topic Re: NFCU 91/3 ... 2nd Card and CL Look-See in Credit Card Applications

NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 20:33:50 GMT

I had a ? for all the credit aficionados on here . Your opinions and instruction are greatly valued and appreciated!! ...

A little background ...

91/3 coming up on my Platinum Visa next month (04/15) ... Tax Day!! ... couldn't plan that any better!! ... I joined NFCU with both savings and checking on Xmas Eve 2018 and after surveying the myFico forums for about two weeks I went ahead and applied for the CLOC (asked for $5K) ... denied ... reconned and received $1K ... good enough don't want no more . Applied for the Visa Plat and online approval for $7900 at 15.9%. At the time of approval on the CLOC and Visa, my reports (EQ/TU) had some bugs on the windshield. I had two collections that are now gone and the only neg mark is a 5 yr old charge off account when Synchrony sold my PayPal account to Midland. Like I said, I paid Midland and they deleted per their "new" policy. I have ambushed Synchrony with GW letters in hopes they might remove the old CO account, but to no avail. My NFCU FICO 9 (EQ) currently reports at 661 for March, but should be slightly higher after the April update on the 3rd. Possibly around 670-680 range. TU I think sitting right around 680ish - 690. Current Util is <5% across all active cards (NFCU Plat, DCU Plat and Citi Secured). DTI is <5% also.

A couple of questions:

1) In light that my reports have gone from a major "rash" down to a "pimple" -- would one suggest to go for both the CLI on the Plat Visa and the 2nd card at the same time? ... I've read extensively about the "6 month rule" but was wondering to strike while the iron "may" be hot or wait on the CLI until 6 mos. rolls around in July? Additionally, I don't need a rewards card and was planning on going for the MasterCard version of the Platinum. If I'm not mistaken, isn't the Platinum the "stock model card" at NFCU and the easiest of all to get with substantially higher SL's?

2) I know Saeren and I have very similar profiles and was trying to gauge what SL I may be looking at on the 2nd card. I'm disabled with guaranteed SSDI of $18,336 annual. So far I'm into NFCU for $8,900 ($7900 Visa/$1000 CLOC). After reviewing A LOT of posts on here it appears that NFCU will almost match your annual income in credit, assuming you have spotless or near spotless reports. I've also noticed a few posters that have exceeded 100% with Navy compared to income ... don't know if those are accounting "glitches" or not ... reason I'm not going for any more on the CLOC is that I will rarely (if ever) utilize it and do not want to limit my credit exposure with NFCU due to low income (as Saeren has stated).

A few other "odds - n - ends":

AaOA: 4 years

Date Until Final Baddie Drops From All Three: 11/2021*

Total Opened Accounts In Last 12 Months: 6

Total Closed Accounts: 4

BKs or Public Records: None

Inquiries Last 12 Months: TU (5), EQ (5), EX (6)

Most Recent Inquiry: 01/2019; Next Planned Inquiry: NFCU (04/2019)

*Just an inflection here --- it appears that only EQ/EX use CO's in their score computations. EQ/EX classify the paid CO from Synchrony as a "negative" item, but apparently TU feels otherwise. Nowhere on my TU report does if reflect the Synchrony account as a negative entry other than showing it as one my closed accounts. I'm guessing that once a CO is paid and closed it just reflects as a normal closed account. Even the credit linking sites that use TU such as WalletHub and Credit Sesame don't classify it as a "negative". Hmmmmm.

Well --- thanks for reading folks and for any insight!! ... Appreciated as always!!

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 21:23:36 GMT

Did Midland actually report that charge off? I don’t believe Synchrony is allowed to report a charge off once they have sold it to another company, maybe that’s worth asking in Rebuilding. It’s my understanding they can’t double dip when it comes to reporting.

1) Go for the CLI first. Wait 72 hours and check to see if it was approved. If not, you can app for a second card but since you don’t actually need a rewards card, I would probably just wait until 6 months and try again. Underwriting for all of NFCU’s cards is very similar except for the Flagship which requires a minimum $5K SL for approval. Basically if your DTI supports it, they will give up the goods.

2) NFCU is surprisingly generous with their limits. They don’t even seem to mind that my Platinum has gone from $7200 to $12700 when I asked them to reallocate my limits so I could use the More Rewards for a grocery card. They like something about my profile, I’m not quite sure what it is. They approved me for both of my cards at the lowest APR they offered at the time and while they held back my cashRewards limit at $3K when I applied, I asked for $7500 at my 91/3 expecting $5K and after review I got the full $7500 limit and then I pulled the trigger on the CLOC and Platinum a week or so later. I have heard that there is definitely still room to grow with NFCU but 5 HPs in 3 months is enough for me to hold off for awhile. We are EXTREMELY close in income though (your annual is $36 more) so your growth should be comparable to mine as your profile improves.

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 21:55:22 GMT

Thanks for the info, Saeren!!

My initial thought on the two entries was the same as yours. How can you sustain "double jeopardy" on the same debt?? ... so, I wrote to the Louisiana Attorney General's Office to get clarification from the "horse's mouth" and they responded saying that the original creditor (Synchrony) does not have to delete their tradeline just because they sold the debt to Midland. They said that some original creditors will eventually delete their tradeline during annual or semi-annual "housekeeping" of accounting since the original tradeline will show a $0 balance since it was sold. But to your point, there is no legal requirement for deletion of the original tradeline.

I have really enjoyed surfing this forum in the short time I've been on it because of the gold mine of information provided by you and similar posters. You all have really simplified a lot of things dealing with policy and procedure in the credit world. I thought I knew everything there was to know about the subject, but boy was I mistaken.

Goes back to a favorite quoate of mine by Socrates ... "If there is one thing I know, it is that I know nothing!"

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 22:42:45 GMT

Yeah I just looked it up and apparently as long as they report it as a $0 balance it’s totally legal. What a joke!

I guess we have Louisiana in common too, I sustained most of the damage still on my credit reports living with my dad in Louisiana while fighting SSDI. I’m glad to be back in Colorado although the food when you live in Cajun country (Lafayette) is pretty awesome. Haha!

Glad to hear that you have found this site to be very educational! I have as well but that’s a double edged sword because ... well my signature lol. All of those cards except Capital One are less than a year old. 😳

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 22:48:46 GMT

I'm considered a bit of a "turn-coat" though as my Louisiana heritage originated in New Orleans (N'Awlins) but I live in North Louisiana. Anything above Natchitoches --- you probably remember where it was --- middle of state about an hour north of Alexandria --- that is considered the "Mason-Dixon Line" in La. separating Cajun Country from the piney woods!

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 22:51:38 GMT

Yes I remember lol.

I didn’t really care for any of it. The drive thru daiquiri places and the liquor at the gas station was problematic for me too.

But those big spiders...... *shudder* Go for a walk and run into one of those massive webs spanning between two trees and almost have a heart attack! #nope!

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 22:55:20 GMT

On the subject of the "two-headed monster" of duplicate entries I found it odd that TU didn't differentiate a $0 balance on a CO from any other closed account. Now, that being said, they did denote as a "negative" while it was still an OPEN charge-off, but once Synchrony closed it to updating, then it slipped into oblivion on TU with the other closed accounts. It is weird how TU handles those. Now, EX/EQ well ... they blatantly post it under "negative accounts" as long as it reports ... almost as quizzical as NFCU's dartboard practice of determining CLs and SLs

Re: NFCU 91/3 ... 2nd Card and CL Look-See

Anonymous — Mon, 11 Mar 2019 23:37:29 GMT

A charge off is always a negative as long as it’s reporting, it just sounds like TU’s front end isn’t pointing it out.