topic Re: NFCU Pre-Approval in Credit Cards

NFCU Pre-Approval [Pulled the trigger]

Anonymous — Tue, 16 Apr 2013 21:20:26 GMT

Got a pre-approval for the cash rewards card in the mail yesterday from NFCU.

The offer is good for two months, I think I am going to wait until the end of the offer period. I am starting to think AA from lenders, or FR from AMEX is possible. I think I have like 20 INQs on each report. Way to many new accounts.

My thinking is, if I were to accept the offer now, I would get a high APR and lower limit than if I wait a couple months.

In a couple months some INQs will have aged, and my oldest account will get close to the 2 year mark.

Per credit karma: 693

6% utilization

100% ontime payments

AAoA: 9 months

Total Accounts: 13

Hard INQs: 13

Dergos: 0

Income: about $50k

Recent auto loan still hasn't hit my report.

Approved for $14k at prime plus 11.4%....not great but ehhh okay

Re: NFCU Pre-Approval

Creditaddict — Thu, 14 Mar 2013 17:41:53 GMT

@Anonymous wrote:
Got a pre-approval for the cash rewards card in the mail yesterday from NFCU.

The offer is good for two months, I think I am going to wait until the end of the offer period. I am starting to think AA from lenders, or FR from AMEX is possible. I think I have like 20 INQs on each report. Way to many new accounts.

My thinking is, if I were to accept the offer now, I would get a high APR and lower limit than if I wait a couple months.

In a couple months some INQs will have aged, and my oldest account will get close to the 2 year mark.

Per credit karma: 693
6% utilization
100% ontime payments
AAoA: 9 months
Total Accounts: 13
Hard INQs: 13
Dergos: 0
Income: about $50k

Recent auto loan still hasn't hit my report.

Based on the credit lines I see in your signature and the fact that Pre-Approvals from Navy are almost a 100% approved I would just do it now... you are likely to see an instant $25k from them!!! They don't so much care about INQ I don't think.

Re: NFCU Pre-Approval

Scupra — Thu, 14 Mar 2013 17:59:41 GMT

Agreed with above. I dont think NFCU cares, they just want to give you the highest credit limit they can! haha keep us posted if you do!

Re: NFCU Pre-Approval

09Lexie — Thu, 14 Mar 2013 19:33:36 GMT

But...what's the harm in waiting till the end of the offer? Approval will still be valid, some of the TLs will age as well as the inq's. unless you need it now, I say wait till May.

Re: NFCU Pre-Approval

Anonymous — Thu, 14 Mar 2013 20:15:24 GMT

@09Lexie wrote:
But...what's the harm in waiting till the end of the offer? Approval will still be valid, some of the TLs will age as well as the inq's. unless you need it now, I say wait till May.

^^^^^^^^^^^^

@I have no need for it now, and I am worried about other lenders. Too many INQs and many new accounts. I also doubt NFCU would approve me for $25k. More like $10k @ 18% APR...yuck. I think after a couple months it will be more like $15k @ 15% APR, still bad but a little better.

I will call them and see if they have an idea of what the terms of the card will be based off a SP.

Re: NFCU Pre-Approval

09Lexie — Thu, 14 Mar 2013 20:34:23 GMT

Sounds like a plan!

Re: NFCU Pre-Approval

starry1 — Thu, 14 Mar 2013 20:37:15 GMT

I like the idea of you waiting, especially if you're at risk for AA or FR. That offer will still be there in two months.

Re: NFCU Pre-Approval

Anonymous — Thu, 14 Mar 2013 21:00:23 GMT

That will give me some time to get my new auto loan paid down as well.

Re: NFCU Pre-Approval

Anonymous — Tue, 16 Apr 2013 21:21:26 GMT

Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.

Re: NFCU Pre-Approval

Creditaddict — Tue, 16 Apr 2013 22:59:47 GMT

@Anonymous wrote:
Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.

Low limit?!!!

