topic Re: Be patient? in Credit Cards

Be patient? EDIT: I'm in NFCU

Anonymous — Mon, 05 May 2014 12:29:47 GMT

Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous. I honestly don't think I'll be ready to actively search until November. I want to save up a bigger downpayment plus funds for furnishing and renovating. The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card. Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well?

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)

Re: Be patient?

myjourney — Thu, 17 Apr 2014 22:55:56 GMT

Welcome to the forum

If you think you'll be approved then app now and garden for the next 7 months before the mortgage

Re: Be patient?

-Wade- — Thu, 17 Apr 2014 22:58:02 GMT

@Anonymous wrote:
Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous. I honestly don't think I'll be ready to actively search until November. I want to save up a bigger downpayment plus funds for furnishing and renovating. The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card. Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well?

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)

Welcome to the forum! It may be hard to get in with PenFed with a score under 720 ( just my 2 cents )

Re: Be patient?

grinlikechelsea — Thu, 17 Apr 2014 22:59:31 GMT

@-Wade- wrote:
@Anonymous wrote:
Lurker here,

Was hoping I could get some advice? I was preapproved for a mortgage last month and I believe I was a bit overzealous. I honestly don't think I'll be ready to actively search until November. I want to save up a bigger downpayment plus funds for furnishing and renovating. The thing is, I have been really good about my credit. I haven't app'd in over a year and I desperately want to apply to Penfed and one of their cards, plus one additional nonrelated card. Should I be patient and continue to hold out for 7 more months or should I app now and garden for 7 months?

I was was also thinking that if I established a relationship with penfed, I could seek my mortgage through them as well?

Advice is appreciated.

(myFico ex= 682, Walmart TU= 679)
Welcome to the forum! It may be hard to get in with PenFed with a score under 720 ( just my 2 cents )

I second this. PenFed is extremely conservative, but waiting to get your scores up is well worth it. They have excellent rates.

Re: Be patient?

Anonymous — Thu, 17 Apr 2014 23:23:08 GMT

Thanks guys, well I really wanted to get in with a nice CU. Perhaps I should just wait and continue with the lender I have when I'm ready. The other account I wanted was the billmelater account, not sure it's worth HP by itself. I like to do at least three HPs at once.

Re: Be patient?

kroberts67 — Fri, 18 Apr 2014 00:59:59 GMT

@Anonymous wrote:
Thanks guys, well I really wanted to get in with a nice CU.

What about Navy? Or app for the cards and garden them to get your scores up. Penfed sounds like they're worth the patience.

Re: Be patient?

grinlikechelsea — Fri, 18 Apr 2014 01:02:20 GMT

Navy is good if you are in their membership demographic. I don't know about their mortgages, but they are extremely generous with credit card limits.

Re: Be patient?

Anonymous — Fri, 18 Apr 2014 01:40:31 GMT

@kroberts67 and @grinlikechelsea I wish I could get in with NFCU. I've thought of everything. The only people I know that are eligible are my Uncle and one of my good friends. I don't have any immediate family members or a roommate that qualifies. I even considered a position with the DoD to join that CU I do know I could get in with a few other federal credit unions in DC because of my job, but I can't find much about them.

@kroberts67 Are you saying that I should go ahead and apply for the other card I want now and garden? I'm on the fence.

Thanks again.

Re: Be patient?

grinlikechelsea — Fri, 18 Apr 2014 01:50:10 GMT

@Anonymous wrote:
@kroberts67 and @grinlikechelsea I wish I could get in with NFCU. I've thought of everything. The only people I know that are eligible are my Uncle and one of my good friends. I don't have any immediate family members or a roommate that qualifies. I even considered a position with the DoD to join that CU I do know I could get in with a few other federal credit unions in DC because of my job, but I can't find much about them.

@kroberts67 Are you saying that I should go ahead and apply for the other card I want now and garden? I'm on the fence.

Thanks again.

Immediate and extended family qualify for membership, I believe. I qualified through my grandfather, who was in the Marines.

Re: Be patient?

Anonymous — Fri, 18 Apr 2014 18:49:21 GMT

So I looked up the NFCU eligibility rules again and I'm sure I can't join directly through my Uncle. However, my father could probably join and I can join based off of him. I asked my father to call and see about his eligibility and the rep asked the same questions on the eligibility wizard. The last question was if he had a family member who fit any of the above eligibility requirements. He said yes and she said that should be fine and offered to start the process. They only asked what branch my uncle served and that was it. So right now, I'm just waiting to see if it will be approved. I will know more by Weds hopefully.

BTW, I was worried my Uncle had to be a member first, but it seems he doesn't according to the online chat.

Bradley: Great. Your father would be eligible to join Navy Federal even if his sponsor is not yet a member. However, he is not able to submit the application online. He can apply in writing, by visiting a branch office, or by calling us anytime at 1-888-842-6328.

He will need to provide us with information regarding his relationship to his sponsor and how his sponsor is eligible for membership.

If all goes well, I will apply for one of their cards. Thanks

Re: Be patient?

Anonymous — Mon, 05 May 2014 12:42:37 GMT

Hi Guys, just updating this to say that I am now a part of the NFCU family. My father was finally approved Friday after about two weeks of verification. I applied immediately after on Friday. I checked this morning for my access number, via forgot access number button and there it was. I guess applying online is much faster. When I opened the account I asked for Checking and Savings, but I only saw the savings. The opening deposit is pending from my regular bank, so I'm not sure when that will clear. In any case, I'm extremely happy. Thanks for making me think about this again.

I decided to do a little App Spree, but I will post that on the credit card approvals section. Thanks again.

Re: Be patient?

NoAnchoviesPlease — Mon, 05 May 2014 15:26:55 GMT

@Anonymous wrote:
So I looked up the NFCU eligibility rules again and I'm sure I can't join directly through my Uncle. However, my father could probably join and I can join based off of him. I asked my father to call and see about his eligibility and the rep asked the same questions on the eligibility wizard. The last question was if he had a family member who fit any of the above eligibility requirements. He said yes and she said that should be fine and offered to start the process. They only asked what branch my uncle served and that was it. So right now, I'm just waiting to see if it will be approved. I will know more by Weds hopefully.

BTW, I was worried my Uncle had to be a member first, but it seems he doesn't according to the online chat.

Bradley: Great. Your father would be eligible to join Navy Federal even if his sponsor is not yet a member. However, he is not able to submit the application online. He can apply in writing, by visiting a branch office, or by calling us anytime at 1-888-842-6328.

He will need to provide us with information regarding his relationship to his sponsor and how his sponsor is eligible for membership.

If all goes well, I will apply for one of their cards. Thanks

Oooh. I have a parent who was actually in the Navy, but could not get that parent to call in for any reason (unless they offer free seances)... I wonder if they can verify in more scientifically proven ways. I have the sponsor info they mention on their page. (EDIT: Oops, have to be a retiree, not just a past servicemember. Oh well.)

Congrats on getting in! And good luck on the house whenever it happens.