topic NFCU approved $25,000 CL in Credit Cards

NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 15:06:48 GMT

NFCU approved me this morning for $25,000 cash rewards Visa and are my new favorite CU.

My Story: I had originally app'ed PenFed for a $25k Visa and they countered $10k. NFCU was my last app (in a somewhat long line). I determined I am revamping my line up of cards and credit and also the banks I use. I determined I was more interested in the apparent stability of the CU's and so made them my focus.

I previous app'ed (prior to NFCU):

Pertuity Direct Personal Loan

Alliant CU Plat Visa ($10k)

PenFed CU Reward Visa ($10k)

CapOne MC Reward Ultra ($3k)

Discover Escape (PC'd to More) ($2k)

Juniper Business Card (no personal report, just inquiry) ($15k)

All but Pertuity and Juniper were reporting as new accounts on my CR at the time I made my NFCU app. So my EQ FICO had fallen from 810 to 780 with 3 inquiries and 4 new accounts (all in previous 4 weeks).

I made a last app decision to go with NFCU because I really wanted to break the $10k CL ceiling that I have been stuck with on personal credit. Business credit I have higher at $35k.

I app'ed NFCU for the cash reward Visa last Friday (online). They called me Tuesday morning and asked for last 2 paystubs. I faxed paystubs within an hour. This morning I saw my online status was APPROVED, but no other info. So I called in and asked, was approved for $25,000.

Now I am happy and done with apps for at least 2 years. I am confident that I can grow the CL's and relationships on these accounts and don't really have any desire. I just wanted at least one card to break $20k.

I'll let you all know what the final fallout on my FICO is once everything is reporting, including NFCU. I expect I'll be in the 750 range from what I am seeing right now.

Message Edited by txjohn on 05-07-2009 08:06 AM

Re: NFCU came through with $25,000 CL cashRewards Visa

score_building — Thu, 07 May 2009 14:48:00 GMT

congrats on the the great starting CL! once again navy lives up to its reputation of granting higher limits than other issuers.

i noticed that my AAoA has dropped to exactly five years on EQ with my recent CU apps. i still have two more that are not reporting yet so i think i tanked my AAoA slightly more than i realized (i was trying not to drop below 5 years) in any case, i too am quite pleased so far with my shift to CUs. i rest a bit easier too!

Re: NFCU approved $25,000 CL

FICOADDICTED — Thu, 07 May 2009 15:22:36 GMT

Congrats txjohn!!!!! Very nice CL...

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 15:56:57 GMT

Thanks. This was the number I was shooting for, but was a little doubtful since they were so far down the app list.

Makes you wonder: If I had app'ed them earlier, would the results have been the same, more, or possibly less? Why less, less larger CL's. More, less new accounts? Same, they didn't mind the new accounts?

Things that make you go, hmmmmm

Re: NFCU approved $25,000 CL

FocusOnFICO — Thu, 07 May 2009 16:00:15 GMT

txjohn---congratulations on both the credit line with Navy Fed Cred Union and also the way that you have restructured your credit portfolio.

Question---how did you join the NFCU. I think that they have a one-time $300 fee for non-qualifiers for joining from the other categories?

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 16:16:05 GMT

They don't have any backdoor method to qualify that I am aware of for any price.

Originally several CSR's told me that my Army veteran status would qualify, but after joining (telephone sign up) I found from the paper work they sent to me in the mail that unless your veteran status is paid retired or annuitized in some manner, it doesn't qualify.

So, I have active duty father-in-law who joined so that my wife could join so that I did truly qualify.

There are no organizations you can "join" in order to qualify for fee or otherwise that I am aware of. For that you go to PenFed, Alliant, etc.

Message Edited by txjohn on 05-07-2009 09:16 AM

Re: NFCU approved $25,000 CL

FocusOnFICO — Thu, 07 May 2009 16:21:09 GMT

Thank you for the information. Your idea about gravitating towards the more stable credit unions and other institutions is a good idea. I have been extremely pleased with my credit union (Matadors) and my relationship with Simmons First--both were very cooperative when I wanted to double my limits earlier this year and move my MC from Simmons to the Plat Visa. I also was approved for the Plat Visa from First Command this last Monday and speaking to them was very much like speaking to Simmons---a small, stable bank with good business sense and values.