I mean I understand people post instant $25k all the time, my partner currently has $35k but $14 looks like nearly double your current highest and even if it wasn't i usually don't put numbers above 10 in low category

Re: NFCU Pre-Approval [Pulled the trigger]

09Lexie — Tue, 16 Apr 2013 23:04:58 GMT

Congrats on the approval. I guess you didn't want to wait one more month. Well, at least you got exactly what you anticipated... High apr and low limit. You really know your credit profile well. 😉

Re: NFCU Pre-Approval

Mellon — Tue, 16 Apr 2013 23:06:22 GMT

@Creditaddict wrote:
@Anonymous wrote:
Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.
Low limit?!!!
I mean I understand people post instant $25k all the time, my partner currently has $35k but $14 looks like nearly double your current highest and even if it wasn't i usually don't put numbers above 10 in low category

Re: NFCU Pre-Approval

Rhaeny — Tue, 16 Apr 2013 23:10:47 GMT

Congrats! But $14K is a great limit. Not sure I understand why that's just "okay". I would be turning flips right now...LOL!!!

Re: NFCU Pre-Approval

Anonymous — Wed, 17 Apr 2013 00:46:24 GMT

@Rhaeny wrote:
Congrats! But $14K is a great limit. Not sure I understand why that's just "okay". I would be turning flips right now...LOL!!!

The card has low rewards and no sign up bonus. Really, the only purpose of the card was to get a high limit. I was hoping for $20k+.

Re: NFCU Pre-Approval

09Lexie — Wed, 17 Apr 2013 00:48:11 GMT

Well, since its NFCU it will be there by Fall...Winter at the latest! 😉

Re: NFCU Pre-Approval [Pulled the trigger]

Anonymous — Wed, 17 Apr 2013 00:50:25 GMT

@09Lexie wrote:
Congrats on the approval. I guess you didn't want to wait one more month. Well, at least you got exactly what you anticipated... High apr and low limit. You really know your credit profile well. 😉

I forgot when the offer expired. I think it was at the start of May. I also thought I would forget about it and not app before the offer expired. Nothing good was going to post in the next couple weeks, so I just went ahead and apped.

Yup, haha got the high APR and low limit I was counting on. I will build up my profile and get my AAoA up, then seek better terms on all of my accounts.

My AAoA has never went over the 1 year minimum :/

Re: NFCU Pre-Approval

Rhaeny — Wed, 17 Apr 2013 00:58:02 GMT

@Anonymous wrote:
@Rhaeny wrote:
Congrats! But $14K is a great limit. Not sure I understand why that's just "okay". I would be turning flips right now...LOL!!!
The card has low rewards and no sign up bonus. Really, the only purpose of the card was to get a high limit. I was hoping for $20k+.

Oh come on!! I mean you got close 75% of what you wanted. It's NFCU so you'll be there in the next couple of months. Plus it looks like its your highest limit to date according to your siggy. Cheer up cuz the wait is almost over!!!

I agree that the rewards at 1% are not that great and I have used it only for 0% BT and will work on getting the CL up to at least $20K by the end of the year. BTW, I'm in the garden too but hopefully on sp's will get my goal CL.

Re: NFCU Pre-Approval

Anonymous — Wed, 17 Apr 2013 02:53:50 GMT

@Rhaeny wrote:
@Anonymous wrote:
@Rhaeny wrote:
Congrats! But $14K is a great limit. Not sure I understand why that's just "okay". I would be turning flips right now...LOL!!!
The card has low rewards and no sign up bonus. Really, the only purpose of the card was to get a high limit. I was hoping for $20k+.
Oh come on!! I mean you got close 75% of what you wanted. It's NFCU so you'll be there in the next couple of months. Plus it looks like its your highest limit to date according to your siggy. Cheer up cuz the wait is almost over!!!

I agree that the rewards at 1% are not that great and I have used it only for 0% BT and will work on getting the CL up to at least $20K by the end of the year. BTW, I'm in the garden too but hopefully on sp's will get my goal CL.

Yeah, could have been worse...like the dreaded words "declined"...

Re: NFCU Pre-Approval

improvingmycredit — Wed, 17 Apr 2013 05:44:00 GMT

@Creditaddict wrote:
@Anonymous wrote:
Approved with a $14k limit. Prime plus 11.4%. Low limit and high APR for NFCU, but it should improve with time.
Low limit?!!!
I mean I understand people post instant $25k all the time, my partner currently has $35k but $14 looks like nearly double your current highest and even if it wasn't i usually don't put numbers above 10 in low category

I think that 14K is an outstanding limit... for anyone. I know lots of people with NFCU that don't have a limit like that. Be proud of that limit. Super Congrats!!!