topic Re: NFCU Platinum Approved! Need some help now! in Credit Card Approvals

NFCU Platinum Approved! Need some help now!

Anonymous — Fri, 21 Aug 2020 01:28:22 GMT

Hey all! Want to share some good news and get some advice! Again this forum has been an awesome resource and I appreciate everything and everyone here. Now on to the stuff!

Approved NFCU Platinum SL $3000! 5.9% APR!

Opened NFCU checking savings and money market account on 7/19. Smooth process. Checked for prequalified cc's that day. Was surprised to see I was prequalified for all of them. Called today. Asked the CSR to check for prequalification again. Confirmed. Asked if I could change products after approval. Confirmed, think I have 24 hours. Asked if I could recon for a higher limit, he said to wait until I received a letter. Go on hold, comes back a few minutes later with approval at $3000! Pulled TU, I do not know which model yet.

Now a bit of my profile.

AOoA 7yrs

Aaoa 3yrs
TU Fico8 7/23 683

CC UTI 66% (25,000 owed 7 accounts)

Auto loan 5.1% 13,000/7200 owed

Lending Club 16.9% 14,000/7800
DTI 42%

Income 52,000

zero derogs, 100% payment history

Now some questions! My goal is to pay off the 25k in cc in 30-36 months. Getting rid of as much interest as possible is key. I know NFCU's 91/3 rule, and it was confirmed by the CSR who could not confirm it.

Should I change products so that I can take advantage of the 0% at a higher limit after 91/3?

Can I have 2 of the same product through NFCU?

After approval can I recon for a higher SL?

And finally, if I do keep this at 3k and BT, at 91/3 it will be at 94% uti. Will that keep me from getting a CLI or another card from NFCU?

Any help with a strategy would be appreciated. And again, thanks!

Re: NFCU Platinum Approved! Need some help now!

cashorcharge — Fri, 21 Aug 2020 01:54:59 GMT

AFAIK....the Platinum has the lowest APR...you got 5.9%....Congrats on your approval.

If you PC, I'm not sure that you'll keep that low rate as I understood only that card had the lowest rate

RIght now, it appears that CLI's are capped at $3000 per a lot of reading here

Yes, you can have 2 of the same product

Not sure that recon will get you to a higher SL at the lowest rate at this time...

Lastly, I would highly NOT recommend shooting the card up to 94% util...not only will that hurt your score and options down the road but it would also hinder your internal score that would likely preclude you from future success.

I've learned a ton from @M_Smart007 about them so hopefully he'll have some advice on strategy

Re: NFCU Platinum Approved! Need some help now!

CreditAggie — Fri, 21 Aug 2020 02:27:17 GMT

Congratulations on your NFCU Platinum approval!

Re: NFCU Platinum Approved! Need some help now!

Anonymous — Fri, 21 Aug 2020 03:31:32 GMT

Thank you! I'm thinking then over 91/3 to just use activity on the Platinum and pay in full every month. When 91/3 happens ask for CLI and apply for another Platinum as well?

Ok, did a bit more research. Let me know if my plan works. Keep the Platinum @3k. Use it and pay it off over the 91/3. At 91/3 apply for another Platinum and CLI on prior platinum. After approval* then BT my high interest cards to both accounts.

*Approval not guaranteed.

Re: NFCU Platinum Approved! Need some help now!

Matt9543 — Fri, 21 Aug 2020 04:29:14 GMT

@Anonymous wrote:
Thank you! I'm thinking then over 91/3 to just use activity on the Platinum and pay in full every month. When 91/3 happens ask for CLI and apply for another Platinum as well?

Ok, did a bit more research. Let me know if my plan works. Keep the Platinum @3k. Use it and pay it off over the 91/3. At 91/3 apply for another Platinum and CLI on prior platinum. After approval* then BT my high interest cards to both accounts.
*Approval not guaranteed.

You could also try for a card with 0% APR for a few months to help pay off strictly the principal then move to another card as well.

Re: NFCU Platinum Approved! Need some help now!

MyFault — Fri, 21 Aug 2020 06:15:54 GMT

Congrats!

Re: NFCU Platinum Approved! Need some help now!

gdale6 — Fri, 21 Aug 2020 13:16:41 GMT

Grats on your NFCU platinum!!

Re: NFCU Platinum Approved! Need some help now!

Heatt99 — Fri, 21 Aug 2020 18:09:49 GMT

Congratulations. That is Navy's best card to reduce debt.

Yes you can have 2 of the same product, and you can have up to 4 cards (3 main & 1 AU).

Navy usually offers BT & low apr purchases at the beginning of the year. This applies to existing cards as well.

