topic NFCU Experiences? in Rebuilding Your Credit

NFCU Experiences?

Twotimesacharm — Mon, 26 Apr 2021 01:43:52 GMT

I wanted to ask about some experiences with NFCU during rebuilds, specifically with what types of derogatory marks and CLIs and/or second card applications.

I currently have one open collection on my report that I have been (unsuccessfully) disputing since 2017 plus some lates and paid charge-offs from 2018. Does anyone have similar stories that they would be willing to share?

Re: NFCU Experiences?

AllZero — Mon, 26 Apr 2021 01:51:23 GMT

@Twotimesacharm wrote:
I wanted to ask about some experiences with NFCU during rebuilds, specifically with what types of derogatory marks and CLIs and/or second card applications.
I currently have one open collection on my report that I have been (unsuccessfully) disputing since 2017 plus some lates and paid charge-offs from 2018. Does anyone have similar stories that they would be willing to share?

Not knowing the exact details of your credit profile, in general, NFCU can be very forgiving with members that have less than stellar credit profile, credit scores, utilization, etc. From reading posts, it appears NFCU can be generous with CLI growth and card approvals compared to other lenders.

For your reading pleasure. Navy Federal Thread for CLI and Additional Cards

Re: NFCU Experiences?

Twotimesacharm — Mon, 26 Apr 2021 02:27:03 GMT

@AllZero wrote:
@Twotimesacharm wrote:
I wanted to ask about some experiences with NFCU during rebuilds, specifically with what types of derogatory marks and CLIs and/or second card applications.
I currently have one open collection on my report that I have been (unsuccessfully) disputing since 2017 plus some lates and paid charge-offs from 2018. Does anyone have similar stories that they would be willing to share?
Not knowing the exact details of your credit profile, in general, NFCU can be very forgiving with members that have less than stellar credit profile, credit scores, utilization, etc. From reading posts, it appears NFCU can be generous with CLI growth and card approvals compared to other lenders.

For your reading pleasure. Navy Federal Thread for CLI and Additional Cards

I will definitely take a look at that link!

For some basic data points:

Ex 8: 641 EQ 8: 650 TU 8: 672

The good:

Wells Fargo since 1/2019: $0/$2000 (recently graduated)

Amex since 11/2020: $25/$1000

First Premier since 2014 & 2015: $0/$300 and $0/$400

Capital One QS (AU) since 2013: $0/$3500

NFCU since 3/2021: $0/$3000

No lates on any

Two recently paid off car loans, no lates

The iffy:

Two lates (90 day and 120 day) in 2018 on a student loan (might have a successful goodwill there, waitingon escalated response)

One 30 day late on mortgage 3/2020 (during loan transfer, probably will be removed)

The bad:

From early 2018-

Cap One settled charge off

Fingerhut settled charge off

Comenity paid in full charge off

Santander car loan settled charge off

One open collection for $4,000

Re: NFCU Experiences?

AllZero — Mon, 26 Apr 2021 02:56:30 GMT

@Twotimesacharm wrote:
@AllZero wrote:
@Twotimesacharm wrote:
I wanted to ask about some experiences with NFCU during rebuilds, specifically with what types of derogatory marks and CLIs and/or second card applications.
I currently have one open collection on my report that I have been (unsuccessfully) disputing since 2017 plus some lates and paid charge-offs from 2018. Does anyone have similar stories that they would be willing to share?
Not knowing the exact details of your credit profile, in general, NFCU can be very forgiving with members that have less than stellar credit profile, credit scores, utilization, etc. From reading posts, it appears NFCU can be generous with CLI growth and card approvals compared to other lenders.

