topic Re: Everyone with 700+ fico score. in Credit Cards

Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 07:07:20 GMT

This is a reminder to new credit players. Go get yourself 3 good credit union credit cards with high limit, low APR, low bt, low cash advance fee.

Why?

Cause $&!t happens in life. These so-called prime banks will cut you down when your most vulnerable. Get credit when you don't need it!

With that we should list all those good credit unions.
1. Penfed
2. Golden 1 CU
3. Wescom

Re: Everyone with 700+ fico score.

creditguy — Mon, 02 Nov 2015 02:43:51 GMT

Golden 1 is great but limited geographically. With that I will add Navy Federal I know it's limited too but it's available to a good chunk of the country in one way or another. They are very generous and easy to deal with, nothing but good things to say. Ironically I never heard of them before I came to this forum.

Re: Everyone with 700+ fico score.

Gmood1 — Mon, 02 Nov 2015 02:51:28 GMT

I'm in the process of trying to bag one more Credit union CC. NASA seems like a good one so far. PenFed is my favorite.

I would love to get in with NFCU. Working on that one aa well.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 02:50:50 GMT

A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 02:52:34 GMT

I have NASA and a good local CU thats called Teachers Credit Union in Indiana. Might open another account with a local CU soon.

Re: Everyone with 700+ fico score.

Gmood1 — Mon, 02 Nov 2015 02:54:29 GMT

@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.

I tend to agree with you on certain aspects. I see most of the AA being BT's. More than excessive credit.

Re: Everyone with 700+ fico score.

CH-7-Mission-Accomplished — Mon, 02 Nov 2015 02:57:16 GMT

@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.

Totally disagree with you. What is the downside risk of having three 30K limits with 6% interest? None. You should have a well balanced portfolio of low rate no fee cards in case life happens beyond or emergency fund and then a few rewards cards.

If you want to smack people down for excess, how about a 35K Lowes limit, 30K Barney's? Those are useless high limits, but they do help people keep utilization down.

Don't assume that your plan is everyone else's plan. It's not.

Re: Everyone with 700+ fico score.

creditguy — Mon, 02 Nov 2015 02:57:34 GMT

@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.

Good Points!!! You've got to know your limitations or else the banks will certainly let you know. Nothing wrong with seeking out the best possible cards that benefit you and your profile, but to simply collect cards and limits to win an imaginary contest is ill advised.

Re: Everyone with 700+ fico score.

CreditMagic7 — Mon, 02 Nov 2015 02:58:21 GMT

@Anonymous wrote:
I have NASA and a good local CU thats called Teachers Credit Union in Indiana. Might open another account with a local CU soon.

I have NASA plus another good local CU my auto finance is with. Heritage Federal CU in Evansville Indiana.

Looking to add another one for good measure soon. Possibly Alliant or something similar.

Re: Everyone with 700+ fico score.

happypill — Mon, 02 Nov 2015 03:14:05 GMT

I'm a big fan of CU credit cards and especially love ones with generous rewards that are kind of unique. SSFCU, Golden1, Penfed & others all have such cards.

I do not agree that CU credit cards (or any credit cards) are a good strategy for when a rainy day hits. Set aside savings to deal with unforseen challenges. Use credit for flexibility and to earn rewards. No part of your financial strategy should involve running up CC debt, in good times or bad.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 04:36:25 GMT

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.
Totally disagree with you. What is the downside risk of having three 30K limits with 6% interest? None. You should have a well balanced portfolio of low rate no fee cards in case life happens beyond or emergency fund and then a few rewards cards.

If you want to smack people down for excess, how about a 35K Lowes limit, 30K Barney's? Those are useless high limits, but they do help people keep utilization down.

Don't assume that your plan is everyone else's plan. It's not.

The downside is that high CLs on cards with mediocre rewards can crowd out (or trigger AA) on some awesome rewards cards if issuers think a person has too much credit available relative to income or assets.

Credit unions may be less likely to take adverse action, but it still happens. I could argue that there's not much upside to having three 30K cards, since you could wake up tomorrow and see three CLD or APR increase notices in your inbox. Issuer policies and risk criteria can change quickly. There's liquid, accessible savings - and then there's everything else.

For people who don't have enough in liquid savings...if you lose your job or have some other emergency, don't go into tens of thousands of dollars of debt. Have a plan to swallow your pride and cut expenses, take on a tenant or move in with a relative, etc...

And I certainly agree high CL store cards are useless in most cases.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 04:53:45 GMT

I have a question about penfed, right now I'm not looking to get a credit card with them but eventually I would like to. I have 5-6 inquries on my report and some people have been saying they don't like inquiries. Does that apply only to credit cards or does that also apply to their membership credit check? Also what bureau do they normally pull from? Hopefully someone doesn't mind answering, thanks.

