topic Re: My Alliant/NFCU Strategy in Rebuilding Your Credit

My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 04:46:59 GMT

Background: Lost most everything in the Florida construction depression of 2007-12. Had no credit of any kind. Since 2012 we have come back and my small company has done very well. Only used cash and saved as much as possible.

Just started rebuilding and I have a VERY THIN file. One active account. Secured Discover, 2 MO. Two 30 yo closed accounts. One collection.

I have many hours reading as much as I could. It seems that the recovery path usually involves getting CC's w/ low limits and very high interest rates. I became very impressed with Alliant and NFCU. These are the type companies I want to start off with if I can.

My FICO 08's are. EQ - 659; EX - 654; TU 696 It is clear I need a thicker file.Here is my plan.

1. Join Alliant and NFCU.

2. Deposit a significant amount (30k) in both places.

3. Open a 10k SSL with Alliant.

4. Open a 2k SSL with NFCU.

5. Get a $450 advance from the NFCU LOC.

6. Get NFCU Secured CC.

Wait for the scores to go up, hopefully 30 points as most people have been getting.

My strategy is to establish a relationship, show that I have assets and may be someone that they want as a customer, establish four more accounts (all UTI's will be below 9% within 1 month) and do business with them. If the computer turns me down I hope to be able to make a good impression with the recon guy. . . . .

Good plan, bad plan???? What would you suggest??

Thanks

cfrepro

Re: My Alliant/NFCU Strategy

rmduhon — Sat, 17 Jun 2017 09:12:23 GMT

You'll only need 1 loan for scoring purposes. Are you eligible for NFCU? If so I'd apply for an unsecured card first. Scorewise you could be approved for one, but I can't guarantee that.

Re: My Alliant/NFCU Strategy

jdxprs1 — Sat, 17 Jun 2017 09:35:31 GMT

With your profile, I think you can get a nfcu unsecured. Starting limit will be around 20k.

Re: My Alliant/NFCU Strategy

rmduhon — Sat, 17 Jun 2017 10:07:23 GMT

The starting limit won't necessarily be that high. Our scores were about the same and we only got 2k. But 3 months later we got a 15k CLI.

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 10:12:59 GMT

My son had only 10 months of history and an income of only $1,300 per month when he was approved for $8,300 with NFCU, but he had a score of 700+ at the time. I do think you could get approved now, but I'm not sure for how much.

Re: My Alliant/NFCU Strategy

jdxprs1 — Sat, 17 Jun 2017 10:52:31 GMT

If he deposits 30k, they WILL NOT give him a 2k card. It will be around 20k, a popular number right now is 24k for some reason

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 10:59:48 GMT

Based on my own experience and reading myfico posts, nfcus internal scoring model for CCs is heavily weighed toward monthly income and utilization. I had a score below but near 600 in april from a missed student loan payment i wasnt monitoring that went 90 days and from not really using credit for anything else. I found myfico, got my uti around 1% on the roughly $2k in revolving accounts, and nfcu approved me for the platinum and a 24k SL. When the card came my internal score was only 50 points from the max. Only way that makes sense is that my decent income and low uti pushed it that high.

as others have said, if you have a low uti with your scores, nfcu should treat you well. Good Luck!

Re: My Alliant/NFCU Strategy

rmduhon — Sat, 17 Jun 2017 11:00:01 GMT

Depositing 30k will definitely look good, but it's not a guarantee that it will give him a 20k SL. No one can say for sure what it might be.

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 12:48:16 GMT

I have already joined both.

after reading hundreds of NFCU posts I found it is not near as hard as you might think. If any member of your immediate family (parents, grandparents, siblings, children and I believe their spouses) has served in the military you are eligible. My Grandfther erred briefly at the very end of WWl and he passed 40 years ago and I was eligible. No proof required It was VERY EASY. The CSR had to check with supervisor but in 10 minutes I was a member.

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 13:26:40 GMT

@Anonymous wrote:
I have already joined both.

after reading hundreds of NFCU posts I found it is not near as hard as you might think. If any member of your immediate family (parents, grandparents, siblings, children and I believe their spouses) has served in the military you are eligible. My Grandfther erred briefly at the very end of WWl and he passed 40 years ago and I was eligible. No proof required It was VERY EASY. The CSR had to check with supervisor but in 10 minutes I was a member.

Have you applied for any of their products yet? I suspect that you won't have to go the secured route, and that you may be pleasantly surprised by your starting limit. Even if your SL isn't fabulous, I'd bet dollars to doughnuts that'll be so in 3 months.

