@Anonymous wrote:Hi All,
New member, I've spent the past 24 hours digging through this wealth of knowledge and am amazed at what I have learned, and am so confused on other parts...All in due time!
I opened an NFCU savings/checking on 3/6 - I didn't realize this would be a HP.
My original plan was to apply for a CC via NFCU on 3/14, after my current capital 1/credit 1 cc's next statment prints showing a 5% utilization compared to the 95% on the current statment.
My question is A: since they did a HP already, will waiting to apply on 3/14 as planned be of any good or is the "damage done" per se?
B: I assume another HP for the CC app?
Current score 560ish - details below
Current CC: $500 Cap 1 Secured (1yr mark on 3/9 statment) 1% utilization on new statment 3/9
$500 Cap 1 QuickSilver 6% utilization on new statment 3/13
$400 Credit One 1% utilization on new statment 3/11
Current loan:$700/$1500 0 missed payments balance is less than $500 but slow reporting...
$700/$750 - Unsecured personal loan w/ revolving balance "Flex loan"? - Does this work the same as a CC for reported utilization?? 9mo old
Bad marks: Repo in 2011 - Finally paid off last week, should be updated 3/10. Lender not willing to delete but says will updated to "closed - paid after reposession"
Repo in 2011 - $6700/13K, have not made a payment - currently under dispute. *Only on T/U, EQ deleted last month
Thanks,
1) Welcome to the forum
2) Welcome aboard NFCU (Love'em)
3) FYI ...It is best to ASSUME any CU will HP (some may SP) for membership this is their screening process more so than banks
(some will also run EWS and/or Chexsystems) again just FYI in the future and anybody else reading
Typically this pull is more of again a screening for past B.S. banking type behavior vs credit eval (again some CU 'might' use the same type pull for credit products, many don't)
4) With regard to Navy...it is indeed a different type of pull anyway, so you haven't burnt a pull a 2nd one generally is pulled anyway ( be careful with he exactness of when the CRA actually updates the info sent, from the lender though....I wouldn't be so comfortable with exact timing of the CRA's update vs when Cap-1 may SEND the data
I know Cap-1 is like clockwork (got them too) but I wouldn't be as comfortable with the CRA's on the dime timing just saying
5) Need more info on what a 'Flex loan' is ...different organizations hasve cute names for products internally that really mean nothing in the real world...it could referencing a flexible PL of sort or are we talking an actual LOC ?
6) Have you requested a CLI on the QS or is it too young? Are you still in the steps?
How old is the Credit One
With the Cap-1 being as old as it is, assuming prefect payment history for the year...there must be some issue as to why the score is so low, friend
It seems you're playing the reported debt ratio game but just how well have you...if several CC's and TIME that score should be higher
Had the repo been reported as a running late the entire time, did they just hit you with an updated status after allowing it to lay dormant until this recent pay off
something is off...also is it 2 different repos in 2011 just reporting differently depending on CRA or actually a totally unique item
I hate to have you work so hard and not get the fruit of your labor as much you should
*Before, I forget
If you want to optimize scoring, you ideally DO NOT want multiple cards reporting balances at all ...meaning you are actually HURTING your score by allowing
the 1% balances on the Cap-1 secured and the Credit One secured as the scoring model sees that as indeptness to yet 2 additional vendors ...it appears as THRISTY and in NEED of using MORE available options vs outstanding managing your finances
And trust me ...I bet you 'got' the information about the '1%' reporting and actually staged your accounts that way with purpose...the problem is whomever spit the game didn't finish the sentence or you stopped listen.....it's supposed be ONE account in use at 1%, with others showing 0%
Allowing multiples with zero actually works in the complete total reverse, as it shows NEED to use too many accounts, even $2 shows up as use as FICO rounds it to 1% usage...kill that noise and you'll buy yourself some positive juice very easily.
Again, sorry either you were misinformed or didn't 'get' how the 1% game actually works
I dodn't think you can PM till you have more post but when and if you want or need more game you're welcome to PM me if the landry cleaning isn't for public consumption
@Anonymous wrote:Just wanted to make sure your questions got some answers.
Yes, membership with NFCU is a hard pull and applying for a CC will be another hard pull. These pulls are never combined regardless of the time line between applying for membership and the card.
Yes, the damage is already done for the additional inquiry you have. They are reflective almost instantly on your reports and depending on your overall credit profile will determine the impact it has on your FICO score.
The paid repo will have no impact on a FICO 8 score however it helps during manual reviews and is a positive talking point during recons.
You should 100% wait until your statement updates and the new utilization is reflected. 95% is very high and many financial institutions believe that to be a indicator you can't handle the credit you have already been awarded and do not need more. Anything over 30% is risky, but 95% is asking for a denial.
You have an item in dispute. I have always been told never app while an item is being disputed. Gives off bad impressions. Just wait until that is finished, should be 30 days max. Who knows, during that time you may receive a pre-approval offer from NFCU. I did.
Good luck.
