topic Re: Navy Federal: Sent in Docs to Join Today....wait or just jump... in Credit Cards

Navy Federal UPDATE: WOW!

Anonymous — Wed, 06 May 2020 00:55:31 GMT

Hi there!

This is my first post in this forum. In the last three months, I've app'd for and opened several new credit card accounts after a rebuild and having not applied for anything but a Target card (denied last year -- August 2019, I was at 585). After the approvals I received, I decided to garden to wait for some of these inquiries to drop off. For the sake of this post, and NFCU, keep in mind that my TU FICO 8 is 725 and I have 7 inquiries on there. The Target card inq will be a year old in July.

I decided to be proactive and open a NFCU account today in the hopes that I will be approved for a card in the future, as well as a possible auto refinance loan (two years ago, when my scores were around 560, someone hit me/totalled my car and I had to get transportation 13.49% EEK). While asking me questions, the CSR asked me point blank if I'd be interested in any other products. I wasn't sure if I should say no, as my idea was to garden -- or to say "yes" because I do want them to know I'm interested in other things going forward.

I uploaded proof of address and such and am waiting for approval.

I guess my question is this -- if they come back and tell me I'm preapproved for a card, should I just go ahead and do it and THEN garden? I've been gardening for like three days. Or should I wait, not take them up on any preapproval offers, and then do it in the future? Everyone speaks so highly of NFCU that I'd like to build a good relationship with them going forward -- especially for the prospect of perhaps refinancing my auto loan.

Thanks for your input!

UPDATE: I got an alert from Experian that I had a new account set up. I went online and set up the checking and savings and called in to deposit a token $100 in each to set it all up. I checked my offers, and there was an offer for Cash Rewards and some info about auto loans that I'd mentioned I'd be interested in.

I decided to bite the bullet and apply for the auto refinance, because that was my most pressing concern -- an hour later, I am approved at 3.89%! Their lowest APR for my vehicle!!! I cannot TELL you all how fantastic this is! NFCU is blowing me away with the customer service.

Previously, I had asked over the phone about preapprovals for cards, and they said Cash Rewards was preapproved. I wasn't really interested in that. I was more interested in the More Rewards. So, I decided to just bite the bullet and app for that. I was approved -- but with a tiny limit, so that should've told me my instincts were right and to just wait a bit - or to just go with the Cash Rewards as an "in." Oh well. I plan to push enough spend through there in 3 months to get the SUB, even though it's going to mean I have to make multiple payments. I'm set now and don't need any more cards. I will wait until next year and then get card number two from them...

So grateful for these boards! I've learned a lot!

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Gmood1 — Sat, 02 May 2020 21:42:41 GMT

Hey, GO....FOR....IT!!! 😂

Also get that auto refinanced ASAP!!

Then you can garden.

I'm the devil's advocate, so don't mind me. 😆

Save money now and garden later.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

recoveringfrombk7 — Sat, 02 May 2020 21:42:59 GMT

I'm a big fan of gardening, but that is an obnoxious rate that will only get harder to refi as your LTV explodes. Do it now.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Gmood1 — Sat, 02 May 2020 21:45:21 GMT

@recoveringfrombk7

Lol, I'm just the opposite on gardening. In fact , I haven't gardened in almost 5 years. 😳😆

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

recoveringfrombk7 — Sat, 02 May 2020 21:49:41 GMT

@Gmood1 I'm planning to get my last NFCU in July and then a car loan next year and otherwise sit out for 2 full years. I'm not sure I can do it, but it is my plan!

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Gmood1 — Sat, 02 May 2020 21:57:21 GMT

@recoveringfrombk7 wrote:
@Gmood1 I'm planning to get my last NFCU in July and then a car loan next year and otherwise sit out for 2 full years. I'm not sure I can do it, but it is my plan!

The force is strong with this one!😉

You're better than I. lol

That's why I don't even bother stating I'm going to the garden.

I know it's not happening.😂

By the way, great job building your scores!

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

KJinNC — Sat, 02 May 2020 21:58:31 GMT

Congrats! I just went through this process about a week ago.

When they ask if you want to apply for any other NFCU products, they don't mean it any particular way, they just know a lot of people will say yes, so they may as well process it while you're on the phone. They asked me the same question.

