topic Re: Navy Platinum. in Credit Card Approvals

Navy Platinum.

tcbofade — Mon, 02 Oct 2017 19:09:24 GMT

I've got mixed feelings about this one...

Drove to my local NFCU to join and apply for a loan...got approved for membership, denied for the loan. Denied for the CLOC.

Drove home, applied for the Platinum card online...approved for $3.5k.

Re: Navy Platinum.

UncleB — Mon, 02 Oct 2017 19:20:41 GMT

@tcbofade wrote:
I've got mixed feelings about this one...

Drove to my local NFCU to join and apply for a loan...got approved for membership, denied for the loan. Denied for the CLOC.

Drove home, applied for the Platinum card online...approved for $3.5k.

Hey, nothing to have mixed feeling about... it's an approval! Good job!

Re: Navy Platinum.

Sandman771 — Mon, 02 Oct 2017 19:21:52 GMT

Great approval. Does that help you somewhat with APR for a BT? Since I know what you were orginally trying to accomplish.

Re: Navy Platinum.

tcbofade — Mon, 02 Oct 2017 19:25:09 GMT

@Sandman771 wrote:
Great approval. Does that help you somewhat with APR for a BT? Since I know what you were orginally trying to accomplish.

I suppose it COULD. I did not do any BTs without knowing what the credit limit would be...now that I know the credit line, I have to wait for the card to get here to do any transfers...and certainly have CCs at higher interest rates that I can use the zero percent transfer fee on and be saving dollars on interest...

..the goal, however, was to reduce my monthly obligations.

I MAY be able to put three or four small balance, high interest rate cards onto the new card, lowering the interest that I'm paying AND reduce the monthly payment... we shall see.

Re: Navy Platinum.

UncleB — Mon, 02 Oct 2017 19:31:01 GMT

I know it might not seem like it, but not getting the CLOC could be a blessing in disguise.

It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.

With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well.

I know it's hard to see now, from from my viewpoint things actually turned out quite well!

Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today).

Re: Navy Platinum.

coldnmn — Mon, 02 Oct 2017 20:02:14 GMT

Congrats TC on getting in with NFCU good for you!

Re: Navy Platinum.

Anonymous — Mon, 02 Oct 2017 20:06:29 GMT

Congratulations on the PLAT! What @UncleB said about blessing in disguise. That’s how I feel now about my denied HELOC.

Re: Navy Platinum.

tcbofade — Mon, 02 Oct 2017 20:24:12 GMT

@UncleB wrote:
I know it might not seem like it, but not getting the CLOC could be a blessing in disguise.

It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.

With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well.
How quickly?

I know it's hard to see now, from from my viewpoint things actually turned out quite well!

Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today). Asked for $12k. No counter offer, straight denial.

Thanks UncleB.

Honestly, I was more interested in the installment loan, but the rate wasn't terrific either. You've mentioned a possible rate reduction in 12 months, and that IS something to look forward to. How long do I need to wait before requesting a CLI?

May or may not reapply for the CLOC next year... we shall see.

Re: Navy Platinum.

Anonymous — Mon, 02 Oct 2017 21:19:11 GMT

Well at least you got in with them. Congrats on getting the card. Dv

Re: Navy Platinum.

UncleB — Mon, 02 Oct 2017 21:25:22 GMT

@tcbofade wrote:
@UncleB wrote:
I know it might not seem like it, but not getting the CLOC could be a blessing in disguise.

It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.

With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well.
How quickly?

I know it's hard to see now, from from my viewpoint things actually turned out quite well!

Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today). Asked for $12k. No counter offer, straight denial.
Thanks UncleB.

Honestly, I was more interested in the installment loan, but the rate wasn't terrific either. You've mentioned a possible rate reduction in 12 months, and that IS something to look forward to. How long do I need to wait before requesting a CLI?

May or may not reapply for the CLOC next year... we shall see.

For the CLI you'll want to wait until 91 days and the third statement... if it were me I would wait until the AR following both of these for the best shot at a SP, but of course a HP is always possible (my one and only CLI with them was after an AR and was a HP so YMMV). There's some talk of six months, but that seems to be between CLIs (at least for most).

If you plan to do a significant BT before then the results might be a bit more unpredictable, but many have received CLIs while carrying a balance so YMMV there as well... for the nuts-and-bolts check out the mega thread... you'll also be able to get a feel for the latest 'trends'.

