topic Re: HOLY NFCU!! in Credit Card Approvals

Holy NFCU!!

dddfresh — Thu, 21 Feb 2013 07:03:08 GMT

Hey!

I just joined Navy Fed a couple weeks ago and finally made my first deposit into my savings and checking accounts. $50 each, total 95 (minus 5 for membership fee or whatever it is).

I set up direct deposit through my employer and it was supposed to go in tomorrow for the first time. Well, i got my paystub, and it isnt going in for another two weeks. I have been waiting to apply for a NFCU Credit Card until the direct deposit went through, in hopes of convincing them I had constant income. I also wanted to apply before the end of the month to take advantage of their 0% BT for my capitol one card.

I decided to call in and tell NFCU what happened, and tell them I wanted to apply anyways. I applied for the Flagship Signature Visa Card because I noticed it would be a $5000 minimum credit line, which would be my highest limit yet, by about $3500. Sure it has an annual fee, etc. but again, the 5k was what i was shooting for. During the application I was waiting for super nice associate as always to ask me what limit I was applying for,....THat question never came so I was a little worried.

She submitted the application on the phone and about two minutes later she said.....CONGRATULATIONS, YOU HAVE BEEN APPROVED FOR THE FLAGSHIP CARD WITH A STARTING LIMIT OF $12,500!!!! I played it cool on the phone, but in my head I was going crazy. 11.?? APR + prime (not exactly sure what that means but ill look into it).

Im a big "believe it when i see it" kind of guy, so I will be looking at my accounts and waiting til i see the card in the mail with that limit, but if true, I am very estatic about this siutation!

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:17:13 GMT

Ps. Has anyone had this happen, and then they reverse their decision or change the limit or anything weird??? I would be so bummed.

I also asked her if they report the limit, and she said they do.

SHOULD I APPLY FOR THE LINE OF CREDIT "LOAN" WHILE I AM AT IT, OR WAIT???

THANK YOU

Re: HOLY NFCU!!

Adalen — Wed, 20 Feb 2013 23:28:22 GMT

Large credit limits are notoriously their thing. I don't think you should worry about it disappearing.

Re: HOLY NFCU!!

LS2982 — Wed, 20 Feb 2013 23:37:38 GMT

CONGRATS!!!!

How is their LOC set up?? I'm with PSECU and have their combo Visa/LOC combined limit of 12,000. Do they combine your CC limit and LOC or are they separate?

Re: HOLY NFCU!!

starry1 — Wed, 20 Feb 2013 23:40:36 GMT

The LOC reports as a separate CC.

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:40:44 GMT

From what I understand, the LOC is a separate line of credit and you sign documents similar to a personal loan. It is in case you write a check for $2000 when your checking account only has a balance of $1000, the remaining $1000 will be taken off your LOC and your check will go through. It reports to the credit bureuas as well thats why I am interested in it. It is also another hard inquiry. ANywhere from 500-10,000.

Could be off on that info, but i believe it is similar to that.

Re: HOLY NFCU!!

Anonymous — Wed, 20 Feb 2013 23:40:56 GMT

Thats awesome!! Congratulations!!

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:42:21 GMT

THANK YOU SO MUCH! I am hoping once my scores improve, this will give me some leverage into applying for a CHASE Prime card or two

Re: HOLY NFCU!!

Leadberry — Wed, 20 Feb 2013 23:43:29 GMT

@dddfresh wrote:
Hey!
I just joined Navy Fed a couple weeks ago and finally made my first deposit into my savings and checking accounts. $50 each, total 95 (minus 5 for membership fee or whatever it is).
I set up direct deposit through my employer and it was supposed to go in tomorrow for the first time. Well, i got my paystub, and it isnt going in for another two weeks. I have been waiting to apply for a NFCU Credit Card until the direct deposit went through, in hopes of convincing them I had constant income. I also wanted to apply before the end of the month to take advantage of their 0% BT for my capitol one card.

