topic Re: Another NFCU Question... in Credit Cards

Another NFCU Question...

UncleB — Thu, 12 Nov 2015 08:41:12 GMT

I finally got my USAF brother to join NFCU a few weeks ago, so I should be good to go for joining myself when the time is right. Like most folks on here, my primary reason for joining is to get one of their credit cards.

I know when I apply for membership there will be a TU inquiry, and that there is an additional inquiry on EX if/when I apply for a credit product. I am tentatively planning on apping for their 'Platinum MasterCard' next fall once my last baddie drops off. Would I be better off to get my membership now (so the TU inquiry can start aging) or would it be better if I waited until I was ready to app for the credit card, i.e. get my membership and credit card at the same time?

I currently have three inquiries on each bureau, so the additional inquiry on TU to get the membership won't hurt too much (I don't think). Other than NFCU and possibly the Amazon Store card, there's nothing currently new on my radar at this time. Credit-wise, it's been a good year!

Also, the NFCU website states that the 'Platinum' MasterCard (and I think they recently added Visa) is the lowest APR card they offer. For the folks who have both the Platinum and one of the rewards cards, how much lower is the APR of the Platinum? If we're just talking 1% I would likely just get the rewards card, but if the difference is significant I would prefer a lower APR.

Their CashRewards and GoRewards cards both look really good, but with my Quicksilver and Sam's Club MasterCard I pretty much have those categories covered. What I'm currently lacking is a low APR card for those times when carrying a balance is preferable. I could likely get approved now, but I believe they would likely assign me a better APR without that last charge-off... and getting a low APR is the entire reason for the app.

Thanks in advance!

Re: Another NFCU Question...

Rebuilding69 — Thu, 12 Nov 2015 10:58:34 GMT

I dont see your current inquiries mattering to NFCU unless it somehow affects your score to the point they care, ut the chances of that happening...

They are HP happy, especially with EQ for me. My EQ HP's are literally 3x more than the other bureaus thanks to NFCU, and they haven't stopped giving me CLI's(haven't apped for a new product in 1.5 years with them). Got 3 CLI's in the last 1.5 months for them(1 huge CLOC CLI & 2 CLI's on my CC).

Re: Another NFCU Question...

JagerBombs89 — Thu, 12 Nov 2015 11:05:53 GMT

@UncleB wrote:
I finally got my USAF brother to join NFCU a few weeks ago, so I should be good to go for joining myself when the time is right. Like most folks on here, my primary reason for joining is to get one of their credit cards.

I know when I apply for membership there will be a TU inquiry, and that there is an additional inquiry on EX if/when I apply for a credit product. I am tentatively planning on apping for their 'Platinum MasterCard' next fall once my last baddie drops off. Would I be better off to get my membership now (so the TU inquiry can start aging) or would it be better if I waited until I was ready to app for the credit card, i.e. get my membership and credit card at the same time?

I currently have three inquiries on each bureau, so the additional inquiry on TU to get the membership won't hurt too much (I don't think). Other than NFCU and possibly the Amazon Store card, there's nothing currently new on my radar at this time. Credit-wise, it's been a good year!

Also, the NFCU website states that the 'Platinum' MasterCard (and I think they recently added Visa) is the lowest APR card they offer. For the folks who have both the Platinum and one of the rewards cards, how much lower is the APR of the Platinum? If we're just talking 1% I would likely just get the rewards card, but if the difference is significant I would prefer a lower APR.

Their CashRewards and GoRewards cards both look really good, but with my Quicksilver and Sam's Club MasterCard I pretty much have those categories covered. What I'm currently lacking is a low APR card for those times when carrying a balance is preferable. I could likely get approved now, but I believe they would likely assign me a better APR without that last charge-off... and getting a low APR is the entire reason for the app.

Thanks in advance!

NFCU pulled TU for both my membership and for the CC application. Of course, I did not apply for both at the same time and this was a few years ago, so YMMV. As far as APR goes, NFCU website lists the platinum at 7.99% (lowest) while the cash rewards at 9.65% (lowest). When I app'd for the CashRewards, my FICO was 755 and I got 10.65% APR.

