topic Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k in Credit Card Approvals

NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Duke_Nukem — Wed, 15 Jul 2020 18:14:22 GMT

It appears my DD lucked out. Back when she received her first NFCU card, I had told her to apply for a new card and then a CLI on her 1st card at 91/3. Since then, I've seen it mentioned here on MF that it really needs to be 3 "full" statements so that may mean that 4 statements need to cut instead of just 3. Well, I messed up and forgot to tell her about that even though I had changed my spreadsheet for an appropriate date (was more like 106/4).

Her first statement on her 1st NFCU card cut 14 days after being approved for it... so not what I would consider a "full" statement. However, that statement did show a "minimum payment due" and a balance. I'm guessing that is what qualifies the first "full" statment instead of the number of days it cuts after being approved??? Curiously, her 2nd statement had no minimum payment listed even though there was a balance showing.

Anyway, my DD must have had it on her calendar and applied on day 91. She app'd for the Platinum card and got a whopping $25,000 CL @ 5.99% APR.

She also requested a CLI after getting the 2nd card approval. She said it took over 2 days for it to update on her account... the available credit never updated until the 3rd day when it showed the new credit limit. She got a $4,000 CLI, raising her 1st card limit from $6,500 to $10,500.

Some DP's below:

- Joined NFCU (thru my sponsership) about 5 months ago

- Has checking and savings (does not keep large balances in there)

- Has the special CD that has a 3.5% APR, but only about $500ish at the moment

- TU 8 on the day of application for 2nd CC was 740

- EQ 9 from NFCU from earlier this month was 787

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

AllZero — Wed, 15 Jul 2020 18:02:28 GMT

Congratulations on DD approval and CLI!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

JL276 — Wed, 15 Jul 2020 18:05:26 GMT

@Duke_Nukem Congrats to DD. I'm hoping to mirror those results on my 91/3 when I go for the Plat. Awesome job getting her in

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

M_Smart007 — Wed, 15 Jul 2020 18:30:33 GMT

@Duke_Nukem

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Girlzilla88 — Wed, 15 Jul 2020 18:47:44 GMT

Awesome Congrats to your DD!!! I love Navy!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

DebtStinks — Wed, 15 Jul 2020 19:10:37 GMT

Congrats! I'd say that's a top-tier starting CL and APR for NFCU!

Well done!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

CreditAggie — Wed, 15 Jul 2020 19:50:24 GMT

Congratulations on DD's NFCU success!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

gdale6 — Wed, 15 Jul 2020 19:59:02 GMT

Great SL & APR, grats to your DD

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

AverageJoesCredit — Wed, 15 Jul 2020 20:14:41 GMT

Nice!

I assume DD makes good money to get 25k instant. Valuable dp if you can share

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

coreyb80 — Wed, 15 Jul 2020 21:27:14 GMT

Congrats to the DD on the CLI and the approval with the nice SL & great rate!!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Brooklyn2018 — Wed, 15 Jul 2020 21:54:21 GMT

Congrats to DD👍X25k

I❤️NY

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Anonymous — Wed, 15 Jul 2020 23:14:45 GMT

BOOM! Congrats to the DD On a GREAT NAVY APPROVAL _AND_ CLI! Woo!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

slickwidit — Wed, 15 Jul 2020 23:26:35 GMT

Congratulations 🍾🎈🎉🎊

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Duke_Nukem — Thu, 16 Jul 2020 03:42:39 GMT

@AverageJoesCredit wrote:
Nice!

I assume DD makes good money to get 25k instant. Valuable dp if you can share

Thanks to all of you!

@AverageJoesCredit , honestly I don't know what she entered. She is 23yo and just married 2 weeks ago, so maybe she included household income... No debt except for what is on her cards (some of it is wedding expense used to hit the SUB) and student loan (we pay majority of their non-school related expenses). Both she and her husband just started their 2nd year of med school and have the student loans of about $48k each from their 1st year. I'm surprised that hasn't played a big role in her DTI calculation, but perhaps it is factored as $0/month while in deferrment.

For more reference, our 19yo got her 2nd NFCU card about a month ago with a $7,700 SL, and she entered income around $16k.

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

dogmeat — Thu, 16 Jul 2020 04:34:14 GMT

Her first statement on her 1st NFCU card cut 14 days after being approved for it... so not what I would consider a "full" statement. However, that statement did show a "minimum payment due" and a balance. I'm guessing that is what qualifies the first "full" statment instead of the number of days it cuts after being approved??? Curiously, her 2nd statement had no minimum payment listed even though there was a balance showing.

I recently hit this situation with NFCU as well, when I started paying more than the minimum payment on a low-APR BT balance from earlier in the year. I thought it was odd and was about to call them to see what was up (I was suspecting they were offierring some kind of involuntary minimum payment grace for COVID, or something), but did a little spelunking online and found out that NFCU applies any payment amount over the minimum payment to the minimum payment of the following month. I'm not aware of any other CU (or FI) that does this. My guess is this is most likely what happened to your DD.

NB: Now that I'm actually looking for this again, I can't find it (but NFCU site is down for maintenance at the moment - and I may have found it while logged in). It's not mentioned in the CC T&C. I did find a similar minimum payment post here that seems to contradict what I claimed above, and a similar situation here with no definite resolution, so don't take what I said as gospel. If I recall correctly, I searched while logged in on NFCUs "help" system with keywords like "no minimum payment due".

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Meanmchine — Thu, 16 Jul 2020 04:44:43 GMT

Congrats to DD !

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

mrcraft — Thu, 16 Jul 2020 06:11:17 GMT

Congratulations to your DD!!

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Anonymous — Thu, 16 Jul 2020 12:45:39 GMT

@Duke_Nukem BigCongrats to DD! That's what's up!! Woot woot! Gotta love it, my friend!

Might add AAoRA to observed DPs and if you see anything, pls lmk. Researching. 😉

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Duke_Nukem — Thu, 16 Jul 2020 14:15:05 GMT

@dogmeat wrote:
Her first statement on her 1st NFCU card cut 14 days after being approved for it... so not what I would consider a "full" statement. However, that statement did show a "minimum payment due" and a balance. I'm guessing that is what qualifies the first "full" statment instead of the number of days it cuts after being approved??? Curiously, her 2nd statement had no minimum payment listed even though there was a balance showing.
I recently hit this situation with NFCU as well, when I started paying more than the minimum payment on a low-APR BT balance from earlier in the year. I thought it was odd and was about to call them to see what was up (I was suspecting they were offierring some kind of involuntary minimum payment grace for COVID, or something), but did a little spelunking online and found out that NFCU applies any payment amount over the minimum payment to the minimum payment of the following month. I'm not aware of any other CU (or FI) that does this. My guess is this is most likely what happened to your DD.

Hmmm, interesting. You may be on to something. We usually PIF the previous statement balance plus a little extra (on cards that get usage), so this could be the reason for the 2nd statement having no minimum payment shown.

Re: NFCU 2nd card approved $25k and 5.99% and CLI of $4k

Duke_Nukem — Thu, 16 Jul 2020 14:22:05 GMT

@Anonymous , LOL you want more? That Synch Car Care account is killing me. Everyone was removed as AU, but all CRA's still report as AU on DD1 and DD2. However, the Car Care got a CLI at some point from $5k to $10k... and TU & EQ haven't received updates in 8 months so they only show $5k CL... but Synch continues to report to EX as AU showing a $10k CL. I didn't want to deal with that frustration on my chart, so gave it the ole "*" instead (kind of like some homerun records in baseball).