topic Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol in Credit Card Applications

NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Thu, 13 Jan 2022 22:13:21 GMT

So I'm a dumb ape, crypto investor so I'm not all there, so I just applied for a Flagship Rewards card, just before applying for a mortgage which will be in a month of 2. Every body says don't do it, so I did it anyway and your benifit from my pain is you get some hard data and what is true, because a lot of what is said is theoretical to my ape brain. Theory being:

You want the highest score and best looking credit profile to maximiz chances and lower interest rate

New account might increase risk profile when considering possibly reasons why it was done (maybe having money issues)
Lowering your credit age which hurts your over all credit
Adding a new inquiry from hard pull hurting score

Some even say keep it clean for a YEAR before application. So why did I do such a stupid thing especially with a marginal profile:

651 FICO
6 years ago charge off, paid in full but not yet removed from report
2.5 years average account age.

Well, because I'm taking a chance on my logical assesment of full spectrum aproach to lending. I'm sure they are looking at EVERYTHING and I think the full picture puts me in the clear for the mortgage, not so much for the card. I'm skeptical that even with me showing I paid the charge off in full, that they would give me top card when BankOfAmerica won't even unsecure my card after 3 awesome years of on time payments and TD Bank after 3 years won't give me a single CLI. Stuck at $1k.

Here why I think I'll be OK:

I just got $2k to $4k CLI on Amazon
I have $9k total credit but 1% used.
I have enough income to pay a $3000-$5000 credit card balance in a month.
Vantage is 717/697
I have 5 cards so adding one more won't crush my credit age
NFCU pre approved me
NFCU is known to be more generous than for example PENFED who I'd not try this with.

Score hit will be small and I might recover most or all before closing (3-4 months)
I was approved for $1M mortgage by NFCU a year ago and my credit is MUCH better now, plus even more income
Between deposit and closing costs, it's going to be a TOUGH load to save the money I need, so if this fails and delays me, that's a bigger downpayment and therefore mortgage, so delays are good...unless interest rates go up too soon.

anyway, I sent them a bunch of docs preemptively. Paystub, account statement and charge off payment letter. Told them I plan to use their card for most of my transactions because the higher limit is a better match for my spending and also the cards I have now are a challenge to keep up with because even a small purchase on wrong card can hurt my score if done the wrong time.

So, join me on this 2-3 day rollercoaster of anxiety. lol

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

Lou-natic — Fri, 14 Jan 2022 01:34:50 GMT

If you are going through NFCU for the mortgage it probably won't be an issue. If you aren't then good luck. When I did my mortgage with NFCU they ask about the HPs they found in my file for the Capital One QS card I had apped for just like an hour before putting in my mortgage prequal information...

It was a non-issue, the UW just wanted to know if the HPs led to an account opening and I put down that it did and that was that. I didn't have to write a letter or "explain" anything, I got a form that had all the information pre-filled and I had to indicate what the HPs were for. No big deal at all.

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

AverageJoesCredit — Fri, 14 Jan 2022 01:39:31 GMT

NFCU preapprovals for credit cards are not reliable. They may approve but they can also reject. Credit card lending is not the same as house lending and results can suprise some, even those with the right income for a home. Just be cognizant of this .

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

Junejer — Sat, 15 Jan 2022 02:11:59 GMT

Mine wasn’t a home purchase but a refinance a few years ago. I opened my Southwest Priority Card and my Amex within a day of one another and refinanced about a month later. Scores were upper 600s at the time. Refinance was with Chase. I’ll be interested to read your findings.

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 15 Jan 2022 05:59:55 GMT

@Junejer wrote:
Mine wasn’t a home purchase but a refinance a few years ago. I opened my Southwest Priority Card and my Amex within a day of one another and refinanced about a month later. Scores were upper 600s at the time. Refinance was with Chase. I’ll be interested to read your findings.

Look at you, OVER 800!! What is your secret? Tell me the password!

So I lost a total of 3 points on my vantage score from the NFCU inquiry. Application is "under review" so that means I'm going to get declined of course. lol. They said maybe by Sunday. Claimed to be backed up.