IMO, I would apply for card #2 in Jan 21; enough time for Navy to see your payment history and higher probability for big SL. Just remember to swipe your card for a tank or something, as Navy doesn't really recognize BT as using the card.

Whats 1 more installment loan? Talk with Navy about consolidation to see what they say; it never hurts.

Good luck with your credit journey 👍

Re: NFCU Platinum Approved! Need some help now!

Wavester64 — Fri, 21 Aug 2020 18:15:08 GMT

@Anonymous wrote:
Hey all! Want to share some good news and get some advice! Again this forum has been an awesome resource and I appreciate everything and everyone here. Now on to the stuff!

Approved NFCU Platinum SL $3000! 5.9% APR!

Opened NFCU checking savings and money market account on 7/19. Smooth process. Checked for prequalified cc's that day. Was surprised to see I was prequalified for all of them. Called today. Asked the CSR to check for prequalification again. Confirmed. Asked if I could change products after approval. Confirmed, think I have 24 hours. Asked if I could recon for a higher limit, he said to wait until I received a letter. Go on hold, comes back a few minutes later with approval at $3000! Pulled TU, I do not know which model yet.
Now a bit of my profile.
AOoA 7yrs
Aaoa 3yrs
TU Fico8 7/23 683
CC UTI 66% (25,000 owed 7 accounts)
Auto loan 5.1% 13,000/7200 owed
Lending Club 16.9% 14,000/7800
DTI 42%
Income 52,000
zero derogs, 100% payment history

Now some questions! My goal is to pay off the 25k in cc in 30-36 months. Getting rid of as much interest as possible is key. I know NFCU's 91/3 rule, and it was confirmed by the CSR who could not confirm it.
Should I change products so that I can take advantage of the 0% at a higher limit after 91/3?
Can I have 2 of the same product through NFCU?
After approval can I recon for a higher SL?
And finally, if I do keep this at 3k and BT, at 91/3 it will be at 94% uti. Will that keep me from getting a CLI or another card from NFCU?
Any help with a strategy would be appreciated. And again, thanks!

Re: NFCU Platinum Approved! Need some help now!

Anonymous — Fri, 21 Aug 2020 21:47:38 GMT

@Heatt99 wrote:
Congratulations. That is Navy's best card to reduce debt.
Yes you can have 2 of the same product, and you can have up to 4 cards (3 main & 1 AU).
Navy usually offers BT & low apr purchases at the beginning of the year. This applies to existing cards as well.
IMO, I would apply for card #2 in Jan 21; enough time for Navy to see your payment history and higher probability for big SL. Just remember to swipe your card for a tank or something, as Navy doesn't really recognize BT as using the card.
Whats 1 more installment loan? Talk with Navy about consolidation to see what they say; it never hurts.

Good luck with your credit journey 👍

Took your advice, applied for $15k consolidation loan. Instant approval. 17.1@36 months. A bit higher than I would like, but still lower than the 22.9 it will be paying off. January is going to be a great month!

Re: NFCU Platinum Approved! Need some help now!

Heatt99 — Sat, 22 Aug 2020 14:32:53 GMT

@Anonymous

Congrats again!!!! While this will not improve your DTI, it should improve your fico scores in the revolving algorithm.

Yes, Jan-Mar should be a wonderful time for you

Thanks for testing the waters, I now know where I stand come Jan-Mar.

Re: NFCU Platinum Approved! Need some help now!

Anonymous — Sun, 23 Aug 2020 02:15:57 GMT

As a side note, I've been with BECU for 5 years now. They are finally putting a branch in my city and I was stoked not to have to drive 30 miles to the nearest branch when I needed to. They gave me a great rate on my auto loan (5.1% on a 2004 GMC Sierra with 30k miles) and credit card (13.1% 1k SL with no CLI) and the relationship with them has been great. NFCU blew them out of the water, Navy style. Between the 5.9% Platinum, and the Personal Loan with my high UTI but perfect payment history, 30 months debt free is not only feasible but comfortable. Yesterday I was locked out of my account after using the loan to pay off the higher interest credit cards (DOB issue, and needed to submit documents to confirm identity and address) and after a 20 minute phone call today they had it all sorted. As an added bonus, because I was unsure if the payments through NFCU had gone through (they did) I double paid minimums on everything this month through my primary account which puts me a month ahead of my budget schedule!

Re: NFCU Platinum Approved! Need some help now!

M_Smart007 — Tue, 25 Aug 2020 07:09:09 GMT

Congrats! ..

Re: NFCU Platinum Approved! Need some help now!

AllZero — Tue, 25 Aug 2020 14:29:30 GMT

Congratulations on your approval!