I've learned a lot from your posts and appreciate your input.

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 16:23:11 GMT

I stand upon the shoulders of those who went before me.

Re: NFCU approved $25,000 CL

moondog7324 — Thu, 07 May 2009 16:24:44 GMT

Congrats on the 25 Gs. I'm kinda bummed on NFCU right now. I have a 1000 secured nrewards card that hit the 1 year mark on May 1. I called to request in be unsecured and at the same time to bump my credit limit to 5gs. Not only did they deny my CLI, they are still holding my secured funds. I'm waiting to get my denial letter (I found out through phone) so I can write the lending committe for recionsideration. I've used that card alot over the year- built up 6,000+ points and have always paid in full, they also have my car loan that I pay make biweekly payments and a NAVCHECK line of credit for 5Gs that I have never used. The only thing I think might have hurt me is that I opend a Chase card in December and another Chase card in January. I should have waited til they each hit 6 months.

Message Edited by moondog7324 on 05-07-2009 09:24 AM

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 16:28:56 GMT

The NavCheck 5k is not too shabby. Hold off on other apps and let the accounts age.

ALSO: If you want them to love you more, put your paycheck on direct deposit to them. I can't say keep tons of cash in savings with them because the returns are not so good. But, for the day to day checking and cash use, maybe that would help.

Make an occasional use of the NavCheck maybe? I don't know much about that LOC. When I called them to ask about my Visa they solicited me to apply for an auto loan. I said, "don't need one." So then they brought up NavCheck. I asked, "what is it for" and they told me overdraft protection. I laughed and said "I don't overdraw my checking accounts." He then said, "you can access it as a normal LOC" So I said, "okay, go for it." Not sure about what will happen there, and not too concerned either. I'm not apping anything new for a long while. If they give that to me, I'm not sure what I would use it for anyway. Can I pay at the pump with it

Re: NFCU approved $25,000 CL

Itsmeagain — Thu, 07 May 2009 17:42:02 GMT

Possible to use at the pump. . . . to fill up your 727 with . . . . . ready for this?? . . . . . . . NavGas . . . .

Re: NFCU approved $25,000 CL

Trishco — Thu, 07 May 2009 17:56:43 GMT

@Itsmeagain wrote:
Possible to use at the pump. . . . to fill up your 727 with . . . . . ready for this?? . . . . . . . NavGas . . . .

TOO FUNNY!!! Love your humor!

txjohn, I'd like to extend the same offer to you that I have previously offered our dear hauling....any of those offers that you would like for me to take off your hands, just let me know! Be happy to oblige!

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 20:23:26 GMT

@Trishco wrote:

TOO FUNNY!!! Love your humor!

txjohn, I'd like to extend the same offer to you that I have previously offered our dear hauling....any of those offers that you would like for me to take off your hands, just let me know! Be happy to oblige!

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 20:59:53 GMT

@Anonymous wrote:
NFCU approved me this morning for $25,000 cash rewards Visa and are my new favorite CU.
WOW txjon super congrats to ya.....

Re: NFCU approved $25,000 CL

Anonymous — Thu, 07 May 2009 21:36:20 GMT

@Itsmeagain wrote:
Possible to use at the pump. . . . to fill up your 727 with . . . . . ready for this?? . . . . . . . NavGas . . . .

Heck, doesn't take a 727 to need a HELOC for fill up....I have the Ford Excursion Turbo Diesel with 44 gallon tank. When diesel was around $5 per gallon it was $220 fill up! It would take 2 to 3 pay at pump transactions sometimes to fill up if empty because a few of my cards (debit especially) had a max transaction at some stations. Some stations limited $50 per others $75 to 100.

Message Edited by txjohn on 05-07-2009 02:36 PM

Re: NFCU came through with $25,000 CL cashRewards Visa

Anonymous — Thu, 07 May 2009 21:58:15 GMT

@score_building wrote:
congrats on the the great starting CL! once again navy lives up to its reputation of granting higher limits than other issuers.

i noticed that my AAoA has dropped to exactly five years on EQ with my recent CU apps. i still have two more that are not reporting yet so i think i tanked my AAoA slightly more than i realized (i was trying not to drop below 5 years) in any case, i too am quite pleased so far with my shift to CUs. i rest a bit easier too!

woohoo, congrats on the NFCU line!

score_building, you wrote that you are trying not to have your AAoA go below 5 yrs. Is that a good benchmark?

