To wait, or not to wait...Navy Federal

[Slim1Der]

Hi guys,

I'm new here but have been lurking for quite awhile. I recently (this week) opened a Navy Federal account through my brother, who is a contractor. So far I only have a Money Market Account, Savings, and Easy checking. My plan is to apply for the NAV Check & 1 or 2 of their cards. Currently my FICO's are Experian - 695 and TU - 683 with 65% - 75% utilization. Yesterday I paid off all but 11% of that and I wanted to wait to apply until they relect on my reports. How much of a difference would this make to wait?

A little background: Discharged Chapter 7 BK in Jan 09', restablished with several auto loans/leases, and the credit cards you see below, since then as well as obtaining an FHA mortgage.

I'm really anxious to apply because one my of goals is to have a CC with a large limit.

Any info would be appreciated.

Thx!

[pizzadude]

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@Slim1Der wrote:

Hi guys,

I'm new here but have been lurking for quite awhile. I recently (this week) opened a Navy Federal account through my brother, who is a contractor. So far I only have a Money Market Account, Savings, and Easy checking. My plan is to apply for the NAV Check & 1 or 2 of their cards. Currently my FICO's are Experian - 695 and TU - 683 with 65% - 75% utilization. Yesterday I paid off all but 11% of that and I wanted to wait to apply until they relect on my reports. How much of a difference would this make to wait?

A little background: Discharged Chapter 7 BK in Jan 09', restablished with several auto loans/leases, and the credit cards you see below, since then as well as obtaining an FHA mortgage.

I'm really anxious to apply because one my of goals is to have a CC with a large limit.

Any info would be appreciated.

Thx!

---

I'd go for it.  NFCU is one of the best creditors when it comes to giving out generous limits and CLIs.   They'll pull either TU or EQ.

[Creditaddict]

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@Slim1Der wrote:

Hi guys,

I'm new here but have been lurking for quite awhile. I recently (this week) opened a Navy Federal account through my brother, who is a contractor. So far I only have a Money Market Account, Savings, and Easy checking. My plan is to apply for the NAV Check & 1 or 2 of their cards. Currently my FICO's are Experian - 695 and TU - 683 with 65% - 75% utilization. Yesterday I paid off all but 11% of that and I wanted to wait to apply until they relect on my reports. How much of a difference would this make to wait?

A little background: Discharged Chapter 7 BK in Jan 09', restablished with several auto loans/leases, and the credit cards you see below, since then as well as obtaining an FHA mortgage.

I'm really anxious to apply because one my of goals is to have a CC with a large limit.

Any info would be appreciated.

Thx!

---

Id say since we are talking under $5k worth of debt to go ahead and apply for 1 credit card and navcheck.  Navy has really cut back on issueing multiple cards and if you apply for a 2nd you "may" be able to get them to take some of the newly approved CL from card 1 to open 2, but you won't get a 2nd card with it's own new additional credit line right after the first these days.

[Slim1Der]

Ok, I applied. It gave me the 3-5 business day review. I clicked on the status and it said it will have a decision in 1 business day. Should I recon the limit regardless of what they give me?

[Creditaddict]

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@Slim1Der wrote:

Ok, I applied. It gave me the 3-5 business day review. I clicked on the status and it said it will have a decision in 1 business day. Should I recon the limit regardless of what they give me?

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probably not, but lets see... some have had luck.

[Slim1Der]

Seems there is no need for a CLI at this time. I was approved:

Congratulations!  Based on your creditworthiness, you have been approved for a Signature cashRewards Visa credit card.  Your new credit line will be $22,000.00.  Your APR will be prime plus 11.4%.  You should receive your new card(s) in 7-10 normal mail delivery days.

[USF813]

That's great. After one year you can ask for an APR reduction. It won't require a hard pull to do it either.