topic NFCU - Optimizing everything before applying for Cash Rewards card in Credit Cards

NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 17:18:38 GMT

I opened my NFCU savings and checking accounts just over a year ago. I had to make several inquiries during the process, but finally was approved. This had to do with my military status: Medically Retired, but receiving pension through VA instead of DOD. Frankly, I figured I would be booted out should I do anything to draw attention to myself, so I've just been letting it sit there with $5 in the savings account and nothing in checking.

My nephew (my brother's son) is Army National Guard. He recently returned home from deployment and has opened a NFCU account. Today, his dad (my brother) is opening a NFCU account based upon his relationship with his son. As soon as he does that, I will be talking to NFCU to associate my account with my brother's eligibility. That will make me more comfortable regarding my status.

Now, on to the big reason for my post...

I have been working on tidying up my credit for the past several years. I know that NFCU only pulls EQ for credit card apps. My EQ score per MyFICO is 778. My utilization hovers around 1%. Credit history is 14 years, and AAOC is 7 years. I have zero inquiries. I have one negative indicator on my Equifax report: A status of "30 days late" on a closed, paid-off, zero balance auto loan through Ford Motor Credit. All I can figure is that my final payment back in January 2007 was late. That baddie drops off in January, obviously. My income is around $60K. I have no auto loans or anything. Just two student loans in good standing, totalling $18K, and a HELOC that is $4k shy of being maxed out (live in a paid-off historic home and had to make repairs).

My goal is to have a cash rewards card with a substantial CL that I can use for paying all of my bills and expenses, and paying it off every month.

My Questions:

Should I wait until that Ford account falls off in January before applying for the NFCU Cash Rewards card?
Should I move money to my NFCU savings account before applying for the card?
When I apply for the card, will they ask me how much money I have socked away in other banking institutions? (This would be a good thing)

I have been gardening for so long, I find that the thought of pushing the button actually makes me want to throw up a little.

Thanks for any input!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

Creditaddict — Wed, 16 Oct 2013 17:21:43 GMT

I woudn't call navy about your membership at all if you have had the accounts for a year!

2. what are you waiting for... apply now... im surprised you don't have offers when you sign on or click "offers" page

I would apply for 1 or 2 credit cards and navcheck all at once... today.

Re: NFCU - Optimizing everything before applying for Cash Rewards card

Creditaddict — Wed, 16 Oct 2013 17:22:37 GMT

oh....

1. don't wait for ford

2. don't need to move money

3. they ask income... not sure about anything else... the credit score is going to fly you through the system though I bet.

Re: NFCU - Optimizing everything before applying for Cash Rewards card

09Lexie — Wed, 16 Oct 2013 17:29:07 GMT

1. You do not have to wait until Ford falls off. Your CS is more than sufficient IMO.

2. Also, having funds in the account is not a requirement, so I wouldn't worry about that either.

3. I agree with CreditAddict , I'm surprised that you haven't received any offers

Take a swig of Pepto and report back with your approval!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

Rikku — Wed, 16 Oct 2013 17:42:24 GMT

I wouldn't worry about your membership eligibility unless you lied about your status, which it doesn't sound like.

I don't think you need to worry about getting approved, and I wouldn't worry about letting the one late payment fall off. I was approved for a NFCU Flagship Rewards card with a $25K CL when my score was around 730. My income is higher than yours, however, and I do all of my banking at NFCU, so they probably view me as an excellent customer. But with your score, I'm sure you'll be approved with a decent CL. There's a slight chance that you might be overthinking this.

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 18:15:26 GMT

You guys are really helping to bolster my courage! Thanks!

Of course now I, too, am wondering why I haven't gotten any offers. I just recently (over the past few days) opted back in on all three reports, so maybe that's it. I know the Discover IT pre-approval soft pull could never find me, either.

I think that MAYBE I will push the button on the NFCU card later today when my brother gets his account set up.

I sure have gotten cautious in my old age. That, plus the very fresh memory of working so hard on my credit scores for the past several years makes me so reluctant to be brave.

And yeah... I have been known to overthink things. *sigh*

Re: NFCU - Optimizing everything before applying for Cash Rewards card

travisp33 — Wed, 16 Oct 2013 20:21:04 GMT

I joined last week and immediatly applied for a CC and was instantly approved for the cash rewards card with a 25k limit. This is with fico's probably in the 635-650 range, and a (barely) 5 figure charge off from early 2012. I applied for a car loan today and was approved for their lowest rate.

