Keep gardening or app NFCU?

Anonymous · ‎07-26-2016

My discharge was in April 2015. I'm mostly following the plan, but my timeline is a little slow. I went on a mini app spree in March and got myself a credit union Visa, a Barclay MC, and an Amazon store card. I use all of them a ton and pay off each card every Friday and sometimes sooner because seeing balances makes me really sick. I was planning on waiting 6 months (September) and trying to get soft-pull increases on each of the cards.

I don't want a lot of cards because managing them seems like a lot of work. All I really want other than the cards I have is a prime Visa. I burned Chase, Citi, Discover, Amex, Cap 1 for large amounts in my BK, so I don't see myself getting back in with any of them. I hold a joint BoA account with my spouse, so I was thinking I might try them some time in the future.

Now, I'm seeing all these posts about NFCU, and it is tempting. I am REALLY happy with my credit union (Baxter), and would like to keep banking with them. I also keep my Chase checking account active for the convenience factor. I pretty much use it only for paying daycare through QP. I don't care about having high limit cards beyond the impact they will have on my credit scores.

I guess I have two questions.

1. Is it worth the hassle of trying to get a NFCU account?

2. Will I actually have to use the banking features to be more likely to get the high credit limits and great loans? Because I'm really not interested in moving to a new bank.

Anonymous · ‎07-26-2016

halah wrote:
My discharge was in April 2015. I'm mostly following the plan, but my timeline is a little slow. I went on a mini app spree in March and got myself a credit union Visa, a Barclay MC, and an Amazon store card. I use all of them a ton and pay off each card every Friday and sometimes sooner because seeing balances makes me really sick. I was planning on waiting 6 months (September) and trying to get soft-pull increases on each of the cards.

I don't want a lot of cards because managing them seems like a lot of work. All I really want other than the cards I have is a prime Visa. I burned Chase, Citi, Discover, Amex, Cap 1 for large amounts in my BK, so I don't see myself getting back in with any of them. I hold a joint BoA account with my spouse, so I was thinking I might try them some time in the future.

Now, I'm seeing all these posts about NFCU, and it is tempting. I am REALLY happy with my credit union (Baxter), and would like to keep banking with them. I also keep my Chase checking account active for the convenience factor. I pretty much use it only for paying daycare through QP. I don't care about having high limit cards beyond the impact they will have on my credit scores.

I guess I have two questions.
1. Is it worth the hassle of trying to get a NFCU account?
2. Will I actually have to use the banking features to be more likely to get the high credit limits and great loans? Because I'm really not interested in those.

Is it worth the Hassle?

* If you choose submit a Driver's License as a Photo ID from a state that you no longer live in, in addition to a non current utility bill as proof of your current legal residence, your submission will be questioned.

Identity verification submissions are reviewed everyday at every financial institution.

What do most consumers do?

Submit an application with a current address that can be easily verified by a current US government issued Photo ID (such as a current & valid state issued Driver's License with the same ADDRESS as listed on the application).

If you are not willing, reconsider why you are applying.

http://www.occ.treas.gov/news-issuances/bulletins/2003/bulletin-2003-22.html

The Office of the Comptroller of the Currency / US Department of the Treasury

OCC BULLETIN 2003-22
Subject: Bank Secrecy Act/Anti-Money Laundering (BSA/AML)
Date: June 3, 2003

Description: Final Rule–Customer Identification Programs for Banks, Savings Associations, and Credit Unions

This bulletin transmits a joint final rule published in the Federal Register on May 9, 2003, that requires all banks to establish procedures to verify the identity of customers.

The final rule implements section 326 of the USA PATRIOT Act for banks, savings associations, credit unions and certain non-federally regulated banks (banks) and is codified at 31 CFR 103.121. In addition, it transmits an amendment of the Comptroller of the Currency's regulation 12 CFR 21.21, which has been modified specifically to require national banks to establish and maintain procedures to assure compliance with the new final rule implementing section 326.

