topic Re: NFCU Advice Needed in Credit Cards

NFCU Advice Needed

Whereis750 — Tue, 01 May 2012 15:59:18 GMT

Hi guys! Just found out my grandfather opened a NFCU account and it looks like grandchildren are able to get in through sponsorship! Been hearing great things about this CU through the forums (really like their CLs for new CCs I've been seeing) and super happy I’m going to be able to join. So now I’m wondering when y'all think I should sign up for membership (not apply for CC yet, just membership).

I hear they do hard pulls even for joining, so that concerns me. I’m currently working on paying down revolving balances so Util drops from 70% to under 10% before I app for a prime card. I have 1 inquiry on TU and EQ from September 2011. My FICO scores are TU 710 and EQ 696 (as of yesterday 4/30/12). Besides the 1 inquiry on each report (which was from my current Credit Union when I joined), I haven't apped for anything in over 4 years - so I'm reluctant to do anything that taps into these reports.

My question is should I join NFCU now or wait to join until I’m credit-ready to app for a prime card when joining which may not be for another 4-5 months. Thanks!

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:06:59 GMT

I would apply now - today !!!! When I joined, back in 2007, they pulled only EQ.

Yes, they do a hard pull, but IMO it is worth it. Open an account, and move everything over. If you want to apply for CC's now, with a EQ of 696, you should be good for a 8-10k CC.

With NFCU, it's all good. I see no point in waiting. In 5-6 months, assuming you stay good, they'll 'prolly bump you to 10-12k.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:09:46 GMT

Welcome, I don't see any reason you shouldn't join now! I say go for it. If they are going to do a hard pull anyway then you might as well apply for the card.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:16:14 GMT

I signed up with TU 609 and EQ 712 (both from myFico) and got in no prob. I apped for the Flagship Rewards Visa a week later (yesterday) and was approved for $25k with $65,000 income and I had just been approved for a USAA MasterCard and Amex for $10k each a week ago.

I'd sign up if I were you. (:

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:18:51 GMT

Also, I'm not active duty and I had only $10 in savings and $10 in checking. No direct deposit, either. I almost choked on my soda. I was expecting $10k or so. I'm still grinning.

Re: NFCU Advice Needed

tbc — Tue, 01 May 2012 16:29:01 GMT

NFCU IS AWESOME.

Their customer service is wonderful to talk to and deal with. So easy.

+++1000

Re: NFCU Advice Needed

Whereis750 — Tue, 01 May 2012 16:30:09 GMT

Lol – congrats tresk. I’d likely have the same reaction if I got anything over $5K. I’m not active duty either. Did you have any lates on your reports when you applied for membership and the CC?

The only negatives on my report are two student loan accounts that have lates up to 120 days back in 2009 and 2008. Thought Forbearances would take care of those but Chase really did me in – anyway long story there. I’m doing the GW thing to see if they can remove these lates – not giving up.

My oldest account is almost 12 years, average age is 6 years.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:30:38 GMT

They will pull your TU for membership and pull your EQ for a CC.

At least, that is what they just did with me.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 16:51:32 GMT

@Whereis750 wrote:
Lol – congrats tresk. I’d likely have the same reaction if I got anything over $5K. I’m not active duty either. Did you have any lates on your reports when you applied for membership and the CC?

The only negatives on my report are two student loan accounts that have lates up to 120 days back in 2009 and 2008. Thought Forbearances would take care of those but Chase really did me in – anyway long story there. I’m doing the GW thing to see if they can remove these lates – not giving up.

My oldest account is almost 12 years, average age is 6 years.

Thanks! I had a moment of panic this morning when I got an email from them. It asked me to log in, and I did, and it was just a congratulatory message. Woo!

All of my baddies from EQ had fallen off, hence the enormous gap between my scores. It seems that everything awful reports to TU and EX, and not to EQ.

They pulled EQ and TU for me to sign up, and on TU I had 3 collections (2 newer) showing and a CO from many years ago. EQ was super-clean, but I did have those 2 brand-new USAA accounts showing, with their inquiries.

You'll do great. Update us if you get brave, lol.

Applying for membership took a full week, BTW. They snail mail the account access information, so there was no instant gratification. I took that week to research which CC I REALLY wanted (as it was the last of my app spree), and I chose the Flagship Rewards Visa.