Re: Another NFCU Question...

Anonymous — Thu, 12 Nov 2015 11:38:14 GMT

They recently pulled TU for the membership and then 2x EQ for the cc and car refi as they are all separate depts. On EQ they used my mortgage score, which just happened to be my absolute lowest of all 16 or so versions lol. I got a cash rewards and a flagship, both 15.49% apr due to my scores. I did not app for the plat though. But my mortgage score was 598 on the letter they sent me. Blah.

Re: Another NFCU Question...

baller4life — Thu, 12 Nov 2015 12:42:11 GMT

It really doesn't matter either way. You could get the Platinum now and request an apr reduction once your Co falls off. You can request those once a year. They pulled TU for membership and cards because my EQ stays frozen. I have 15.65% on Cash rewards and 10.99% on Platinum. I had a couple baddies still when I joined. Once my EQ is clean since that's who they pull for AR then I will request reductions.

Re: Another NFCU Question...

UncleB — Thu, 12 Nov 2015 13:09:31 GMT

@baller4life wrote:
It really doesn't matter either way. You could get the Platinum now and request an apr reduction once your Co falls off. You can request those once a year. They pulled TU for membership and cards because my EQ stays frozen. I have 15.65% on Cash rewards and 10.99% on Platinum. I had a couple baddies still when I joined. Once my EQ is clean since that's who they pull for AR then I will request reductions.

They do APR reductions after the account is established? If so that's excellent to know!

That's quite a spread in rates between the Platinum and the CashRewards, so it appears that (for me) it's definitely worth foregoing the rewards to get the lower APR.

From what I understand it apparently doesn't matter about the membership and credit app being close together... so I could join now then app later on for the card. Even though I'm not planning on any other accounts, since I know the TU pull is 'inevitible' to establish membership I might as well get it over with now so it can be aging.

Now I just need to make myself a note to give my brother a call to get his membership number... I'm assuming it'll be required when I apply for my own online (?).

Re: Another NFCU Question...

baller4life — Thu, 12 Nov 2015 13:37:26 GMT

Yes you will definitely need his member number to join online. They ask for your sponsor's #. You can certainly join then app later on or whenever you want. Glad to see you taking the plunge. Navy Fed is the best!

Re: Another NFCU Question...

Anonymous — Thu, 12 Nov 2015 14:22:07 GMT

they do annual APR reductions. each birthday of your card call and ask.

Re: Another NFCU Question...

takeshi74 — Thu, 12 Nov 2015 16:34:58 GMT

@UncleB wrote:
I'm currently lacking is a low APR card for those times when carrying a balance is preferable.

If you find yourself routinely carrying balances then you'll want to look into why that's the case and address that issue. I know it's easier to say than do but credit is not a substitute for a liquid reserve.

Re: Another NFCU Question...

Creditaddict — Thu, 12 Nov 2015 17:12:29 GMT

Navy pulls EQ or TU not EX.

It is usually just a difference of 1% or so on rewards vs platinum.

You can product change between Navy cards whenever you want though so unless your intention is just to use the card for BT, I would get a rewards card like the GoRewards now that they made Restaurants 3%!

You can ask for an APR reduction 1 per year. or product change and sometimes that comes with a lower apr automatically!

Apply for the checking loc for $15k right after you apply for the credit card also!

Re: Another NFCU Question...

UncleB — Thu, 12 Nov 2015 20:07:15 GMT

@takeshi74 wrote:
@UncleB wrote:
I'm currently lacking is a low APR card for those times when carrying a balance is preferable.
If you find yourself routinely carrying balances then you'll want to look into why that's the case and address that issue. I know it's easier to say than do but credit is not a substitute for a liquid reserve.

Uh, I'm not sure how to reply to that.

This thread is regarding NFCU credit card interest rates and appying for membership alone vs. applying for membership and a card simultaneously.

Perhaps you posted to the wrong thread?

Re: Another NFCU Question...