Re: Everyone with 700+ fico score.

creditguy — Mon, 02 Nov 2015 05:07:05 GMT

@Anonymous wrote:
I have a question about penfed, right now I'm not looking to get a credit card with them but eventually I would like to. I have 5-6 inquries on my report and some people have been saying they don't like inquiries. Does that apply only to credit cards or does that also apply to their membership credit check? Also what bureau do they normally pull from? Hopefully someone doesn't mind answering, thanks.

It's a HP for membership and its Equifax, at least it was when I joined. I have read that the HP for membership is good for up to 30 days if you join and decide to apply for a credit product. They are very conservative and picky and yeah inquiries are a big deal to them, 5-6 inquiries however doesn't seem like a lot but then again I'm not a pen fed UW. Your scores and a clean report will be the biggest factors at the end of the day.

Re: Everyone with 700+ fico score.

12njoy — Mon, 02 Nov 2015 05:09:44 GMT

As OP stated s%$t happens. My firm belief is that you must diversify. If you put all your eggs in one basket, your bound to get burned sooner or later. Now some say AA comes with excessive credit, I don't believe that. It takes a combination of factors for AA. It is definitely not excessive credit when you don't need it. Now if you have excessive credit and balances start to rise and you're only making minimum payments then yes you deserve AA (not directing that to you OP).

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 06:01:10 GMT

@creditguy wrote:
Golden 1 is great but limited geographically. With that I will add Navy Federal I know it's limited too but it's available to a good chunk of the country in one way or another. They are very generous and easy to deal with, nothing but good things to say. Ironically I never heard of them before I came to this forum.

Me either. Along with PenFed & Nasa, NFCU is on my list for ~~2016~~.

Edited to add: Maybe 2017

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 05:38:56 GMT

@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.
Totally disagree with you. What is the downside risk of having three 30K limits with 6% interest? None. You should have a well balanced portfolio of low rate no fee cards in case life happens beyond or emergency fund and then a few rewards cards.

If you want to smack people down for excess, how about a 35K Lowes limit, 30K Barney's? Those are useless high limits, but they do help people keep utilization down.

Don't assume that your plan is everyone else's plan. It's not.

Exactly.

What I like about this forum: the sharing of credit do's & don't aka the 'hustle'.

What I don't like: being told what type credit and amount I should have and to save. We all know about that rainly day but there are people who are not able, for whatever reason, to save. I don't judge that.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 05:40:17 GMT

@Anonymous wrote:
A lot of AA happens on here because community members often seek credit in excess. They get much more than they actually need, scare a few lenders into AA, and then spread horror stories. The truth is AA is pretty rare for normal people who don't use credit limits to keep score.

Wanting three of the cards you describe strikes me as an example of such excess.

High CLs, low APRs, BT fees, Cash advance fees...they only matter if you don't have an emergency fund. A credit union CC is not a substitute for an emergency fund.

Agreed. Well said.

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 05:47:03 GMT

@creditguy wrote:
@Anonymous wrote:
I have a question about penfed, right now I'm not looking to get a credit card with them but eventually I would like to. I have 5-6 inquries on my report and some people have been saying they don't like inquiries. Does that apply only to credit cards or does that also apply to their membership credit check? Also what bureau do they normally pull from? Hopefully someone doesn't mind answering, thanks.
It's a HP for membership and its Equifax, at least it was when I joined. I have read that the HP for membership is good for up to 30 days if you join and decide to apply for a credit product. They are very conservative and picky and yeah inquiries are a big deal to them, 5-6 inquiries however doesn't seem like a lot but then again I'm not a pen fed UW. Your scores and a clean report will be the biggest factors at the end of the day.

Well, I applied and they approved my membership. Then figured I would apply for the promise card and was approved for 5k and 9.99%. Lower than expected but recent Venture/NFCU cards may have something to do with it. Oh well, I'm sure it will grow and hopefully eventually they will lower the apr too!

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 05:47:35 GMT

One cannot afford to not have a savings fund readily available...

Re: Everyone with 700+ fico score.

Anonymous — Mon, 02 Nov 2015 05:53:39 GMT

@happypill wrote:
I'm a big fan of CU credit cards and especially love ones with generous rewards that are kind of unique. SSFCU, Golden1, Penfed & others all have such cards.

I do not agree that CU credit cards (or any credit cards) are a good strategy for when a rainy day hits. Set aside savings to deal with unforseen challenges. Use credit for flexibility and to earn rewards. No part of your financial strategy should involve running up CC debt, in good times or bad.

Well said happypill.