topic Re: is this a good sign or not? in Credit Cards

is this a good sign or not? re: NFCU (update posted)

mt2va — Mon, 04 May 2009 18:49:52 GMT

I mostly have my EQ CR all cleaned up. I app for NFCU last week & it is still showing pending. Any change it may be approved since its been under review for a week? Wouldn't they have just denied me already if they were going to? I'm not sure what my EQ score is currently but when I checked a couple weeks ago it was just under 600. My collections & judgements are gone from my EQ report. I have a couple old, small charge offs I'm working on. (these are 5 years old so probably aren't effecting my score much but may effect my getting approved if they are manually reviewing my entire report) The only positive TL I have are my student loans (Sallie Mae....only one 90 day late in 7 years of payments & that was 3 years ago) & my past auto loan with another CU never late in 5 years & paid off over a year ago & current auto loan never late. I know that unless I can get some type of CC I will never see much of a budge on my score.

Sorry for the long speach but thought maybe someone would have some thoughts as to whether it was a good sign or not that they were still reviewing. I do want to add that I opened a savings account with NFCU several months ago & make contributions every 2 weeks when I get paid into this account. I'm hoping to re-fi my car loan with them too as that would save me almost $100/mos but wasn't sure if I should try the CC 1st or the car loan & just picked the CC.

Message Edited by mt2va on 05-04-2009 11:49 AM

Re: is this a good sign or not?

moondog7324 — Mon, 27 Apr 2009 21:33:28 GMT

NFCU takes a long time to review apps. I had the same issue, they may call and request employment and salary verification. I got denied for the card, but had enough to get a secured card with them. I later got my auto loan re-financed and a $5000 LOC. Do you have enough saved to get a secured card? I think the minimum is 500. I secured 1000- so I could show a 4 digit card on my report. They hold the funds for a year- mine goes unsecured on May1st. I think I'll request a CLI at that time.

Re: is this a good sign or not?

mt2va — Tue, 28 Apr 2009 00:24:47 GMT

I don't have enough for a secured card just yet but will within a couple weeks. I did indicate on the app I would like to be considered for that if turned down for the card. I also emailed the auto loan folks I had been speaking with to see if they could review the same credit app (so I wouldn't have another hard hit) to see if I could re-fi my car.

Re: is this a good sign or not?

Anonymous — Tue, 28 Apr 2009 06:00:18 GMT

You sould call them becasue they wont always call you to inform you what is needed.

Last week I applied and had to call them to find out they just wanted 2 Recent Pay stubs that showed year to date income.

Call them and let us know

Re: is this a good sign or not?

mt2va — Tue, 28 Apr 2009 16:41:44 GMT

I may give it a couple more days before I call. Do I just call a main number or what do I need to give them reference the CC app? The paycheck stubs might be a problem as everything where I work is done electronically.

Message Edited by mt2va on 04-28-2009 09:41 AM

Re: is this a good sign or not?

moondog7324 — Tue, 28 Apr 2009 21:12:58 GMT

You may also log online to your account- I found my approval there first, before I got a call from Cust Serv. Another thing with NFCU when they say 24 hours- they mean 24 working hours (3 days) not 24 consecutive hours. If you don't have pay stubs- how about copy of Tax return, if they ask.

Re: is this a good sign or not?

mt2va — Wed, 29 Apr 2009 19:25:26 GMT

It says 3-5 business days when I check my account for the review. Today is the 6th full business day (not counting the day I actually completed the application) I guess I will give them a little longer. I'm hoping this means something good. I'm impatient. I should have really waited another month because next month I will have a good chunk of money to deposit in my savings account with them & I'm sure that would possibly have helped me out some but we'll see & I'll let you know what happens.

Re: is this a good sign or not?

mt2va — Sat, 02 May 2009 17:23:11 GMT

Someone called from NFCU today to verify my employment & address information. Seemed a bit odd as that was all completed on the original app. She said I would hear in 7-10 days. Yeah I'm familiar with those 7-10 day letters meaning I get something saying to contact EQ if I want a copy of my CR LOL

I also in the mail yesterday received a pre-approval (at least I think it is as it has an acceptance # on the letter) for a different CC from NFCU than the one I app for. Its been so long since I've gotten any type of CC info in the mail like this I'm not sure what to make of it. I tried going to the website they have listed but the page won't load.