I'm pretty to new to this all. I understand that AAoA accounts for 15% of my score but I don't want to be afraid to open any new TLs for fear of lowering my AAoA.

It would help if I knew what age I should try to stay above. My current AAoA is 14yrs 7 months and I am about to open 3 new TLs. I think I can calculate what the age will be when I am done but what I don't know is what that MEANS to my score. There must be some point of diminishing return - eg, don't sweat it as long as your AAoA is over ? years.

Also, ages aren't rounded up, are they? I thought I read that 4yrs 11 months does not mean 5 yrs.

Re: NFCU came through with $25,000 CL cashRewards Visa

Anonymous — Thu, 07 May 2009 22:59:19 GMT

@Anonymous wrote:
woohoo, congrats on the NFCU line!

score_building, you wrote that you are trying not to have your AAoA go below 5 yrs. Is that a good benchmark?
I'm pretty to new to this all. I understand that AAoA accounts for 15% of my score but I don't want to be afraid to open any new TLs for fear of lowering my AAoA.

It would help if I knew what age I should try to stay above. My current AAoA is 14yrs 7 months and I am about to open 3 new TLs. I think I can calculate what the age will be when I am done but what I don't know is what that MEANS to my score. There must be some point of diminishing return - eg, don't sweat it as long as your AAoA is over ? years.

Also, ages aren't rounded up, are they? I thought I read that 4yrs 11 months does not mean 5 yrs.

If your AAoA is 6 to 12 years, you are in the "FICO High Achiever" range.

Re: NFCU approved $25,000 CL

haulingthescoreup — Thu, 07 May 2009 23:08:39 GMT

FocusOnFICO wrote:

Thank you for the information. Your idea about gravitating towards the more stable credit unions and other institutions is a good idea. I have been extremely pleased with my credit union (Matadors) and my relationship with Simmons First--both were very cooperative when I wanted to double my limits earlier this year and move my MC from Simmons to the Plat Visa. I also was approved for the Plat Visa from First Command this last Monday and speaking to them was very much like speaking to Simmons---a small, stable bank with good business sense and values.

I've learned a lot from your posts and appreciate your input.

I'm so sorry, but I simply must ask --there's a credit union for bullfighters???

Our local ones were originally for nuclear bomb builders, and I thought that was strange...

Re: NFCU came through with $25,000 CL cashRewards Visa

smallfry — Thu, 07 May 2009 23:17:22 GMT

@Anonymous wrote:
@score_building wrote:
congrats on the the great starting CL! once again navy lives up to its reputation of granting higher limits than other issuers.

i noticed that my AAoA has dropped to exactly five years on EQ with my recent CU apps. i still have two more that are not reporting yet so i think i tanked my AAoA slightly more than i realized (i was trying not to drop below 5 years) in any case, i too am quite pleased so far with my shift to CUs. i rest a bit easier too!
woohoo, congrats on the NFCU line!

score_building, you wrote that you are trying not to have your AAoA go below 5 yrs. Is that a good benchmark?
I'm pretty to new to this all. I understand that AAoA accounts for 15% of my score but I don't want to be afraid to open any new TLs for fear of lowering my AAoA.

It would help if I knew what age I should try to stay above. My current AAoA is 14yrs 7 months and I am about to open 3 new TLs. I think I can calculate what the age will be when I am done but what I don't know is what that MEANS to my score. There must be some point of diminishing return - eg, don't sweat it as long as your AAoA is over ? years.

Also, ages aren't rounded up, are they? I thought I read that 4yrs 11 months does not mean 5 yrs.

AAofA is rounded down. Nice of 'em ain't it?

Re: NFCU came through with $25,000 CL cashRewards Visa

Anonymous — Fri, 08 May 2009 03:30:38 GMT

Yep, my AAoA dipped under 5 now.