Good luck!

Re: NFCU Advice Needed

Whereis750 — Tue, 01 May 2012 17:10:59 GMT

Treski - what reports did USAA pull when you apped for their CCs? Did you have to open a membership savings account with USAA prior to aping for CC?

Re: NFCU Advice Needed

webhopper — Tue, 01 May 2012 17:11:31 GMT

Go for it now... apply for the CC now,

ask for a CLI in 5-6 months...

they have really low interest rates on CCs, with 0% BT fees, you may be able to transfer some balance over and save some moolah.

They also have Navcheck LOC

Just a great CU to be with, don't wait.

Re: NFCU Advice Needed

Whereis750 — Tue, 01 May 2012 17:15:02 GMT

webhopper, thanks for the reply! Do you mind sharing what your credit picture looked like when you joined NFCU and when you apped for their CC?

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 17:17:55 GMT

@Whereis750 wrote:
Treski - what reports did USAA pull when you apped for their CCs? Did you have to open a membership savings account with USAA prior to aping for CC?

I applied for USAA years ago when I was active duty in the Army, so I am a "full" member. I only had about $50 in my accounts the whole time, as I was stationed in Germany and used a different credit union over there.

USAA pulled ONLY EQ, which is why I applied in the first place, and is obviously why I was approved.

As far as these military-affiliated CUs go, I'm fortunate that my EQ just happens to be my best CR...by over 100 points. lol

It's the only reason I was confidentenough to apply for any CCs with USAA and NFCU.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 17:28:44 GMT

@Whereis750 wrote:
webhopper, thanks for the reply! Do you mind sharing what your credit picture looked like when you joined NFCU and when you apped for their CC?

See if this bad boy helps:

http://ficoforums.myfico.com/t5/Credit-Cards/Update-APPROVED-It-is-decided-NFCU-CC-App-Saturday-morning/td-p/1358603

Re: NFCU Advice Needed

CS800 — Tue, 01 May 2012 17:32:50 GMT

I would app asap. Your scores are good. They checked only TU for me. Got the initial cashreward card for $24K call to see if they could raise it and got up to $28k.

Great customer service and products

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 17:34:16 GMT

@webhopper wrote:
Go for it now... apply for the CC now,
ask for a CLI in 5-6 months...

they have really low interest rates on CCs, with 0% BT fees, you may be able to transfer some balance over and save some moolah.

They also have Navcheck LOC

Just a great CU to be with, don't wait.

Re: NFCU Advice Needed

Anonymous — Tue, 01 May 2012 17:58:15 GMT

I agree with all of the above. There is ABSOLUTELY no down side to being in with NFCU. They are very forgiving of past problems if your recent history is good. Apply for one of their credit products on joining. If you don't qualify for the best they have they will counter offer (Up to and including secured) or let you know exactly what they need you to do. And they are very generous with CL increases and new offers as you grow with them. I NFCU.

Just be aware that if you ever do cross them they make AMEX look like a piece of cake for forgiving. NFCU never forgets. I have a friend who is banned for life from getting a credit product with them because he took them down in a BK.

Re: NFCU Advice Needed

Whereis750 — Tue, 01 May 2012 18:25:18 GMT

Thanks! I'm really excited and anxious to join. No plans to cross them or anyone else - I've been down that road before and dealt with those consequences for years. Learned the hard way, but glad I learned!

Re: NFCU Advice Needed

Adalen — Tue, 01 May 2012 21:03:12 GMT

I concur, you will do fine with them. They gave me a very generous limit with 607EQ and that card is my primary/rebuilding card. I might not have the enormous limits that some with better scores have, but I'd rather have it now and build that history than to wait it out and not have it at all.

Re: NFCU Advice Needed

kjm79 — Tue, 01 May 2012 21:08:35 GMT

OP, you'll love NFCU.

I personally would work NFCU in this order. Open the account and get direct deposit going. Doesn't have to be a lot. Then wait for the cc app until your util updates to the 10%. NFCU would definitely approve you for a card nonetheless, waiting for the lower util and showing some dd's will more than likely net you a larger starting CL. There will be separate pulls for the account and the cc anyways (TU and EQ).