Credit Cards

[Dustink]

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Elcid89 wrote:

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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?

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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.

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Okay, I will go ahead and apply. Little too late for me tonight, but I will let you know how it goes when I apply this week. I may still get the secured loan, then in 6 months talk to NFCU about a CLI and APR reduction unless of course I get a flat out denial now. I honestly wouldn't mind that too much, another HP on the dozen won't hurt any more.

[Elcid89]

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Dustink wrote:

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

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Not all banks are. NFCU is. They very very very much want to capture a client's entire business relationship, and they'll bend over backwards to make that happen.

Not to beat a dead horse, but NFCU won't see it that way. They see it as an opportunity to capture all or most of your business and to build client satisfaction. If they make you happy, you'll grow with them and they'll be the first number you call when you want a future transaction funded.

The limit they give you will depend largely on your income, but again, that's the case with EVERY lender. Again, not to beat a dead horse, but what they offer you in terms of initial CL will match or beat anything you are likely to get anywhere else. This I promise.

[Dustink]

What is their best no AF card? Just the cash rewards?

[Elcid89]

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Dustink wrote:

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Elcid89 wrote:

---

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.

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Okay, I will go ahead and apply. Little too late for me tonight, but I will let you know how it goes when I apply this week. I may still get the secured loan, then in 6 months talk to NFCU about a CLI and APR reduction unless of course I get a flat out denial now. I honestly wouldn't mind that too much, another HP on the dozen won't hurt any more.

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You can apply online and they are open 24/7.

You won't get a denial. We're not talking about Amex here.

[Elcid89]

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Dustink wrote:

What is their best no AF card? Just the cash rewards?

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IMO yes. While 1% isn't great, that 1% accrues immediately as transactions post and is available for immediate access. I treat mine like a 1% discount card.

I make purchases throughout the month, hit my firm for the expense reimbursements, and then transfer the 1% accrued cashback to checking immediately before making the payment. When you transfer it to checking, it's available immediately.

[Dustink]

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Elcid89 wrote:

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Dustink wrote:

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Elcid89 wrote:

---

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.

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Okay, I will go ahead and apply. Little too late for me tonight, but I will let you know how it goes when I apply this week. I may still get the secured loan, then in 6 months talk to NFCU about a CLI and APR reduction unless of course I get a flat out denial now. I honestly wouldn't mind that too much, another HP on the dozen won't hurt any more.

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You can apply online and they are open 24/7.

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Haha, I am going to wait until my flexperks card reports this month. Last month it reported 20% utilization. This month it will be less than 10%. I know it is not needed, but it is the least I can do.

[Dustink]

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Elcid89 wrote:

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Dustink wrote:

What is their best no AF card? Just the cash rewards?

---

IMO yes. While 1% isn't great, that 1% accrues immediately as transactions post and is available for immediate access. I treat mine like a 1% discount card.

I make purchases throughout the month, hit my firm for the expense reimbursements, and then transfer the 1% accrued cashback to checking immediately before making the payment. When you transfer it to checking, it's available immediately.

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You have a NFCU cash back card? Or are you talking USAA?

Now that I bring up USAA. I also have an account with them, but again. I was planning on waiting for a cc app until my INQ's die down and my new cards age.

[Elcid89]

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Dustink wrote:

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Elcid89 wrote:

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Dustink wrote:

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Elcid89 wrote:

---

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.

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Okay, I will go ahead and apply. Little too late for me tonight, but I will let you know how it goes when I apply this week. I may still get the secured loan, then in 6 months talk to NFCU about a CLI and APR reduction unless of course I get a flat out denial now. I honestly wouldn't mind that too much, another HP on the dozen won't hurt any more.

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You can apply online and they are open 24/7.

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Haha, I am going to wait until my flexperks card reports this month. Last month it reported 20% utilization. This month it will be less than 10%. I know it is not needed, but it is the least I can do.

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Your call, but again, you are overthinking this IMO. A good emblem for NFCU would be a picture of a person throwing money at you. It doesn't get anymore generous.

[Elcid89]

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Dustink wrote:

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Elcid89 wrote:

---

Dustink wrote:

What is their best no AF card? Just the cash rewards?

---

IMO yes. While 1% isn't great, that 1% accrues immediately as transactions post and is available for immediate access. I treat mine like a 1% discount card.

I make purchases throughout the month, hit my firm for the expense reimbursements, and then transfer the 1% accrued cashback to checking immediately before making the payment. When you transfer it to checking, it's available immediately.

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You have a NFCU cash back card? Or are you talking USAA?

Now that I bring up USAA. I also have an account with them, but again. I was planning on waiting for a cc app until my INQ's die down and my new cards age.

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I have a Cash Rewards Signature and a Flagship Rewards Signature with NFCU. I ran out of space on the signature thing and just gave up trying to fit it all in there.

[Elcid89]

Also, word of advice: I realize that FICO scores are expensive, and I'm too cheap to pay retail for them either.

So what do I do? I call up my friendly loan officer at NFCU Mortgage and have him pull a trimerge once per year. I get all three real FICO scores, and it costs me $11 for all three ...

Just saying ...