For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
I will definitely take a look at that link!
For some basic data points:

Ex 8: 641 EQ 8: 650 TU 8: 672
The good:
Wells Fargo since 1/2019: $0/$2000 (recently graduated)
Amex since 11/2020: $25/$1000
First Premier since 2014 & 2015: $0/$300 and $0/$400
Capital One QS (AU) since 2013: $0/$3500
NFCU since 3/2021: $0/$3000
No lates on any
Two recently paid off car loans, no lates
The iffy:
Two lates (90 day and 120 day) in 2018 on a student loan (might have a successful goodwill there, waitingon escalated response)
One 30 day late on mortgage 3/2020 (during loan transfer, probably will be removed)
The bad:
From early 2018-
Cap One settled charge off
Fingerhut settled charge off
Comenity paid in full charge off
Santander car loan settled charge off

One open collection for $4,000

That's a good starting limit on the 1st NFCU card.

IIRC you received the lowest APR at 9.65%? If yes, then that would be a good sign that your credit profile would be in a good position for 2nd card approval and 1st card CLI. The longer you can wait, say 6 months, the better. That extra time will allow you to strengthen your profile and payment history with NFCU. One is eligible to apply for 2nd card and CLI at 91 days and 3 full statements from last approval date.

ETA If you are looking for mortgage or re-finance, I would avoid any credit seeking behavior that would involve HP Hard Pull inquiry or new account(s).

Re: NFCU Experiences?

Twotimesacharm — Mon, 26 Apr 2021 03:28:37 GMT

Yes, I got the 9.65% (no letter with my NFCU score).

I'm not looking to obtain a mortgage, I'm actually in the process of rebuilding my home after fire. We've been struggling with the bank for insurance distributions so my plan was just to finish up the build on our own. They tend to reimburse if I submit paid invoices. If I had a larger credit line, I could use it, then pay it off each time I received a reimbursement check from the bank. It would be so much less stressful than fighting for small checks at every turn.

If I apply for the second card after the 91/3 and get approved, what do you think I might expect as a SL? I have put through at least $1500 on the card in the last 30 days and pay it off every week. I will continue to use it for everything and pay it weekly. Oh, also, I transferred my direct deposit to NFCU

Re: NFCU Experiences?

AllZero — Mon, 26 Apr 2021 03:33:06 GMT

@Twotimesacharm wrote:
Yes, I got the 9.65% (no letter with my NFCU score).

If I apply for the second card after the 91/3 and get approved, what do you think I might expect as a SL? I have put through at least $1500 on the card in the last 30 days and pay it off every week. I will continue to use it for everything and pay it weekly. Oh, also, I transferred my derict deposit to NFCU

I do not know what your starting limit will be. I can only guess it will be equal to or larger than your $3,000 1st card up to $25,000. NFCU has their formula that we do not know regarding credit profile, income, DTI Debt To Income, internal score, etc.

It is good that you have used more of NFCU products such as their DD Direct Deposit. That may be beneficial in strengthening your membership profile.

Re: NFCU Experiences?

Twotimesacharm — Mon, 26 Apr 2021 03:37:29 GMT

@AllZero wrote:
@Twotimesacharm wrote:
Yes, I got the 9.65% (no letter with my NFCU score).

If I apply for the second card after the 91/3 and get approved, what do you think I might expect as a SL? I have put through at least $1500 on the card in the last 30 days and pay it off every week. I will continue to use it for everything and pay it weekly. Oh, also, I transferred my derict deposit to NFCU
I do not know what your starting limit will be. I can only guess it will be equal to or larger than your $3,000 1st card up to $25,000. NFCU has their formula that we do not know regarding credit profile, income, DTI Debt To Income, internal score, etc.

It is good that you have used more of NFCU products such as their DD Direct Deposit. That may be beneficial in strengthening your membership profile.

Thank you for all the information, I appreciate it. I've been browsing the almost 1700 pages of the post you suggested, there's good stuff there 😊

Re: NFCU Experiences?

AllZero — Mon, 26 Apr 2021 03:44:01 GMT

@Twotimesacharm wrote:
Thank you for all the information, I appreciate it. I've been browsing the almost 1700 pages of the post you suggested, there's good stuff there 😊

You are welcome.

Yes, there is a lot of information to absorb. You can skip pages or go to current 2021 year or beginning of April 2021. It's all up to you. There are solid data points there.