topic Re: NFCU NEW MEMBER QUESTION...PLEASE HELP! in Credit Cards

NFCU NEW MEMBER QUESTION...PLEASE HELP!

vegasgurl2001 — Tue, 25 Apr 2017 23:58:45 GMT

Hi everyone...at the beginning of the month I opened a nfcu checking and savings acct. And last week I surprisingly was approved for a go rewards cc with a $2100 limit! Super excited since my credit history the past few years tanked due to my health problems. I am between 550-600 range last time i checked a few months ago. My nfcu credit score was 264 ...450 being their highest score.

Here's my dilemma....i need to charge almost 2500 asap for my car repair, I really don't want to. Max out the card right away so what are my chances of getting them to increase my limit to 5000 right now? I just activated card yest. And i haven't charged anything on it yet. I make 52000/yr.

Any advice or recommendation would be greatly appreciated! Thanks Everyone!!

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

SouthJamaica — Wed, 26 Apr 2017 01:58:00 GMT

@vegasgurl2001 wrote:
Hi everyone...at the beginning of the month I opened a nfcu checking and savings acct. And last week I surprisingly was approved for a go rewards cc with a $2100 limit! Super excited since my credit history the past few years tanked due to my health problems. I am between 550-600 range last time i checked a few months ago. My nfcu credit score was 264 ...450 being their highest score.

Here's my dilemma....i need to charge almost 2500 asap for my car repair, I really don't want to. Max out the card right away so what are my chances of getting them to increase my limit to 5000 right now? I just activated card yest. And i haven't charged anything on it yet. I make 52000/yr.

Any advice or recommendation would be greatly appreciated! Thanks Everyone!!

I think you should hold off on the car repair. If you put 3 months of good history on the card you'll probably be able to get a CLI.

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

Anonymous — Wed, 26 Apr 2017 19:42:40 GMT

I just recently joined nfcu also and from my join and reading these logs I have a theory that a major portion of their internal score is utilization. If you max out that card, you will most likely destroy your relationship with them, but if you don't that 2100 can be $21k very quickly. Within a year if your moves are correct. So you have to ask yourself, would I give up $20k in CLIs to fix my car?

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

FA21 — Wed, 26 Apr 2017 19:46:58 GMT

I absolutely agree. Try to hold on a little bit and apply for a CLI in 90 days. You will be surprised! Good luck!

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

CreditInspired — Wed, 26 Apr 2017 21:26:03 GMT

Agree with everyone else. So, why don't you try applying for a CLOC. You might get a decent loan. Good luck.

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

Anonymous — Wed, 26 Apr 2017 21:33:17 GMT

My advice is to fix the car, then use the next 90 days (or less) to pay off the resulting balance. Att he end of that period you will have demonstrated both your need for a larger line AND your ability to handle the line.

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

vegasgurl2001 — Thu, 27 Apr 2017 01:14:37 GMT

How do you apply for a CLOC? is that the personal loan option i see on the phone app?

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

AverageJoesCredit — Thu, 27 Apr 2017 01:25:19 GMT

Maxing out the card for a short period of time, so long as you bring it down, should not more than likely destroy your relationship with Navy , thats a bit drastic . Im in agreement with TygerHawke in that if you decide to go this route and can try to bring this balance down as fast as you can within the next three months, you are building history and showing responsible use. This may help you when that next AR comes about and like said earlier, you may just get one of those famed Navy super increases. If not in 3 or 6 months perhaps the year.

If fixing your car means safer travel and reliable transportation to and from work, you can make good payments, then id say use the credit card as its intended for, to use Good luck and congrats on joining the Navy family

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

Anonymous — Thu, 27 Apr 2017 03:53:58 GMT

Hi vegasgurl I totally agree with CreditInspired, TygerHawke & AJC! If you decide to go for the CLOC, it is under the NFCU products & services tab click on the checking protection options it's called the checking line of credit. I hope this helps! 😊

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

creditfan — Thu, 27 Apr 2017 04:17:51 GMT

@vegasgurl2001 wrote:
Hi everyone...at the beginning of the month I opened a nfcu checking and savings acct. And last week I surprisingly was approved for a go rewards cc with a $2100 limit! Super excited since my credit history the past few years tanked due to my health problems. I am between 550-600 range last time i checked a few months ago. My nfcu credit score was 264 ...450 being their highest score.

Here's my dilemma....i need to charge almost 2500 asap for my car repair, I really don't want to. Max out the card right away so what are my chances of getting them to increase my limit to 5000 right now? I just activated card yest. And i haven't charged anything on it yet. I make 52000/yr.

Any advice or recommendation would be greatly appreciated! Thanks Everyone!!

the best way I can suggest is making a payment before you do a charge on your low limit because with a negative xx amout will help you from max out your credit line

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

CreditInspired — Thu, 27 Apr 2017 13:33:59 GMT

OP
It's not the personal loan. On desktop, because it can't be done on mobile, it's where the Optional Overdraft is. But make sure you apply for the CLOC and not the OOPS.

***Updated****

Using Desktop on the Products page, click on Checking Protection Options, scroll down a little and click on Apply for Checking Line of Credit. And like @ah20003 said, ask for maxmum amount.

Good luck.

Re: NFCU NEW MEMBER QUESTION...PLEASE HELP!

Anonymous — Thu, 27 Apr 2017 12:09:47 GMT

If you apply for the CLOC ask for a $15k line. it is the max. If not approved @ 15k they should counter with the max they will offer you. I recommend using the CLOC for the reapit. If approved, you can reqest a checkbook and write a check directly against that line of credit. Interest rate is a hihg, but better for your credit than maxing out a card.