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Established Member
LetGetCC
Posts: 15
Registered: ‎10-20-2009

When should I apply for my Navy FCU credit products? how many new inquiries are okay?

I have 2 inquires on Equifax (of which only 1 inquiry within last 6 months) with credit score of approx 780.

I want to get the highest CL with my Navy Credit applications (1 installment + 1-2 credit card/s), but since Navy is most lenient on inquiries, how many new apps/inquiries would I be able to apply for first before Navy?

What's a safe conservative # of inquiries to have before applying for Navy without them affecting 1) approval and 2) CL granted from Navy?
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: When should I apply for my Navy FCU credit products? how many new inquiries are okay?

Apply ASAP - no reason to wait. I applied in May' 08 with 2 recent EQ inquiries.

 

 

 

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Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: When should I apply for my Navy FCU credit products? how many new inquiries are okay?

It has been said that NFCU has changed lending standards for new accounts. That too many people were opening an account with $25.00, not using it at all, getting approved for 20K in credit then defaulting in the same year.

 

You may wish to have some real money in the account or set up some direct deposits to get the highest CL.

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Established Member
LetGetCC
Posts: 15
Registered: ‎10-20-2009

Re: When should I apply for my Navy FCU credit products? how many new inquiries are okay?


usmc58555 wrote:

It has been said that NFCU has changed lending standards for new accounts. That too many people were opening an account with $25.00, not using it at all, getting approved for 20K in credit then defaulting in the same year.

 

You may wish to have some real money in the account or set up some direct deposits to get the highest CL.


 

 

So to get the highest CL, you would recommend setting up Direct Deposit or depositing significant amounts into their checking before I apply for credit products? Can I do that before requesting a large CLI?  Also does this apply towards other CU's / Banks?

 

Would a $2,000 deposit into my checking account help?

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: When should I apply for my Navy FCU credit products? how many new inquiries are okay?


LetGetCC wrote:

I have 2 inquires on Equifax (of which only 1 inquiry within last 6 months) with credit score of approx 780.

I want to get the highest CL with my Navy Credit applications (1 installment + 1-2 credit card/s), but since Navy is most lenient on inquiries, how many new apps/inquiries would I be able to apply for first before Navy?

What's a safe conservative # of inquiries to have before applying for Navy without them affecting 1) approval and 2) CL granted from Navy?


(emphasis mine)

Just checking here --you're not talking about being afraid to app Navy now; you're wondering how many other cards you could app first, and still be approved by Navy, right?

Navy doesn't seem to be nearly as bothered by inqs as other CU's. How many additional cards were you contemplating? And out of curiosity, will you be able to keep all these cards happy? You'd be amazed what a PITA it can be trying to use all one's cards, and if they're all rewards cards, you'll wind up diluting their benefits if you have to spread your purchases out over numerous cards.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: When should I apply for my Navy FCU credit products? how many new inquiries are okay?

While you might give up some rewards I think you would get more bang for your buck just applying to NFCU for 1 reward card. Your AAofA and new account hit will thank you. Might take 2-3 approvals to even come close to what NFCU will grant you.

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