Hurry up and apply, the suspense is killing me!!

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 13:35:00 GMT

I wouldn't think you'd have to go for unsecured at all. Navy also has a lineup of products for small business.

You mentioned wanting to build a good relationship with them. Although that will help long term, I don't think you'd have a problem going for want with them now and growing more going forward with them

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 21:40:16 GMT

Not applied for anything yet. I have deposited with Alliant and will do so with NFCU Monday. Will set up the SSL's Tuesday and Wed and wait for the score boost to Follow ( I hope). I considered applying for the unsecured plan in my original plan, but decided to be conservative. You guys have given me the optimism to go for the unsecured. I haven't studied their card offerings, which would you recommend I try for??

I'll let you know how things are progressing.

Re: My Alliant/NFCU Strategy

Anonymous — Sat, 17 Jun 2017 22:08:03 GMT

@Anonymous wrote:
Not applied for anything yet. I have deposited with Alliant and will do so with NFCU Monday. Will set up the SSL's Tuesday and Wed and wait for the score boost to Follow ( I hope). I considered applying for the unsecured plan in my original plan, but decided to be conservative. You guys have given me the optimism to go for the unsecured. I haven't studied their card offerings, which would you recommend I try for??

I'll let you know how things are progressing.

I'm not familiar with Alliant at all, so I can't speak about them. But I did join Navy Fed a couple of months ago. My scores (620's-630's), and presumably income (base on your available cash to deposit), are lower than yours. They approved me for their GoRewards Visa with a starting limit of $3700. Not an earth shattering SL, but at the time it was my highest (I've since been approved through PenFed for a $5000 SL card). And it hasn't been three months yet with Navy, so I'm hopeful that I'll be able to get a decent boost next month.

Re: My Alliant/NFCU Strategy

Anonymous — Sun, 18 Jun 2017 02:28:52 GMT

Alliant has an excellent reputation also. If you don't have active an installment loan I would recommend going to:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756/highlight/false

This is a very long thread (1500 posts) . Read the first three posts and if you don't have an active installment loan you should realize a 25-30 put increase by following the instructions. I am in the process of doing this now. Should be finished by Tuesday.

Good Luck.

Re: My Alliant/NFCU Strategy

medicgrrl — Sun, 18 Jun 2017 03:43:21 GMT

What's the DOFD on the collection?

Re: My Alliant/NFCU Strategy

Anonymous — Sun, 18 Jun 2017 03:57:37 GMT

Alliant has an excellent reputation also. If you don't have active an installment loan I would recommend going to:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/td-p/4506756/highlight/false

Good Luck.

Re: My Alliant/NFCU Strategy

Anonymous — Sun, 18 Jun 2017 04:09:54 GMT

It is reported as June, 2013. I know that is 3-6 months off. Should early 2013. Not sure if I can prove it though/.

Re: My Alliant/NFCU Strategy

Glen_M — Sun, 18 Jun 2017 19:17:54 GMT

@Anonymous wrote:
...
Just started rebuilding and I have a VERY THIN file. One active account. Secured Discover, 2 MO. Two 30 yo closed accounts. One collection.
...
My FICO 08's are. EQ - 659; EX - 654; TU 696 It is clear I need a thicker file.Here is my plan.

1. Join Alliant and NFCU.
2. Deposit a significant amount (30k) in both places.
3. Open a 10k SSL with Alliant.
4. Open a 2k SSL with NFCU.
5. Get a $450 advance from the NFCU LOC.
6. Get NFCU Secured CC.

Wait for the scores to go up, hopefully 30 points as most people have been getting.
...
cfrepro

I seriously doubt you would have a problem getting a regular card with NFCU. I have less income than you have cash, and my TU is lower, but I managed a $17.6k card with them even with an old $7k charge off on my file.

If your recent credit history is clean, low utilization, low debt to income, you're going to have no problem. More than one SSL isn't really going to do anything for you either.

Re: My Alliant/NFCU Strategy

Anonymous — Sun, 18 Jun 2017 19:27:13 GMT

I know multiple SSL's won't help the installment loan issue, but since my file is so thin I wanted a few more active accounts.

Re: My Alliant/NFCU Strategy

nate0404 — Sun, 18 Jun 2017 21:10:20 GMT

The ssl with nfcu will result in a hp, if you have the ssl with alliant, i would apply for an unsecured card with nfcu before the ssl with nfcu