I decided to call in and tell NFCU what happened, and tell them I wanted to apply anyways. I applied for the Flagship Signature Visa Card because I noticed it would be a $5000 minimum credit line, which would be my highest limit yet, by about $3500. Sure it has an annual fee, etc. but again, the 5k was what i was shooting for. During the application I was waiting for super nice associate as always to ask me what limit I was applying for,....THat question never came so I was a little worried.

She submitted the application on the phone and about two minutes later she said.....CONGRATULATIONS, YOU HAVE BEEN APPROVED FOR THE FLAGSHIP CARD WITH A STARTING LIMIT OF $12,500!!!! I played it cool on the phone, but in my head I was going crazy. 11.?? APR + prime (not exactly sure what that means but ill look into it).
Im a big "believe it when i see it" kind of guy, so I will be looking at my accounts and waiting til i see the card in the mail with that limit, but if true, I am very estatic about this siutation!

Congrats man--knew you wouldn't be able to wait long! They're a little more cautious with the Navchek, but if you don't have any baddies you should be golden.

P.S. - Navchek is 15k max.

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:45:40 GMT

It was so hard to wait haha. Is NavCheck/LOC worth it?

Re: HOLY NFCU!!

Leadberry — Wed, 20 Feb 2013 23:49:45 GMT

It's a free line of credit. If you got 12.5k on the Flagship then I'd definitely say go for it. Just keep in mind you WILL get another HP, maybe even two.

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:53:21 GMT

on the website is it under, "Home equity line of credit" or am i missing the link for the Navchek?

Re: HOLY NFCU!!

dddfresh — Wed, 20 Feb 2013 23:55:44 GMT

oh, or overdraft line of credit?

Re: HOLY NFCU!!

sbeasl11 — Wed, 20 Feb 2013 23:59:32 GMT

Congrats! I just became a member this week & I am trying to wait till next month to app, after I pay my utilization down to zero. Waiting is hard, but I am excited. My scores/baddies are about the same as yours so this is exciting news to hear!

Re: HOLY NFCU!!

Sitori — Thu, 21 Feb 2013 00:05:48 GMT

Wow that's amazing. I have been looking into finding a CU and there are NONE in FL worth going to.

What types of scores do they look for? I have a fairly short credit history, but no baddies on my report.

Is there a minimum you need to open with ?

Re: HOLY NFCU!!

zerobacan — Thu, 21 Feb 2013 00:06:17 GMT

12.500 dont spend it all at once!!

Re: HOLY NFCU!!

dddfresh — Thu, 21 Feb 2013 00:19:14 GMT

They conditionally approved the line of credit, but I have to fax in two most recent pay stubs, and a month of bank statements from my previous bank.

not sure if they pulled another inquiry. I had an overdraft fee last month, so I am kinda pissed that happened, and I dont think I am going to fax in the documents because of it now :/

Re: HOLY NFCU!!

Anonymous — Thu, 21 Feb 2013 00:23:38 GMT

Send them anyway. NFCU will not auto reject you for the overdraft on the other account. They are super forgiving of past mistakes with others. Just don't ever burn them or they will never forget.

Re: HOLY NFCU!!

j_casteel — Thu, 21 Feb 2013 01:05:19 GMT

NavChek/Overdraft LOC is pretty nice...it reports like the others have stated as another CC. Plus it's linked to your checking acct. and will auto-draft if you need it too, and you can also just write checks directly out of it and have up to $15k available for cash advance if needed.

Re: HOLY NFCU!!

Leadberry — Thu, 21 Feb 2013 01:43:53 GMT

@dddfresh wrote:
They conditionally approved the line of credit, but I have to fax in two most recent pay stubs, and a month of bank statements from my previous bank.
not sure if they pulled another inquiry. I had an overdraft fee last month, so I am kinda pissed that happened, and I dont think I am going to fax in the documents because of it now :/

Yeah it's the Overdraft LOC. Send in the info--you already got the HP for it. If you don't send in the papers it's a guaranteed denial; send them in and you should be approved. They just want to make sure you're making as much money as you say you are.