If I get declined, should I apply for another card? I really need a $5000 limit card so I can relax with building credit. I have to watch these tiny limit cards like a hawk. What card would you try to get?

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

Junejer — Sat, 15 Jan 2022 17:23:19 GMT

@visualfxpro wrote:
@Junejer wrote:
Mine wasn’t a home purchase but a refinance a few years ago. I opened my Southwest Priority Card and my Amex within a day of one another and refinanced about a month later. Scores were upper 600s at the time. Refinance was with Chase. I’ll be interested to read your findings.
Look at you, OVER 800!! What is your secret? Tell me the password!

So I lost a total of 3 points on my vantage score from the NFCU inquiry. Application is "under review" so that means I'm going to get declined of course. lol. They said maybe by Sunday. Claimed to be backed up.

If I get declined, should I apply for another card? I really need a $5000 limit card so I can relax with building credit. I have to watch these tiny limit cards like a hawk. What card would you try to get?

Double secret password is to stay clean and keep utilization low. Aging of accounts does wonders.

I am by no means a credit card expert, so take my suggestion with a grain of salt. Have you checked for pre-qualified offers on FNBO? I'm not sure what their FICO cutoffs are, but I haven't read a post that suggests people don't get the CL that they are shown on the pre-qualification site.

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 15 Jan 2022 21:25:44 GMT

@Junejer wrote:
@visualfxpro wrote:
@Junejer wrote:
Mine wasn’t a home purchase but a refinance a few years ago. I opened my Southwest Priority Card and my Amex within a day of one another and refinanced about a month later. Scores were upper 600s at the time. Refinance was with Chase. I’ll be interested to read your findings.
Look at you, OVER 800!! What is your secret? Tell me the password!

So I lost a total of 3 points on my vantage score from the NFCU inquiry. Application is "under review" so that means I'm going to get declined of course. lol. They said maybe by Sunday. Claimed to be backed up.

If I get declined, should I apply for another card? I really need a $5000 limit card so I can relax with building credit. I have to watch these tiny limit cards like a hawk. What card would you try to get?
Double secret password is to stay clean and keep utilization low. Aging of accounts does wonders.

I am by no means a credit card expert, so take my suggestion with a grain of salt. Have you checked for pre-qualified offers on FNBO? I'm not sure what their FICO cutoffs are, but I haven't read a post that suggests people don't get the CL that they are shown on the pre-qualification site.

FNBO just prequalified me for a secured card. LOL

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 15 Jan 2022 21:59:15 GMT

DECLINE!

Prequalified my butt! So what should I do now? Should I apply for a lower card at NFCU? What is my best chance at getting a $5000 limit now?

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

OmarGB9 — Sun, 16 Jan 2022 01:39:43 GMT

@visualfxpro wrote:
DECLINE!

Prequalified my butt! So what should I do now? Should I apply for a lower card at NFCU? What is my best chance at getting a $5000 limit now?

You really need to do careful research before applying. There's DPs around the forum that document how NFCU's prequal is pretty much useless...

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sun, 16 Jan 2022 22:28:27 GMT

@OmarGB9 wrote:
@visualfxpro wrote:
DECLINE!

Prequalified my butt! So what should I do now? Should I apply for a lower card at NFCU? What is my best chance at getting a $5000 limit now?

You really need to do careful research before applying. There's DPs around the forum that document how NFCU's prequal is pretty much useless...

How do I find that? I was searching around and it looks like there is no corrent DP for that.

BTW, NFCU told me today that it's POSSIBLE that my account being 'dormant' with them for 2 years is the reason for decline. So they DO look at account activity...SUPPOSEDLY. So my take from this is if you guys have plans on applying for their cards and your credit is not super strong. You should start using their services. Maybe a small personal loan. Maybe just regular deposits. Whatever you do, make sure you are not a dormant account when you apply.

Note, they approved me for $1M morgage last year. I did not take it, but being dormant did not affect that.

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

ZackAttack — Wed, 19 Jan 2022 00:29:19 GMT

@visualfxpro wrote:
@OmarGB9 wrote:
@visualfxpro wrote:
DECLINE!