Personally, I'd refinance the vehicle sooner rather than later. Your scores are plenty good to get a much better rate. JMO, good luck!

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

recoveringfrombk7 — Sat, 02 May 2020 21:59:41 GMT

@Gmood1 thanks! Made a bunch of wasted inquiries before I found this place, and have a lot of cancelled useless cards as a result, but hey I've learned a lot since!

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Anonymous — Sat, 02 May 2020 22:04:27 GMT

@recoveringfrombk7 wrote:
I'm a big fan of gardening, but that is an obnoxious rate that will only get harder to refi as your LTV explodes. Do it now.
To be honest - this is my greatest fear. That I'm already too far upside down in this thing to get it refinanced and I'll just be stuck. :-(

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Anonymous — Sat, 02 May 2020 22:12:44 GMT

@recoveringfrombk7 wrote:
@Gmood1 thanks! Made a bunch of wasted inquiries before I found this place, and have a lot of cancelled useless cards as a result, but hey I've learned a lot since!

+1 Absolutely. If I'd found this place a year and a half ago, I'd be MUCH farther ahead.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

AverageJoesCredit — Sat, 02 May 2020 22:40:51 GMT

You can app right away. History begins faster if you have a card in hand lol

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

AverageJoesCredit — Sat, 02 May 2020 22:41:49 GMT

@Gmood1 wrote:
Hey, GO....FOR....IT!!! 😂
Also get that auto refinanced ASAP!!
Then you can garden.
I'm the devil's advocate, so don't mind me. 😆
Save money now and garden later.

So if you are @Anonymous where's @Gmood1 ?

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

AverageJoesCredit — Sat, 02 May 2020 22:43:43 GMT

@recoveringfrombk7 wrote:
@Gmood1 thanks! Made a bunch of wasted inquiries before I found this place, and have a lot of cancelled useless cards as a result, but hey I've learned a lot since!

I made a bunch of wasted inquiries before , during, and after. Im the poor mans @Gmood1 🤪

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

KJinNC — Sat, 02 May 2020 23:24:32 GMT

I have quite a few inquiries I regret (including some from 2020), but in general, I think for somebody building or rebuilding from either nothing, or bad credit, inquiries are a necessary evil. What makes sense for somebody who's been 800+ for five years will not be ideal for you, unless you are very patient. What's done is done, don't worry about it too much. You can reach your goals. JMO.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

recoveringfrombk7 — Sat, 02 May 2020 23:26:43 GMT

@KJinNC sure, but wasted inquiries are different from excess inquiries. No matter your profile wasted inquiries are never good.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

KJinNC — Sat, 02 May 2020 23:36:15 GMT

True, but you don't always know which is which until after the fact. Sometimes you can tell, and this board is helpful for that.

But as a for-instance, I applied for Ducks Unlimited the day before they switched from 5% gas to 1.5% everything, and was denied ... so that was a double-wasted inquiry. I'm actually glad I was denied, because at least I didn't also take the hit for the new account.

I did have some absolutely wasted inquiries last year in the early months, things that made no sense, like applying for a Signature Visa with scores in the low 500s, but how much has it really hurt? In my situation, IMO, not as much as some people think.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Anonymous — Sat, 02 May 2020 23:44:20 GMT

I forgot to ask in my first post-- about how long did it take for them to process your membership paperwork?

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

KJinNC — Sat, 02 May 2020 23:49:45 GMT

About a week. Specifically, I applied on the phone on a Sunday. I received an email welcoming me as a new member on Monday, eight days later. I was able to set up my online account that day.

(I also received a letter that same Monday that had been sent the Wednesday in between saying I needed to try uploading documents again ... but I guess they figured it out, because I am a member now without doing that.)

I received my debit card PIN today. I have not received my debit card yet.

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

Anonymous — Sat, 02 May 2020 23:54:39 GMT

They asked me how I qualified over the phone (my dad, now deceased, was in the AF), but they didn't ask for any proof. Will I need to upload that info later, or do they not even bother to check?

Re: Navy Federal: Sent in Docs to Join Today....wait or just jump...

joshuamiller9 — Sat, 02 May 2020 23:57:27 GMT

NFCU denied my application although I had access number from another member.

Does anyone have any experience with this?