topic Re: NFCU / Amex questions in Credit Cards

NFCU / Amex questions

Anonymous — Wed, 04 Mar 2020 22:48:15 GMT

long time lurker first time poster

Started years ago with awful credit let everything age off.

Only baddie on my profile are student loan lates from oct 2013-april 2014 which will fall off this October.

Well I was stupid got a car loan last year in April then got 4 cards back to back to back, cap 1 quicksilver, Best buy visa, credit one, and Kohl's. Waited a while I started apping for more stuff again around October, got a target card, Walmart card, a plat from cap one and a discover, well I started to read the forums and had an in with nfcu, opened account December 17 2019 with go rewards card approved with 500 dollars. Been using and paying in full before due date have my utilization at 1% on all cards do rotate and use but pay all before cut

I had a fifth third secured card for two years and closed it stupidly April 2019 because was dumb because they wouldn't unsecure as promised.

Current credit looks like this

Ex fico 8 700 (10 inqs, 5 due to 12 month out in April)

Tu Fico 8 682 (21 inqs, 12 due to 12 month out in April)

Eq Fico 8 676 (10 inqs, 6 due to 12 month out in April)

Slightly under 11 k on student loans which I am paying on and plan on using tax return to pay significant chunk on.

Auto loan from April terrible interest started at 11.8k down to 9700

Really want an Amex and can't get prequalify, also have coming and going prequals from cap one for all cards but for highest interest rates, I'm not trusting that and not taking triple pull, the prequalify some times populated and sometimes doesn't and no point with nfcu in my pocket.

No new inq on any bureau since Dec 17 2019 due to nfcu card pull

91/3 is coming up in a couple weeks, should I app for the second card or just an cli on the first card, how much more damage is one inquiry really going to do, am I going to gain points from those inqs falling off in April?

Current cards

Kohl's 1500 limit (04/19)

Quicksilver one 500 limit (4/19)

Best buy visa 1000 (refuse to cli) (4/19)

Credit one 750 (4/19)

Target 300 (9/19)

Quicksilver 400 (9/19)

Walmart 300 (10/19)

Discover 1250 (11/19)

NFCU go rewards 500 (12/19)

No apps or inquiries since then, eq is on no inq since November TU is on no inq since 12/17/19 ex is on no inquiries since 12/19

Thanks for answering all my noob questions

Re: NFCU / Amex questions

Anonymous — Wed, 04 Mar 2020 22:07:53 GMT

Honestly, I would keep what you have right now and garden awhile. You have a nice setup right now. Let the cards you have age. Personally, I've seen maybe a couple point increase in my scores when inquiries fell off my report. Good luck!

Re: NFCU / Amex questions

AllZero — Wed, 04 Mar 2020 22:57:49 GMT

You might yield higher credit line with 2nd Navy card.

1st card, based on your $500 SL, it might only yield 3x CLI. 6 month or longer wait might be more favorable.

I would recommend calling in and see if you're prequal'ed for any cards. If no offers, then best to garden.

Re: NFCU / Amex questions

Anonymous — Wed, 04 Mar 2020 23:26:12 GMT

Thanks for being so nice and supportive,

I was thinking myself of waiting until June when I have a little more age on there, and that'll be before the bonuses go away as I'm not desperate for the extra credit, I believe waiting will yield a better limit and or apr, may still go for the cli in March here, if sp cli seems to be still going on, and hold off on second card until then as long as cli isn't going to quash the chance of the second card, maybe I will call and see about prequalify hopefully I don't get someone who claims they don't do that

Re: NFCU / Amex questions

AllZero — Wed, 04 Mar 2020 23:30:36 GMT

The longer history with Navy usually gets better results. YEMV.

Good luck.

Re: NFCU / Amex questions

Anonymous — Wed, 04 Mar 2020 23:51:35 GMT

I know it's just hard to resist all the dps of people getting 5 digit cards at 91/3 lol

Re: NFCU / Amex questions

HeavenOhio — Thu, 05 Mar 2020 00:09:16 GMT

Welcome, @Anonymous.

Except for a second NFCU card, don't apply for anything new until your newest current card is a year old.

You can go ahead and close your QuicksilverOne and Credit One cards. They'll look just as good on your report as closed cards.

Come January, apply for AMEX. You'll likely see a much nicer outcome than you'd see right now. After that, don't rush to add cards. Averaging a card every six months is fine. In the meantime, request credit limit increases on your Discover card. Trying 60 days after an approval or 30 days after a denial is probably a sensible approach.

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 00:23:29 GMT

Thanks for the welcome, I wasn't intending on any other cards after the 2nd nfcu this year period, my process is the sooner I would get it the sooner it would help build my age up vs waiting on it, if I call after 91/3 and they tell me I qualify for everything including flagship I'll pull the trigger, because I'll know any one I pick will get over 5k limit if not I'll wait, also I'm sure the fact my student loan balances are actually over initial disbursements scare amex plus the credit seeking behavior, don't worry I have no interest in the cap one cards, only other thing I'm interested in is nfcu cloc, I have moved all my money there including direct deposits and multiple business debit transfers of multiple hundreds every day I'm sure they are loving me for sure lol

Re: NFCU / Amex questions

gingerflower — Thu, 05 Mar 2020 03:45:42 GMT

@Chandler455 I would seriously apply for the Cloc since you have your deposits and other finances with Nfcu. Ask for the full $15,000 Nfcu will counter offer if you don't get the full $15,000. Good Luck and welcome to the forums!

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 03:49:09 GMT

@gingerflower wrote:
@Chandler455 I would seriously apply for the Cloc since you have your deposits and other finances with Nfcu. Ask for the full $15,000 Nfcu will counter offer if you don't get the full $15,000. Good Luck and welcome to the forums!

