topic Re: When to apply for credit in Credit Card Applications

When to apply for credit

Anonymous — Mon, 17 Oct 2016 15:11:25 GMT

I just became a member of Nfcu. When should I apply for credit? And what amount should I apply for? Can I and should I apply for a line of credit and personal loan?

Re: When to apply for credit

fltireguy — Mon, 17 Oct 2016 15:16:53 GMT

@Anonymous wrote:
I just became a member of Nfcu. When should I apply for credit? And what amount should I apply for? Can I and should I apply for a line of credit and personal loan?

Apply Now. I would try for a CashRewards Visa or MC... and a CLOC. Ask for $15k on the LOC..

Re: When to apply for credit

Anonymous — Mon, 17 Oct 2016 15:20:46 GMT

OK please explain what a CLOC is?

Re: When to apply for credit

Anonymous — Mon, 17 Oct 2016 15:21:10 GMT

And by the way I appreciate your help

Re: When to apply for credit

jbb27885 — Mon, 17 Oct 2016 15:45:51 GMT

What are your scores like?

Re: When to apply for credit

Creditwiser — Mon, 17 Oct 2016 15:52:01 GMT

CLOC is a Line of Credit. Typically with NFCU you always ask for max 15k. If approved, you'll receive that limit or whatever they counter-offer you based on your credit profile.

Re: When to apply for credit

Creditwiser — Mon, 17 Oct 2016 15:53:04 GMT

BTW OP, welcome to the Navy family.

Re: When to apply for credit

Anonymous — Mon, 17 Oct 2016 16:04:21 GMT

Thanks

Re: When to apply for credit

Anonymous — Mon, 17 Oct 2016 16:05:07 GMT

Trans union 650

Re: When to apply for credit

Anonymous — Mon, 17 Oct 2016 18:47:09 GMT

I will just say that for the me, personally, I haven't had any luck with Navy "countering" my offer. I applied for the Navy CLOC after I was approved for the cashRewards credit card for $10,100 and they denied the application for the full $15,000 CLOC. I tried to ask for a counter amount and they told me I'd have to put in a new application, I did and they hit me with another hard inquiry but this time to another bureau than the one they originally pulled (first time was EQ and second time was TU). I wasn't happy about that but I got the amount I asked for although I lowballed the amount because I was worried I would be denied again. I guess what I'm getting at is YMMV so just be aware that Navy doesn't always come back with a counter amount. Just my two cents.

Re: When to apply for credit

Creditwiser — Mon, 17 Oct 2016 22:52:35 GMT

@Anonymous wrote:
I will just say that for the me, personally, I haven't had any luck with Navy "countering" my offer. I applied for the Navy CLOC after I was approved for the cashRewards credit card for $10,100 and they denied the application for the full $15,000 CLOC. I tried to ask for a counter amount and they told me I'd have to put in a new application, I did and they hit me with another hard inquiry but this time to another bureau than the one they originally pulled (first time was EQ and second time was TU). I wasn't happy about that but I got the amount I asked for although I lowballed the amount because I was worried I would be denied again. I guess what I'm getting at is YMMV so just be aware that Navy doesn't always come back with a counter amount. Just my two cents.

Thats an interesting point you made. Actually a lousy way of handling it on Navy's part if you ask me. I was simply flat out denied 2 years ago when I app'd for the Visa which was approved. I've since left it alone and figured it was simply due to my BK. I was more than happy to have been approved for the Visa and Car loan. So typically people report a counter offer was approved if they didnt receive the full 15k. You definitely have me and probably others rethinking this approach. It would be nice if our resident NFCU expert, Creditaddict read this thread and chimmed in with his thoughts.Thanks for sharing .