Re: is this a good sign or not?

Anonymous — Sat, 02 May 2009 17:35:22 GMT

@mt2va wrote:
Someone called from NFCU today to verify my employment & address information. Seemed a bit odd as that was all completed on the original app. She said I would hear in 7-10 days. Yeah I'm familiar with those 7-10 day letters meaning I get something saying to contact EQ if I want a copy of my CR LOL

I also in the mail yesterday received a pre-approval (at least I think it is as it has an acceptance # on the letter) for a different CC from NFCU than the one I app for. Its been so long since I've gotten any type of CC info in the mail like this I'm not sure what to make of it. I tried going to the website they have listed but the page won't load.

NFCU does not spend time and money calling to fact check someone they are going to "deny" anyway.

They do call people of questionable credit scores and history to touch base with them, see if there are any differences between what they submitted online and what they say in person.

Your responses were noted and will be given to the people reviewing your application.

Can you still be denied? Possibly, but you have abetter chance of being approved.

Will you be approved? Probably they didn't think you were a complete no go as they called you.

Could they extend a reduced/altered offer? Probably. Instead of a 1000 limit maybe a smaller limit.

Re: is this a good sign or not?

mt2va — Mon, 04 May 2009 18:55:57 GMT

OMG I am in complete shock. I just logged on my NFCU account to check the status & it says approved. My credit limit is $1,200 & I think the interest rate is 11.9%. It says I will receive the card in 7-10 days.

You have to understand my complete amazement as my credit has been really really bad for a long time now & the last card I was approved for was with a sub-prime lender sometime in 2004.

I haven't checked my score since last month but my EQ FICO at that time was 566.

I had no idea which card to apply for so I got the cash Rewards card. The flyer they sent me in the mail was for the go Rewards card. Its been so long since I've actually been card shopping at all.

Now the big question is how long should I wait to see if they will re-fi my car loan??

Re: is this a good sign or not?

Anonymous — Mon, 04 May 2009 19:11:04 GMT

Congrats!

Well, you have been approved and have the card, so you might want to just go ahead and ask about the refi right away. Unless you have something extrodinary gonna happen to improve your credit short term, the worst case is that they say "no" which really will mean "not yet" since they did give you the card and you are now building a history and relationship with them.

Good luck!

Re: is this a good sign or not?

happy0510 — Mon, 04 May 2009 19:13:17 GMT

Congrats!! I've been waiting for awhile for Cap1 to give me an answer. It's he** isn't it?? Good for you!!

Re: is this a good sign or not?

myfairlady — Mon, 04 May 2009 23:27:49 GMT

I applied for a Navcheck LOC with NFCU on 4/29 they called to verify employement today and I was approved for the amount I requested. I also applied for a CC with them on the same date and have not had any response. I asked the rep why they pulled 2 diff credit reports when I applied the same day. The rep stated I applied at separate times and they will pull 1 cr if I call over the phone to apply for credit. I am now going to apply for a refinance auto loan once they approve my credit card request. I transfer money each payday into my checking/savings account with them on a bi-weekly basis.

EQ: 642

EX: 623

TU: 651

Re: is this a good sign or not?

mt2va — Mon, 04 May 2009 23:53:58 GMT

I wasn't sure if I should try the CC 1st or the auto re-fi so I tried the CC. Shocked the heck out of me that I was approved. I've only had a savings account with them for a couple months. I've been putting money in there every pay day so far & in fact will be putting a significant amount in the end of the month so I was almost thinking I should have waited until then. I did ask about the auto re-fi & was told the same thing they had to pull another CR.

Seems kind of silly though since they already have my CR. I'm going to wait another couple months even though my current interest rate is killing me. This will give me a chance to charge a few things to the CC & pay it off so they can see I'm responsible about paying it & I'll have a few more payments on my auto showing up on my CR.

No what shocked me is that I got approved with a FICO of 566! Most folks have much better scores and/or higher incomes.

Re: is this a good sign or not?

mt2va — Tue, 05 May 2009 12:38:24 GMT

Does anyone with NFCU know if my CC account will show up online with my savings account or is managed from a different login area?