There are many times they don't counter on CLOCs. The system can auto decline if you shoot too high for your profile.

Re: NFCU / Amex questions

gingerflower — Thu, 05 Mar 2020 04:08:31 GMT

@Saeren I can't remember one of the members name who at one time I asked for an advice regarding Nfcu Cloc I believe it was Creditaddict who said ask for the full $15,000 which I did and was given the full $15,000 I guess it depends on ones credit profile. Maybe Nfcu has changed their Criteria on their Cloc

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 04:20:16 GMT

@gingerflower wrote:
@Saeren I can't remember one of the members name who at one time I asked for an advice regarding Nfcu Cloc I believe it was Creditaddict who said ask for the full $15,000 which I did and was given the full $15,000 I guess it depends on ones credit profile. Maybe Nfcu has changed their Criteria on their Cloc

I literally just went over this the other day lol.

https://ficoforums.myfico.com/t5/Personal-Finance/CLOC-From-NAVYFED/m-p/5938679/highlight/true#M172737

Re: NFCU / Amex questions

gingerflower — Thu, 05 Mar 2020 06:09:03 GMT

@Saeren well there you go good information for Chandler455 .

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 11:58:08 GMT

If I applied that would blow my no inq since november on my eq , also if I was approved would that screw with my "maximum exposure" when apping for the 2nd card also, I don't know what to ask for I wish they would counter Max requests :/. I also know it's not gonna blow potential amex down the line because they pull ex

Re: NFCU / Amex questions

AverageJoesCredit — Thu, 05 Mar 2020 12:03:40 GMT

Applying for a Navy Cloc will always be YMMV and counters are not always given. I was not. Navy has changed quite alot since Credit Addict started these threads. Think about ones current profile and income when deciding on how much to ask for.

Re: NFCU / Amex questions

AceTen — Thu, 05 Mar 2020 13:41:41 GMT

Hi Chandler,

Welcome and congrats on all the positive steps you've taken. Other posters have made great suggestions about your credit cards so I have nothing to add there.

I noticed the part of your post that mentioned the high interest car loan. I have also lurked around this site a long time and have read many posts about people refinancing auto loans with NFCU for very low rates. I wanted to put that suggestion out there just in case it's comething that could save you money at some point if you wanted to refi.

As far as Navy goes, I am a banking customer thanks to this wonderful site and have been very pleased with their customer service. However, I am in the minority here as far as my Amex opinions and not a big fan of their business practices. I may get tarred and feather for saying this but I would suggest Navy credit cards over Amex as Navy is more likely to have your back if times get tough and your utilization gets high wheras Amex is more likely to promptly lower your limits and the hammer if you run into some emergencies. Also, Navy Federal is a non profit so they can offer lower rates and benfits that other banks can't. Good luck to you!

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 19:00:50 GMT

I'm at 22% now nfcu rates run up to 17.9 percent I'm not really wanting to obliterate an account off my age of a year for a potential savings of 4 percent monthly, appreciate the suggestion

Re: NFCU / Amex questions

CreditInspired — Fri, 06 Mar 2020 11:29:49 GMT

@gingerflower wrote:
@Chandler455 I would seriously apply for the Cloc since you have your deposits and other finances with Nfcu. Ask for the full $15,000 Nfcu will counter offer if you don't get the full $15,000. Good Luck and welcome to the forums!

I disagree with applying for the CLOC. There's no grace period, no rewards, no nothing. I have had mine for over a year and have never used it once. I only got it because of a job loss and knock-on-wood, never had to use it.

OP, I suggest waiting until your youngest account is 12 mos and then apply for the NFCU AmX. GL2U

Re: NFCU / Amex questions

Anonymous — Thu, 05 Mar 2020 22:48:51 GMT

Reasoning for the cloc is for my business I buy sell and trade video games toys records etc, and id like to have it available in the event a large lot of inventory comes up for purchase, that I could sell quickly and not worry hugely about the interest, that is my interest in the cloc. I know I know business and personal loans but I'd love to have the ability to either write a check or go to the branch any time I need it and pull the cash.

Also amex isn't about having an Amex network card I just think it's a good idea to have my credit spread over multiple lenders not just consolidated and amex does carry a prestige, also as I said with all the dps of people with marginal profiles getting approved for high limits on the 2nd card at 91/3 the temptation will be hard to resist being blatantly honest

Now in response to the poster above, Citi is that bank for me, I have had a best buy card at a thousand dollar limit since April not a sniff of an increase and even a decline after I was told by an agent to apply around such and such a date, and won't extend me any more credit period, I think the best buy hps are utterly rediculous imho, I have usual spend on it, never maxed have run it up a couple of times to 80% don't carry outrageous balances on it always pay way more than the minimum, they claim it's that 6.5 year old student loan late on my profile, even crappy credit one gave me a soft pull increase, I really have no more interest with Citi especially with having navy in my corner. Capital one bucket cards will be getting the axe also if I don't get at least a modest increase on my qs1 here April 8th when eligible as I use that card with heavy spend and pay in full every month

Trust me I'm aware of my position and I'm at a teetering point the next moves I make will determine how my score will go up or stay put, and I know I'm close from being in really good territory if i just stay patient and garden the lines I do have

As a side note my TU vantage is garbage compared to fico 8 like 40 point difference, most likely all the inquiries on TU

Re: NFCU / Amex questions

Anonymous — Mon, 23 Mar 2020 03:34:16 GMT

Got prequals for Delta gold and Hilton surpass / ascend....must resist lol