did not understand why this change was so broad.

 

Hauling,

 

You are good to go now or whenever the time is right for you!

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Re: NFCU changed unsecured credit policy for new members


plasticman wrote:

Please see edited original post. I just spoke with a supervisor in the NFCU CC department and this new policy will apply to new members with less than 2 years credit history on their EQ report. The history can be installment or revolving.

 

I know my friend that applied has this history. Once again, NFCU is not in sync system wide with it's information. The CSR I spoke to earlier today did not attempt to qualify his remarks to me knowing I did not understand why this change was so broad.

 

Hauling,

 

You are good to go now or whenever the time is right for you!



Ahh! OK, well, that does make sense.

I hope that Navy can issue a "Now hear this!" to all its employees clarifying this! Smiley Very Happy
* 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
Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: NFCU changed unsecured credit policy for new members


haulingthescoreup wrote:

plasticman wrote:

Please see edited original post. I just spoke with a supervisor in the NFCU CC department and this new policy will apply to new members with less than 2 years credit history on their EQ report. The history can be installment or revolving.

 

I know my friend that applied has this history. Once again, NFCU is not in sync system wide with it's information. The CSR I spoke to earlier today did not attempt to qualify his remarks to me knowing I did not understand why this change was so broad.

 

Hauling,

 

You are good to go now or whenever the time is right for you!



Ahh! OK, well, that does make sense.

I hope that Navy can issue a "Now hear this!" to all its employees clarifying this! Smiley Very Happy

Smiley Very Happy 

 

Ya, as I attempted to suggest in previous posts up thread there is more to this with NFCU...seems like there always is.

 

Makes complete sense to me now also. I already called my friend and suggested he just call Virginia and speak to a supervisor because what he was told at the branch Saturday was incomplete as was my direct phone call earlier today. I understand when one is told something, in no uncertain terms at a NFCU branch, it is difficult to argue a policy one knows nothing of.

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Re: NFCU changed unsecured credit policy for new members

OK, so the folks in Temecula started reading their procedural memos, they just didn't read the whole thing.

 

Everybody can heave a giant sigh of relief now!

Senior Contributor
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Re: NFCU changed unsecured credit policy for new members


jausanka wrote:

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! 

 


 

Congratulations on a great approval! That will take the edge off your UTIL!

 

Don't worry about the APR. After you clean up your CBR's a little you will probably be able to get an APRD.

Frequent Contributor
Posts: 483
Registered: ‎05-06-2009
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Re: NFCU changed unsecured credit policy for new members

Thanks CWCID!

I was kind of numb thinking maybe it wasn't real.. but there it is today when I login for a nice pretty $14k :-)

If I can do it, anyone can!

 

That bring me and DW(fiancee) to:

NFCU 14k

Citi Diamond 11.3k

PenFed 10k

360FCU 10k

Citi Select 9k

Discover 7.5k

PenFed 3k 

Crap1 3k SD

HSBC Household 2k SD 

Alliant 2@ 2k SD

Barclays (Orchard) 1.5k SD

Merrick 1.2k SD

 

Compared to last year where she had just a citi student card for 6k, and I had:

Orchard $700

Merrick $500 

Crap1 $500

Household $400

Orchard $300

BB RW MC $300 

 

 

Progress feels so nice!!!! 

 

Established Contributor
Posts: 742
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Re: NFCU changed unsecured credit policy for new members

[ Edited ]

Hi jausanka,

 

I read on another thread here today ( NFCU Starts Changing policies in line with new Card Rules/ Law...OP USMC58555 ) another member "nathan" had his/her APR reduced by NFCU from 14% to 9.9% without another a request to do so.

 

nathan stated his/her EQ FICO had risen from 660 to 723 when NFCU did this APR reduction.

 

ETA: The original request was done over a year ago and nathan was turned down.

Message Edited by plasticman on 10-07-2009 05:48 PM
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