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Established Contributor
Posts: 878
Registered: ‎04-08-2008
0

NFCU comes thru!!! And answers to questions...

Hello Everyone,
 
Add me to the long line of Navy Fed success stories! Smiley Happy
 
Initially I was going to apply for just 1 nRewards card and request a
4k limit. I changed my mind and decided to apply for the nRewards
Visa and Mastercard and request 2k each. Both cards were approved
with no problem. Smiley Happy
 
I wanted to get a couple of cards to use as debit cards and PIF the
balance monthly. I'll be rotating the cards to keep them active. Smiley Happy
 
APR on both cards is 13.9%. My Equifax score at approval was 654. Smiley Happy
Approval time for both cards was about 4 days.
 
Before applying for both cards I used the FICO simulator that's included
in Equifax ScoreWatch. Just the appearance of new revolving accounts
on my reports will raise my scores 40-70 points, so we're talking 694 to
724 as possible new scores. I know it's just a simulation, so we'll see
what happens. Smiley Happy
 
When I spoke with NFCU Credit Card Services this morning, I had a chance
to ask them some questions that others might find useful:
 
-- Are credit limit increases considered a hard or soft inquiry?
 
Answer: they are considered soft inquiries.
 
-- How often can NFCU members request a credit limit increase?
 
Answer: Every 6 months.
 
-- Is it possible to get a credit limit increase when the card is activated?
 
Answer: NFCU does not normally grant CLI's upon activation.
However, customers can request them if they so choose.
 
-- What percentage of a credit cardholder's limit can be used before
NFCU starts seeing "red flags" in a person's monthly usage?
 
Answer: No set percentage. As long as a cardholder doesn't exceed the
credit limit and the card is paid on time, NFCU has no problem.
However, if you habitually max out your card on a monthly basis and
then request a CLI at 6 months, this pattern of behavior may effect the
amount of the increase. In other words, you might still get a CLI...just not
as much if the cardholder was using a lower percentage of the credit limit.
 
-- Under what circumstances would NFCU lower a person's credit limit?
 
Answer: There are only two (2) reasons that a credit limit would be reduced.
1) At the cardholder's request, or 2) if there is a severe drop in the cardholder's
Equifax FICO score. The example I was given: if your EQ is currently 675 and it
drops to 484, NFCU will lower your credit limit and/or raise your APR to match your
lower FICO score. So as long as you keep your EQ score at the same level or
higher than when the card was approved, there will be no problem.
 
I hope the answers to these questions will help current and prospective NFCU members
make better decisions as they consider applying for credit with Navy Federal.
 
You guys have a great day! Smiley Very Happy
 
 
CanDo
 
"The right attitude is everything"
Valued Member
Posts: 56
Registered: ‎04-11-2008
0

Re: NFCU comes thru!!! And answers to questions...

Congratulations on the cards as well as this very useful information.
 
I bet that CSR took the rest of the evening off after that converstion. Did you ever work for the FBI? Smiley Tongue
 
Great bit of data collection though!
 
Thanks
 
 
Problems cannot be solved at the same level of awareness that created them.
--Albert Einstein
Established Contributor
Posts: 878
Registered: ‎04-08-2008
0

Re: NFCU comes thru!!! And answers to questions...

Thanks for the congrats, getintherequick. Smiley Happy
 
Nope..I never worked for the FBI. Smiley Happy
 
I just figured that folks would appreciate the answers
to the same questions I asked, so that's why I included
them in the previous post. Smiley Happy
 
Thanks again! Smiley Very Happy
 
 
CanDo
 
"The right attitude is everything"
Regular Contributor
Posts: 175
Registered: ‎04-01-2008
0

Re: NFCU comes thru!!! And answers to questions...

What else would expect from CanDo to provide great info. Whenever I got question CanDo always got the answer. Congrats CanDo
After getting my CC's (2) and navChek... I went for autoloan (refi) ... if they give me good rate omg ill be so happy..
 
You think in like 6month they could give you APR adjustment with CLI also? Atleast when other CC pull your CR they going to see you got 2 high CC and taking care of them Smiley Wink
 
Grats again Smiley Tongue
4/29/08 TU: 635 (2/1) EQ: 663 (1/1) EX: 652 (1/1)
6/07/08 TU: 688 (2/1) EQ: 672 (1/1) EX: 679 (1/1)
CA/CO
Established Contributor
Posts: 878
Registered: ‎04-08-2008
0

Re: NFCU comes thru!!! And answers to questions...

Thanks for the congrats, antsmith! Smiley Happy
 
Yes, I'll be asking for a CLI in about 6 months but I
probably won't get an APR adjustment until my 1yr
anniversary.Like I said, I'll be using the cc's like debit
cards so the APR is a non-starter. Smiley Happy
 
Thanks again for the congrats! Smiley Very Happy
 
 
CanDo
 
"The right attitude is everything"
Frequent Contributor
Posts: 490
Registered: ‎01-24-2008
0

Re: NFCU comes thru!!! And answers to questions...

Congrats, CanDo! That's awesome! And that is great information for everyone to have!
Regular Contributor
Posts: 134
Registered: ‎05-05-2008
0

Re: NFCU comes thru!!! And answers to questions...

Good info. Yeah I got the image of CanDoAttitude with a CSR in a very small room under a single bare bulb.
FICO TU 730 EQ 731 EX 706
Established Contributor
Posts: 878
Registered: ‎04-08-2008
0

Re: NFCU comes thru!!! And answers to questions...

Thanks islandchild. I appreciate the luv! Smiley Happy
 
 
CanDo
 
"The right attitude is everything"
Established Contributor
Posts: 878
Registered: ‎04-08-2008
0

Re: NFCU comes thru!!! And answers to questions...

Hey shreco, Smiley Happy
 
You must be talking about my twin brother - MustKnowNow Smiley Happy
 
Thanks for the congrats! Smiley Happy
 
 
CanDo
 
"The right attitude is everything"
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