Prequalified my butt! So what should I do now? Should I apply for a lower card at NFCU? What is my best chance at getting a $5000 limit now?

You really need to do careful research before applying. There's DPs around the forum that document how NFCU's prequal is pretty much useless...
How do I find that? I was searching around and it looks like there is no corrent DP for that.

Use the search bar for the credit card sections as there are three.

Here is another thread that is one of many DPs

https://ficoforums.myfico.com/t5/Credit-Card-Applications/NFCU-Pre-Qualify/m-p/6359245#M295221

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 22 Jan 2022 17:50:31 GMT

What the hell is this? ROFL. The site was down last night for a while. Then today I login and I see a Flagship card on my account???? **bleep**?? I got denied and have not even gotten my denial letter in the mail yet. Is this real or are they playing with me? Also $18k?? I MEAN...it LOOKS great, but so did the Matrix world, however they were all naked and plugged into some machine in a world with no sun. Is this real life? A sick joke? What is going on?

I actually got some email notice about an imporant message from NFCU, so I logged in a few days ago to see NOTHING in my secure box. Guys, I'm lost. Clearly...I'm about to make a phone call. I feel like calling and pretending like everything is normal. I'll just say "Just wanted to see when my card will arrive", as if nothing is wrong. Feel like if I say "I was denied and now I see", she will put me on hold and then come back with "I'm sorry sir, that was an error due to an outage last night. Unfornately we have to cancel that card since you did not qualify. When you get your card, please cut it up.". LOL

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 22 Jan 2022 17:52:59 GMT

BTW, after talking to a rep who mentioned it might be because my account is dormant (had less than $20 in there. lol), I put $1000 in there. Then this happens...

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

visualfxpro — Sat, 22 Jan 2022 18:05:25 GMT

OK, so the message that they alerted me of days ago, finally shows up. This looks LEGIT guys!! HOLY SMOKES!! $18K!!

This is AMAZING!! I'm moving ALL my credit banking to NFCU! I only do $2000-$3000 in spending a month, so I can now just setup auto pays and live my life without watching my accounts like a hawk and worrying about when I can use my card, trying to avoid high utilizaion. I can now just check once a month!

Think I'll just setup an auto pay from my main account. I'll push maybe $600/mo to this card, PLUS setup a pay in full auto pay at NFCU if possible. This should be pretty safe. I'm VERY unlikely not to notice a payment failure from my main account, so at minum I would never be late. Maybe I'll even do a minum pay, auto pay at NFCU as a backup. If my $600 monthly payment fails for some reason, my auto pay will avoid a late. Minum pay will be so low, so if my account balance runs low, that should work at least.

As for the other cards. I'll put a specific small payment on there like Netflix on one card, Disney on the next. Setup a monthly pay that will equal this charge and make sure it's done early to make all these cards never report balances. Then once in a while I will use other cards, like buy dinner and pay right away, just to add some variety. Not sure how it looks to see 12 months of $30,$30,$30.....

Thoughts?

Re: NFCU application for Flagship rewards just before mortgage like an IDIOT! lol

Brian_Earl_Spilner — Sat, 22 Jan 2022 18:17:20 GMT

@visualfxpro wrote:
@OmarGB9 wrote:
@visualfxpro wrote:
DECLINE!

Prequalified my butt! So what should I do now? Should I apply for a lower card at NFCU? What is my best chance at getting a $5000 limit now?

You really need to do careful research before applying. There's DPs around the forum that document how NFCU's prequal is pretty much useless...
How do I find that? I was searching around and it looks like there is no corrent DP for that.

BTW, NFCU told me today that it's POSSIBLE that my account being 'dormant' with them for 2 years is the reason for decline. So they DO look at account activity...SUPPOSEDLY. So my take from this is if you guys have plans on applying for their cards and your credit is not super strong. You should start using their services. Maybe a small personal loan. Maybe just regular deposits. Whatever you do, make sure you are not a dormant account when you apply.

Note, they approved me for $1M morgage last year. I did not take it, but being dormant did not affect that.

They watch everything on your reports. I was denied a CLI because of activity with other lenders. Don't remember the exact circumstances, but I believe I made a thread about it a couple of years ago