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Will NFCU Likley Approve?

New Member

Will NFCU Likley Approve?

I'm a new member of NFCU. I joined about a week or so ago. I'm wondering if they'd approve me for a credit card. I don't have any credit cards. I paid them all off years ago and refused to use them again. I prefer to pay cash for everything. I hate debt. But recently, after taking a look at my FICO score, I noticed that my credit score has been hindered because I don't have a revolving account. So, I thought I'd at least get 1 or 2 credit cards. My EQ credit report are pretty clean with the exception of one paid medical collection. My FICO score is 674. I'm wondering if they'd approve me with no revolving accounts. Does anyone here have any idea?

Message 1 of 12
11 REPLIES
Valued Contributor

Re: Will NFCU Likley Approve?

I don't see why not.  Your credit scores seem fine.  Worst case, you'll probably get a lower credit limit than you may like.

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 2 of 12
Highlighted
Frequent Contributor

Re: Will NFCU Likley Approve?

Do you have any money that you can use as a secured card in case they don't approve you?

Message 3 of 12
New Member

Re: Will NFCU Likley Approve?

I do have money to deposit but I'd prefer not to use it for that purpose. I hate credit cards. I hate how our system is set up to keep people in debt....bound. Folks that save their money and pay cash for the things they want and/or need and don't have a boat load of debt are penalized in this capitalistic society and I find it disgusting. It's absolutely ridiculous that my credit score is lower because I don't have revolving credit. I don't want credit. I have a great paying job and a great savings that allows me to pay for whatever I purchase. Ugh. I guess I will give the NFCU credit card a try. Ugh.

 

Sorry for the rant....I just needed to vent.

 

Thanks for your responses!

Message 4 of 12
New Contributor

Re: Will NFCU Likley Approve?

My DH filed for BK 4 years ago, and has had no cards at all since then. He decided to app for NFCU Rewards card, and they approved him instantly for 6K and he apped for a personal loan at 3.5K and they gave that to him as well.

His score is about 661. NFCU is great! I think you have a good shot.

Message 5 of 12
Senior Contributor

Re: Will NFCU Likley Approve?

 


cocori wrote:

I do have money to deposit but I'd prefer not to use it for that purpose. I hate credit cards. I hate how our system is set up to keep people in debt....bound. Folks that save their money and pay cash for the things they want and/or need and don't have a boat load of debt are penalized in this capitalistic society and I find it disgusting. It's absolutely ridiculous that my credit score is lower because I don't have revolving credit. I don't want credit. I have a great paying job and a great savings that allows me to pay for whatever I purchase. Ugh. I guess I will give the NFCU credit card a try. Ugh.

 

Sorry for the rant....I just needed to vent.

 

Thanks for your responses!


It's easy enough to play the game. Using credit cards doesn't mean you go into debt either. Bills I used to pay with checks I just pay online with a credit card. Shopping too. The list goes on.

 

Message 6 of 12
Established Member

Re: Will NFCU Likley Approve?

 


 

I do have money to deposit but I'd prefer not to use it for that purpose. I hate credit cards. I hate how our system is set up to keep people in debt....bound. Folks that save their money and pay cash for the things they want and/or need and don't have a boat load of debt are penalized in this capitalistic society and I find it disgusting. It's absolutely ridiculous that my credit score is lower because I don't have revolving credit. I don't want credit. I have a great paying job and a great savings that allows me to pay for whatever I purchase. Ugh. I guess I will give the NFCU credit card a try. Ugh.

 

 


 

 

Hi Cocori.  The system is not set up to keep people in debt.  If you educate yourself on that system, and employ that knowledge, you can use that system to work FOR you.  I do see your point, though.  The thing is, you can choose to use the system to work FOR you and even save you money.

 

The fact that you have managed to pay for things in cash shows good management - so you are already on the right path.  Additionally, you are on this board - filled with incredibly useful information and very helpful folks.  AND, you're a member of a highly reputable credit union.  You're already doing a number of things that can help you ensure success and savings Smiley Happy

 

Let's take a look at this possible future scenario: You've establish good credit history with no annual fee cards that offer you useful rewards.  You've paid off all balances in full before any interest came into play, and actually saved yourself money (through rewards).  On top of that, you've established yourself as "credit worthy" in the eyes of potential creditors - so if you decide to purchase a home or whatnot, you'll have played the game right and help yourself get the best savings possible in low interest rates, etc.

 

So in the end, the system can actually save you money in a number of ways - rewards, lower interest on significant purchases, etc. 

 

Best of luck!

 

 

Message 7 of 12
New Member

Re: Will NFCU Likley Approve?

Good news....the paid medical collection came off after a dispute and my EQ FICO bumped up to 700. I immediately applied online for NFCU cashRewards and was instantly approved for $20K. Well, as you'd expect that hard inquiry immediately dropped my score down 6 points. LOL! But at least I have a revolving account now.

Message 8 of 12
Frequent Contributor

Re: Will NFCU Likley Approve?

 


cocori wrote:

Good news....the paid medical collection came off after a dispute and my EQ FICO bumped up to 700. I immediately applied online for NFCU cashRewards and was instantly approved for $20K. Well, as you'd expect that hard inquiry immediately dropped my score down 6 points. LOL! But at least I have a revolving account now.


Congrats Cocori!  That's a sweet starting limit.

 

Message 9 of 12
Senior Contributor

Re: Will NFCU Likley Approve?

WOW....congrats on that card!  That's pretty sweet!  I joined NFCU last fall.  I'm waiting to app for the card until I try my mortgage refi this summer.  By that time my balances will be lower & the last 2 inq will have dropped off EQ.

 

One thing to think about with credit cards...you likely can get whatever card you might ask for.  Get ones that will give you something back.  For instance, I got a BP Visa.  I drive 500 mi for work each week & have a BP station a mile from my house.  I always fill up there & get 5% cash back.  I pay that card off every month before the statement even cuts.  Just about every 3 mos I redeem my $$ & get 2 $25 checks in the mail.  That is a tank & 1/2 of gas, for free, that I also put on the card & get cash back for.

 

No different than paying cash, and in fact, it's even better!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 10 of 12