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Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

NFCU

I have kept a minimum balance in my NFCU checking package for years. With all the credit success stories on here about NFCU approvals. I am thinking about banking a bit with them for 6 months then apping in April.

 

I was thinking to build my relationship with them and get an installment loan on my credit report. (I have no installment loans on my CR) I would get a secured loan for $5,000 with them. I actually have a use for the loan, where paying the 2% interest makes sense to me. I plan to have the loan paid off before my app in April.

 

What do you think? Do you think this will at all help my credit score and chance at approval for a credit card with them?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: NFCU

Based on your current accounts, I'd go ahead and apply for the card now. NFCU is fairly lenient with regard to underwriting decisions. In your case, it wouldn't be so much a matter of approval (IMO, that would be a lock) as it would be the rate that they offer you.

 

If it were PenFed, I'd say yes, establish a banking relationship first. With NFCU, there really isn't a point IMO.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: NFCU

So you think if I wait, they will give me a better rate? It seems like it is much better to start with a good rate than to try to get it later. I am in no hurry to app. I have too many recent INQs already.

 

I want to get a large limit and good rate from them. I have never carried a balance, but if I ever need to I would like the option at an affordable rate.

 

I actually have a really long relationship with NFCU, but it has been inactive for a few years.

 

Do you have any idea how NFCU views applicants with new credit? I am really looking for a high limit, I figure I could probably get a card now but they would likely just match a current limit on one of my cards. I am looking to get a card from them as an outlier limit wise, maybe making other lenders more comfortable giving me a higher limit.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: NFCU

[ Edited ]

IMO they aren't exactly INQ sensitive. I've seen people with 40 current inquiries get approved and get decent rates. If they'll approve that they don't care much about inquiries. The rate will depend far more on your current scores.

 

They are also very good about doing regular reviews and adjusting your terms as the scores improve. Unless you intend to carry a large balance where the rate might be a consideration, I'd just apply for the thing now.

 

The limit will largely be a factor of income, IMO. In your case, I would imagine a bare minimum of $5,000. $10,000 is more likely. Like I said though, they are generous. Duncan just got approved for $25k as an initial limit.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: NFCU

I am too cheap to pay for my FICO scores...ugh

 

For some reason I don't think they would do much for me right now. My oldest account is just over a year. I probably have a dozen recent INQs on my credit report. My income is only $50k in one of the most expensive places to live.

 

What about other lenders? Do you think adding another account might be a problem to them if I were to get an NFCU card?

 

I just wrote myself a check for $5,000 and deposited it into my NFCU account via the scan function they have. (Technology is awesome) I got a confirmation that the deposit is approved and will go through in a couple days. For some reason I feel parking a little money with them will make them a bit more comfortable with me since my credit is so new.

 

That is how it was with US Bank, so I am kinda stuck in that thinking.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Regular Contributor
shadow2k
Posts: 108
Registered: ‎01-04-2008
0

Re: NFCU

I think that NFCU is about the last lender that you'd ever have to worry about getting approved with a high CL if you have even halfway decent credit.

 

I had really good credit, but all my cards were stuck at that $6k level.  NFCU gave me $17k.  I then maxed the card out on a 0% no fee BT offer and left it maxed for a year until the promo ended.  I immedately paid it off, and they auto-CLI'd me to $20.4k.  I've yet to make a single purchase, and have no other products with them, just the $5 share savings.  I'm not even a real member, I snuck in the back door via the merger with USAFed.

 

If they have products you want to use, go ahead.  But it's not needed in order to get a high limit CC with them.

Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: NFCU

Little off topic and on the wrong board, but would an installment loan help my credit reports? I know for a short time it would hurt them, but say a couple years down the road after its been paid off awhile. Will it be a good thing?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: NFCU


Dustink wrote:

I am too cheap to pay for my FICO scores...ugh

 

For some reason I don't think they would do much for me right now. My oldest account is just over a year. I probably have a dozen recent INQs on my credit report. My income is only $50k in one of the most expensive places to live.

 

What about other lenders? Do you think adding another account might be a problem to them if I were to get an NFCU card?

 

I just wrote myself a check for $5,000 and deposited it into my NFCU account via the scan function they have. (Technology is awesome) I got a confirmation that the deposit is approved and will go through in a couple days. For some reason I feel parking a little money with them will make them a bit more comfortable with me since my credit is so new.

 

That is how it was with US Bank, so I am kinda stuck in that thinking.


I honestly think that you are overthinking this question. Overthinking it to death IMO and creating stress for yourself.

 

NFCU is one of the most generous lenders around. Anywhere. My advice is to go ahead and apply. What you'll get from them will, again IMO, top anything that you are likely to get anywhere else.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
0

Re: NFCU

[ Edited ]

Dustink wrote:

Little off topic and on the wrong board, but would an installment loan help my credit reports? I know for a short time it would hurt them, but say a couple years down the road after its been paid off awhile. Will it be a good thing?


Yes. The scoring formula likes a mix of credit accounts (revolving, mortgage, installment, etc.) AFAIK you get penalized to some degree for only having revolving accounts (relative to what your score would be with the same revolving accounts and an installment line and/or a mortgage)

 

An open installment line with 4 to 6 months of GP history will very much help your scores.

 

Again, note well: NFCU is a generous lender. Almost to a fault. People, myself included, have opended their share account and applied for / been approved for an auto loan, credit card and NAVChek all on the same day. You are slotting them into a category of conservative lending standards that they do not operate in.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Valued Contributor
Dustink
Posts: 3,016
Registered: ‎10-02-2012
0

Re: NFCU

I do a good amount of lending on prosper, and I would never lend to somebody with a credit report like mine. I find it hard to believe that banks are willing. I have no baddies and utilization is in check, but the short history, new account, high INQs, and large credit lines would signal to me a good chance at default. I am just worried NFCU would see it that way. I haven't seen many people on here with new credit get high limit cards with NFCU.

 

I appreciate all your feedback, and sorry I am being so difficult..haha

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k          $8.5K          Closed          $19k         $6.5k           $24.2k        Closed          $5k         Closed       $8.5k        Closed      @2.49%

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