UncleB — Thu, 12 Nov 2015 20:15:50 GMT

@Creditaddict wrote:
Navy pulls EQ or TU not EX.
It is usually just a difference of 1% or so on rewards vs platinum.
You can product change between Navy cards whenever you want though so unless your intention is just to use the card for BT, I would get a rewards card like the GoRewards now that they made Restaurants 3%!
You can ask for an APR reduction 1 per year. or product change and sometimes that comes with a lower apr automatically!
Apply for the checking loc for $15k right after you apply for the credit card also!

If the APR difference is truly only 1%, you're right... I would be better off just going with a rewards card. However Baller gives her APR on each, and there's quite a bit of difference, at least for her (4.66%). Obviously my profile will be different from hers, and my rates different, but if there's even a chance of 4%+ difference between Platinum and rewards that's going to weigh heavy on my decision.

That being said, it's cool to know that you can easily do a PC with them, and that the APR can be adjusted for the PC. This is very different from what I'm used to with Capital One (where the APR never changes) and even USAA (where you can't PC anything, at least easily).

The 3% on restaurants is impressive, but I've got that with Sam's Club MasterCard already. Most likely the card would be primarily for BTs, since I can make the purchase with a rewards card and if needed, BT to a NFCU card for the lower APR.

Thanks for mentioning that they don't bother with EX. I was aware of TU for the membership and EQ for a credit product, but I was unsure if EX was ever used. It's good to know that one won't be 'bothered'. LOL

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 02:38:23 GMT

I joined by calling. Mother, and my Father as backup, are retired USAF. Neither have a NFCU account. Shoot, woulda used my Retired USAF Step Father as well.

TU for membership, EQ for cards. I did get a lower APR for cash than GoRewards but EQ at 648 got me 14%. 60 day late, 1 collection. Just past 1 yr old. 11 yrs, 1.9 AAOA.

i DO have direct deposit set up with them. I like to think that helped.

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 02:51:55 GMT

idk but you have good APR based on scores. no offense. idk how they do their tiers

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 02:53:34 GMT

as a data point when i got the flagship rewards last week they had my EQ at 681 and i got 15.49% APR

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 03:18:02 GMT

Terror brah, NFCU is my homie. We tight. *pounds chest*

Naw, I have 80% of my banking with them right now. Probably why.

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 03:24:26 GMT

idk if that matters or not. if so then i will do more but i have direct deposit, had 2 autos with them, 2 credit cards totaling $18k and a LOC for $15k

Re: Another NFCU Question...

UncleB — Fri, 13 Nov 2015 03:32:36 GMT

You guys are awesome... just the data points I was going for!

My scores are just over 700 (around 703-708). I took a 'hit' back in August with the new accounts (Discover, Sam's, Care Credit) but my scores are almost back to where they were before I apped. I had one 'baddie' drop off just last week, and one still remaining (CO from six years ago). I haven't checked my scores since the baddie dropped off... it probably helped a little, but since it was so old the improvement probably won't be significant.

I'm about to call my brother to see if he can read off his member number; if he's not available I'll try again over the weekend. I've decided that regardless of what I do with the card, I might as well get the membership inquiry knocked out so it can be aging. I've been using a Serve card to store my credit card rewards (around $600) and I can move that to my new share/savings account with NFCU (I already have two checkings, don't really need another).

As soon as I'm able to move forward I'll let you guys know. I'm hoping the membership process will be 'uneventful', since my brother is active duty right now, and he's already been talking to them about refinancing his vehicle (in other words, I'm fairly sure they've verified him by now). I think he's been by a local branch as well... hopefully that is also an indicator that it will be 'smooth sailing' for me.

Re: Another NFCU Question...

Anonymous — Fri, 13 Nov 2015 03:38:31 GMT

just another data point (idk if it's because i gained membership in 2013) but my account approval was instantaneous and my vehicle loan was approved the following morning and i picked the check up that day and bought my vehicle. at that point only 1 HP was done but i don't think that's the case anymore.

Re: Another NFCU Question...

bigpoppa09 — Fri, 13 Nov 2015 03:51:15 GMT

as some one stated they keep EQ frozen so navy pulled TU for a CC is this true will they pull TU if EQ frozen or tell u need to thaw EQ?