As for the CLOC, at one time the 'rule' was aim high and let them counter, but that seems to be hit-and-miss these days. There's multiple reports of people getting a decline with no counter and reapplying for a lower amount and being approved, and there's also more than a couple of reports of just waiting a few months and reapplying for the full $15k and getting it.

In any case you have your foot in the door now, so it's only up from here!

Re: Navy Platinum.

sid33 — Mon, 02 Oct 2017 21:32:08 GMT

No need to wait on the card to arrive for the BT's. When you log-in to your account and see the card reporting, you can click on "Transfers" at the top of the menu bar. When the transfer page pops up, you'll see an option for "Make a Credit Card Balance Transfer" in the lower center of the page.

Something that suprised me was an AU will have this option aswell.

Hope this helps.

Re: Navy Platinum.

tcbofade — Mon, 02 Oct 2017 21:51:53 GMT

Thanks. Can't see it yet. The approval said it'll be 24-48 hours before I can see it online.

Re: Navy Platinum.

AverageJoesCredit — Tue, 03 Oct 2017 19:32:57 GMT

Congrats Garden buddy. Sorry about the loan but getting in and grabbing a cc was and is well worth it. Give it 6 months and the other doors should start opening for ya. We will host a party for you back in the garden though i can only afford the welcome back card, will somebody please bring ice!!!

Re: Navy Platinum.

tcbofade — Wed, 04 Oct 2017 01:36:12 GMT

@sid33 wrote:
No need to wait on the card to arrive for the BT's. When you log-in to your account and see the card reporting, you can click on "Transfers" at the top of the menu bar. When the transfer page pops up, you'll see an option for "Make a Credit Card Balance Transfer" in the lower center of the page.

Something that suprised me was an AU will have this option aswell.

Hope this helps.

Well, thanks again, but nope.

Now the account shows up, but when I click on Transfers, I get a pop up that says I have to wait until the account is ten days old.

LOL. No worries, no race. I'll get there.

Re: Navy Platinum.

Anonymous — Wed, 04 Oct 2017 15:24:49 GMT

@tcbofade wrote:
@sid33 wrote:
No need to wait on the card to arrive for the BT's. When you log-in to your account and see the card reporting, you can click on "Transfers" at the top of the menu bar. When the transfer page pops up, you'll see an option for "Make a Credit Card Balance Transfer" in the lower center of the page.

Something that suprised me was an AU will have this option aswell.

Hope this helps.
Well, thanks again, but nope.

Now the account shows up, but when I click on Transfers, I get a pop up that says I have to wait until the account is ten days old.

LOL. No worries, no race. I'll get there.

tcbofade you've got a great attitude about this. I love NavyFed

Re: Navy Platinum.

tcbofade — Wed, 04 Oct 2017 21:59:21 GMT

Thank you. I'm trying...

Re: Navy Platinum.

CreditMagic7 — Wed, 04 Oct 2017 23:44:52 GMT

I wouldn't sweat it. Seems they just roll that way with some.

Mine started at $3K and was about to close it after 6 months since many of my other cards were much higher.

After 90 day AR it went straight to 15K and after that the full 25K.

Like i say, they seem slow with some and with others they can zoom to high start lines right out of gate.

I say you'll be fine and their results will be better as time moves on for you.

Congrats!

Re: Navy Platinum.

sid33 — Wed, 04 Oct 2017 23:56:11 GMT

@tcbofade wrote:
@sid33 wrote:
No need to wait on the card to arrive for the BT's. When you log-in to your account and see the card reporting, you can click on "Transfers" at the top of the menu bar. When the transfer page pops up, you'll see an option for "Make a Credit Card Balance Transfer" in the lower center of the page.

Something that suprised me was an AU will have this option aswell.

Hope this helps.
Well, thanks again, but nope.

Now the account shows up, but when I click on Transfers, I get a pop up that says I have to wait until the account is ten days old.

LOL. No worries, no race. I'll get there.

Sorry about that.

Re: Navy Platinum.

tcbofade — Thu, 05 Oct 2017 00:02:44 GMT

No worries, thanks for all of the help.

Just attached an external bank account...and while I can't do any actual balance transfers with the card, I CAN (and don't intend to) take a cash advance in my checking account...lol...

Re: Navy Platinum.

tcbofade — Thu, 05 Oct 2017 00:04:49 GMT

On a related note, I'm sure I'll find out when the card and paperwork arrive, but doesn't anyone know what the payment structure is? Is it 3% of the balance? 2.5?