Good post, great info
I'd just add that a lot of 'old school wives tales' still float around like bathroom rumors
some have a 'little' merit...most are fish stories
Yes, practically ZERO lenders will UW a MORTGAGE with items in dispute, so like a real estate person or someone with limited connection to overall lending
and/or credit extension may have added some gas to that fire.
But...
a) If it isn't a biggie like a mortgage it generally AIN'T that 'serious' to have to IMPRESSan UW'er (unless you're seeking a date, possibly
)
b) Many, many approvals today are automated ...think 60 second approvals where the computer would see what's 'dispute' anyway
Just sharing so everybody isn't sold on this idea of being so worked up over other people over selling their 'old school' thoughts...the speed and automation of our modern world has moved a lot faster than the emotions attached to how things may have 'used' to happen more often
*Granted I'm not saying manual UW is gone per se just not anywhere near what it used to be when I started UW back in the day
I'm old but not yet 50, back in '89/90 when the FICO of the today hit the market it merged with how human UW acted and thought BACK THEN so since again humans are still around and we have memories and EMTION the computers don't have 'we' of times ADD our 'emotion' and unshakable programming into a NOW that's marketly different than what we 'feel'
<mod edit>
We must keep things family-friendly.
Five things we don't talk about.
Thanks for the warm welcome and replies!
While reading other threads I went to CCT and took advantage of the $1 offer and wow the differences vs CK are amazing, scores show 586eq 604tu 592eq.
I'm not concerned with the 2nd pull as much as "do they already see my high utilization and the new #'s wont matter" but I think I see that answered here and elsewhere, utilization has no "history". I based the timing on when CK showed reported dates, that also coincide w/ statment dates. Good call though no reason to rush it.
The flex loan is labled as FLEX LOC - CU described it as a CC without a physical card.
Both this, and the other personal loan mentioned are from a Local CU that have a partnership w/ my employer and offer them at 0%. I am eligible today for another $1500 loan as it is based on calendar year.
The QS is 3 months this statement, I intended to request CLI after statement.
Credit one is also 3 months this statement - after being approved for this (my first unsecured cc) I immediately applied/approved for the QS.
Secured cap 1 is perfect history, I put $100 down for $200 CL, at 6mo auto cli $500.
Utilization has been high since starting, I horribly misunderstood statement date vs due date. I was using the card(s) daily reaching max quickly, paying it off and respending, paying, respending, etc. Cycle comes out w/ say $367/500 (Current QS statment 2/13) yet balanace due 0 with $420 available CL. Working hard to keep myself down! 
Also during the past 12mo, especially the past 3 months, I have had quite a few collection/past debts removed.
2 different repos, divorced in late 2010 court ordered to provide ex with vehicle.
Thanks for clarifying the 1% reporting - I will make payments now for both the Cap1 secured & credit one. Should I bring the QS from 6% as planned to 1% or is anything under X acceptable?
Thanks again,
Hi!! I'll extend the welcome - join the cool kids club at MyFico!
As far as I understand, it's every card reporting at 0% EXCEPT for one. That one needs to report at under 10% for optimal scoring.
But who am I to be talking?! I've got balance transfers on two of my cards and I'm holding out until the 0% promo expires.
Anyways, welcome again, and congrats on NFCU. I just joined them myself. Their cards grow quickly from what I've seen, so that will also help utilization.
@Anonymous wrote:Thanks for the warm welcome and replies!
While reading other threads I went to CCT and took advantage of the $1 offer and wow the differences vs CK are amazing, scores show 586eq 604tu 592eq.
I'm not concerned with the 2nd pull as much as "do they already see my high utilization and the new #'s wont matter" but I think I see that answered here and elsewhere, utilization has no "history". I based the timing on when CK showed reported dates, that also coincide w/ statment dates. Good call though no reason to rush it.
The flex loan is labled as FLEX LOC - CU described it as a CC without a physical card.
Both this, and the other personal loan mentioned are from a Local CU that have a partnership w/ my employer and offer them at 0%. I am eligible today for another $1500 loan as it is based on calendar year.
The QS is 3 months this statement, I intended to request CLI after statement.
Credit one is also 3 months this statement - after being approved for this (my first unsecured cc) I immediately applied/approved for the QS.
Secured cap 1 is perfect history, I put $100 down for $200 CL, at 6mo auto cli $500.
Utilization has been high since starting, I horribly misunderstood statement date vs due date. I was using the card(s) daily reaching max quickly, paying it off and respending, paying, respending, etc. Cycle comes out w/ say $367/500 (Current QS statment 2/13) yet balanace due 0 with $420 available CL. Working hard to keep myself down!
Also during the past 12mo, especially the past 3 months, I have had quite a few collection/past debts removed.
2 different repos, divorced in late 2010 court ordered to provide ex with vehicle.
Thanks for clarifying the 1% reporting - I will make payments now for both the Cap1 secured & credit one. Should I bring the QS from 6% as planned to 1% or is anything under X acceptable?
Thanks again,
What is this CCT, you speak of?