Fortune favors the bold!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 22:41:17 GMT

I *love* that saying! "Fortune favors the bold!" Now, if I could just live by it! LOL!

I actually had them on the phone and ended up asking them something else. Yeah. I chickened out. Crap.

Re: NFCU - Optimizing everything before applying for Cash Rewards card

KoolDev — Wed, 16 Oct 2013 22:49:51 GMT

I just joined NFCU today. $25 bucks in the savings. linked the card payment to the savings. sent in the app and got approved for a cash rewards card with a 17.5 limit with in 20 seconds of hitting the accept button.

I dont think you have anything to worry about............

Re: NFCU - Optimizing everything before applying for Cash Rewards card

KoolDev — Wed, 16 Oct 2013 22:50:53 GMT

Oh i did transfer 300 from a credit one thats getting closedddddddddd in 3 weeks LOL

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 23:09:36 GMT

Thanks for the moral support, everyone! I DID IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

jgodfrey82 — Wed, 16 Oct 2013 23:13:46 GMT

Good job! What did you get?

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 23:15:05 GMT

$25K!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

Brusilov — Wed, 16 Oct 2013 23:16:33 GMT

Awesome job, congrats! Looks like you got the lowest APR available for the card as well (9.65%)!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 23:26:43 GMT

Thank you, Brusilov!

I'd forgotten that rush... Waiting for the online approval. Between that -- the longest 30 seconds of my life -- and all the agonizing over whether or not to do it, I actually made myself physically sick. LITERALLY sick. 'Lost my dinner' sick.

Funny what a drug that rush is, though. Even after I was walking back to the computer after saying goodbye to my din-din, I had visions of Duck cards and IT cards dancing through my head and giving me the shakes.

I'm not going to do it, but I sure do understand how easy it is to go on a spree after experiencing such a great result!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

KoolDev — Wed, 16 Oct 2013 23:29:14 GMT

Awesome JoB ! wow thats great. Makes me want to go get that RV loan i have been wanting lol... NOOOOo i am going to wait a month lol

Re: NFCU - Optimizing everything before applying for Cash Rewards card

jgodfrey82 — Wed, 16 Oct 2013 23:32:46 GMT

I can't imagine how nervous you must get during actual important decisions? I app like its my job, no nerves.. worst they can say is NO

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 23:39:47 GMT

SEE??? lol

Well YOU wait for your RV, and *I* will wait until next year for my new car.

A couple of days ago was my 5th anniversary of my job. When I accepted the position, I told myself that if I was still working there in five years that I could start looking for a new car. That was in 2008. I still have my old vehicle (1999 Mountaineer). I have been shooting for a 0% loan when I do buy, but the manufacturer never offers 0% on the model I want. Looks like NFCU might be the next best thing at, what.... 1.7%, I think it was?

I sure have changed. Thanks, in great part, to the myFICO forums. Back in the day, I was a financial hot mess with no self-control whatsoever. LOL!

Re: NFCU - Optimizing everything before applying for Cash Rewards card

gamegrrl — Wed, 16 Oct 2013 23:46:27 GMT

jgodfrey82 -- I am FABULOUS when there's a crisis: I snap to, stay calm, do whatever must be done while everyone around me stands there slack-jawed.

When it comes to making decisions... Well, that's a whole other kettle of fish, as they say. We did a complete gut-job on our 110 year old kitchen that hadn't been updated (or cleaned, from the looks of it) since 1940. I agonized over every little tiny detail. But at the end of the day -- and two years post-project -- my partner and I both agree that there is nothing we would change about it. We made all the right choices, and it pays off for us every day.

Maybe because I made a ton of bad decisions when I was younger I think everything through to an excruciating degree these days. When I think about snap-decisions I made that I paid for (in so many ways) for years and years, I can say with confidence that I'd rather be the me I am now.

Re: NFCU - Optimizing everything before applying for Cash Rewards card

jgodfrey82 — Thu, 17 Oct 2013 00:10:55 GMT

good, I was just giving you a hard time.

I have lived my whole life in an impulse decision making family. . I demand informed decisions in my life now as much as possible... I research every topic top to bottom before making a choice.. I have had some bad luck with too little impulse, losing deals due to too much thought, by the time I make my decision the sale is over or someone else got it before me.

As long as their are not huge opportunity costs to making the wrong decision, I almost always try to go for it!