topic Re: NFCU cards? in Credit Card Applications

NFCU cards?

krmurrayjr10 — Fri, 30 Nov 2018 21:37:56 GMT

Looking for tips from people familiar with Navy Federal. I joined today after hearing good things about them and opened checking and savings. A preapproval for an auto loan appears intermittently in the “offers” section when I log in to the site.

I might be interested in 1 or more of their credit cards. My current score is right around or just above 700 with utilization between 2 and 5% depending on which bureau is pulled.

Based on some data points I’ve seen, I shouldn’t have a problem getting approved for any of their cards? Just curious what their underwriting standards are across cards and what SL I might expect.

Thanks for any insights!

Re: NFCU cards?

Anonymous — Fri, 30 Nov 2018 21:49:19 GMT

DW just approved for Plat - HP Tranunion

Re: NFCU cards?

Anonymous — Fri, 30 Nov 2018 22:47:51 GMT

@krmurrayjr10 wrote:
... Just curious what their underwriting standards are across cards and what SL I might expect ...

Many are called. Many are chosen.

Go for it. You won't be sorry.

Re: NFCU cards?

Gmood1 — Fri, 30 Nov 2018 22:56:09 GMT

The scores hold less weight with them verses your DTI ratio. It's possible to get a 5 digit SL/ best rate with low 600 scores.

One of my family members had a 580ish TU and got a 15k SL another had a 602 and recieved a $17K SL.

Re: NFCU cards?

Medic981 — Fri, 30 Nov 2018 22:58:15 GMT

NFCU is very relationship driven. Yes your FICO score is considered, however, your history with NFCU is highly influential in their UW. I have read that if you burn NFCU, it is near impossible to get back into their good graces. Conversely, once established, they will trust you until you give them a reason not to trust you. Of course YMMV.

I joined in September and moved all my checking, savings, direct deposit to NFCU. I applied for a CLOC within a week and was given a $1,000 CL after asking for $15,000. Eeeeh... it is what it is, I thought.

The beginning of November, Chase Bank and I didn't see eye to eye when I wanted their Southwest Airlines Premier CC, so I thought "what the hey!" and applied for the Flagship Rewards CC. NFCU approved me instantly for a $25,000 SL. I think my heart skipped a beat or five (sinus pause for you @FireMedic1 if you are reading this) when I read that. Never thought that I would receive that amount after the $1,000 SL on the CLOC.

So to answer your question... your guess is as good as mine as to what your SL might be. As I said before, YMMV! Perhaps other better informed and more experienced NFCU members of the forum can answer that.

Re: NFCU cards?

Anonymous — Fri, 30 Nov 2018 23:10:25 GMT

Gmood1

The scores hold less weight with them verses your DTI ratio. It's possible to get a 5 digit SL/ best rate with low 600 scores.

One of my family members had a 580ish TU and got a 15k SL another had a 602 and recieved a $17K SL.

Not for me GMood - I have 0% debt on a 6 figure salary and only got $1k with over 700 EQ FICO 09. Maybe my 18 lates shrunk my chances from 4 years ago

But I don't doubt you

Re: NFCU cards?

Gmood1 — Fri, 30 Nov 2018 23:24:02 GMT

@Anonymous wrote:
Gmood1
The scores hold less weight with them verses your DTI ratio. It's possible to get a 5 digit SL/ best rate with low 600 scores.
One of my family members had a 580ish TU and got a 15k SL another had a 602 and recieved a $17K SL.

Not for me GMood - I have 0% debt on a 6 figure salary and only got $1k with over 700 EQ FICO 09. Maybe my 18 lates shrunk my chances from 4 years ago

But I don't doubt you

I was referring to scores in general. Now if you have a bunch of lates. That could be a different story. lol

NFCU's algorithms are all over the map with these approvals and denials. I've seen folks in the 800's get sub $5K SLs.

There's really no rhyme or reason to how they approve people.

I'll never forget the fellow with a half million a year income and 800 scores that was denied. They did eventually let him in with a $1K SL. lol

Re: NFCU cards?

Anonymous — Sat, 01 Dec 2018 00:37:19 GMT

When I got my cards in 2016, my scores were in the 600s. I also had about 3 collections. I was approved for the goRewards for $23,700. And I was approved for the $15k CLOC, after sending in documents.

Re: NFCU cards?

RonM21 — Sat, 01 Dec 2018 01:17:17 GMT

to add to the data points I guess, in June of 2016 I got in with NFCU and got a gorewards card with 19K+ limit. My scores were right near 700 I believe and I still had five 30 day lates reporting from a paid car loan from 2010 that Santander took over (which was the cause of my lates - long story). So I guess I had kind of a mixed bag with my approval.

Re: NFCU cards?

Gmood1 — Sat, 01 Dec 2018 01:23:58 GMT

Yup I still had a foreclosure reporting on my TU when I was approved for the GoRewards. Score was in the mid 600's. SL was $17.5k if I remember correctly. With a 15xx apr. Last year a CSR looked up my score and lowered my APR to the lowest they offered at that time.

Re: NFCU cards?

Anonymous — Sat, 01 Dec 2018 05:42:32 GMT

I apped for Navy in September with a 648 TU, 690 EQ, 670 EX with a chapter 7 in 2010, repo in 2012, a med collection, and two 90 days on my student loans and got a cashRewards at 11.4% (lowest APR) but with a 3K limit. And I think the only reason I got a 3K limit was because I opened up a new SSFCU for 5K and Disco for 7K in March and my oldest card was my Cap1 in 3/2014. NFCU will definitely grow — I’m actually hoping my 91/3 coming up will get me at least double the line.

NFCU appears to prefer people who are likely to get them some finance charges if you ask me which is why the 800s with 6 figures get lower limit than middle 5 figures at 600 and 700s looking at the DPs IMO but they just seem to dance to the beat of their own drum like Disco — I mean someone with my profile getting their lowest APR when I have 24.65 (Cap1), 18 (max that SSFCU offers), and 21.24% on the other cards is definitely unique!

Re: NFCU cards?

Anonymous — Sat, 01 Dec 2018 16:01:30 GMT

I joined Sept of this year and applied for a car loan, checking line of credit and credit card. I was denied all. I ended up getting a secured card for $500. 1st week of November, so 2 months later, I applied for Visa Flagship and was approved for $10k SL. I also applied for the CLOC and approved for full $15k. I didn't try the car loan as I ended up doing the refinance with PenFed instead who I also joined in Sept. If it helps my score in Sept TU was around 677, When I applied in November, it was between 691 and 701, not exactly sure what it was at. I hope this helps.

Re: NFCU cards?

krmurrayjr10 — Sat, 01 Dec 2018 23:02:32 GMT

So I gave it a shot and was shot down a few hours later.

I‘m a bit surprised, actually, and will be curious to read the decline reasons once the letter comes in the mail.

Re: NFCU cards?

Anonymous — Sat, 01 Dec 2018 23:08:35 GMT

I’m sorry to hear this. Better luck next time. NFCU is tough to figure out sometimes. Just reading this thread makes my head spin.

Re: NFCU cards?

krmurrayjr10 — Sat, 01 Dec 2018 23:26:00 GMT

On the other hand, I‘ve checked Discover‘s site and they‘re showing me as preapproved for the Miles and Cash Back cards with a 0% for 14 months and 13.99% thereafter, which I think is Disco‘s best rate. Maybe I‘ll have better luck with them...

Re: NFCU cards?

Anonymous — Sun, 02 Dec 2018 04:41:18 GMT

If I were you, when you get the letter, I would call and ask for recon, especially if you’re getting offered that low of an APR with Discover.