Banks must comply with the final rule by October 1.

The final rule requires all banks to implement a Customer Identification Program (CIP) that is appropriate given the bank's size, location, and type of business. The CIP must be written, incorporated into the bank's BSA/AML program, and approved by the bank's board of directors. The final rule requires that the CIP include:

Risk-based procedures to verify the identity of customers (generally, persons opening new accounts) including procedures that:

* Specify the identifying information that the bank must obtain from any customer, at a minimum, name, address, identification number, and, for individuals, date of birth;

* Describe how the bank will verify the identity of the customer using documents, non-documentary methods, or a combination of both methods; and

* Respond to circumstances in which the bank cannot form a reasonable belief that it knows the true identity of the customer.

(Mod Edit--Response has been edited, as much of it was not in line with our FSR guidelines; however, there is valuable information about why lenders are stringent with identity issues. I strongly encourage that posts be as factual and neutral as possible when imparting information. --SE)

Anonymous · ‎07-27-2016

Wow. You seem to be really emotional about this.

Rest assured, I'm not some kind of false flag conspiracy theorist. I am a generally literate person who can follow instructions as long as they are written in a coherent manner. Due to circumstances I should have been able to control but did not, I filed for bankruptcy last year. I am now working on rebuilding my credit enough to obtain a mortgage in the future. I'm wondering if contributors to this forum think a NFCU account will add to my rebuilding efforts.

I guess I mis-phrased my first question. What I'm really looking for is anecdotal discussion of the benefits of an NFCU membership. I already have accounts with three banks: a credit union, a major bank, and an online bank. I'm not really interested in a fourth bank account, but folks on these forums keep extolling the virtues of an NFCU account. I'm intrigued, so I'm asking if (in the opinion of informed posters on this board) an account with them is really all it's hyped up to be.

In my second question, which you completely ignored, I asked if I would actually need to show consistent activity with the account to obtain those much-storied benefits.

I'm not really posting this response for you as I'm not that convinced you can actually read, but I'm hoping other contributors might have insights to share with me related to my actual questions.

Scupra · ‎07-27-2016

@Anonymous wrote:
Wow. You seem to be really emotional about this.

Rest assured, I'm not some kind of false flag conspiracy theorist. I am a generally literate person who can follow instructions as long as they are written in a coherent manner. Due to circumstances I should have been able to control but did not, I filed for bankruptcy last year. I am now working on rebuilding my credit enough to obtain a mortgage in the future. I'm wondering if contributors to this forum think a NFCU account will add to my rebuilding efforts.

I guess I mis-phrased my first question. What I'm really looking for is anecdotal discussion of the benefits of an NFCU membership. I already have accounts with three banks: a credit union, a major bank, and an online bank. I'm not really interested in a fourth bank account, but folks on these forums keep extolling the virtues of an NFCU account. I'm intrigued, so I'm asking if (in the opinion of informed posters on this board) an account with them is really all it's hyped up to be.

In my second question, which you completely ignored, I asked if I would actually need to show consistent activity with the account to obtain those much-storied benefits.

I'm not really posting this response for you as I'm not that convinced you can actually read, but I'm hoping other contributors might have insights to share with me related to my actual questions.

The reason a lot of us are always talking about NFCU is because of how BK friendly they are. They allow us to obtain revolving TL's that grow quickly into HIGH limits. Beyond that, NFCU is just amazing to work with.

To optimize your FICO score you need 3 revolving TL's, which you have. Will a NFCU card help you? Yes and no. Do you need NFCU to help you obtain a home loan? Nope.. You have what you need already, 3 revolvers. Now, would a high NFCU limit credit card help you obtain higher limit cards in the future, sure will!

NFCU doesn't seem to worried about usage. I am sure that usage does help though.

Anonymous · ‎07-27-2016

@Scupra wrote:

The reason a lot of us are always talking about NFCU is because of how BK friendly they are. They allow us to obtain revolving TL's that grow quickly into HIGH limits. Beyond that, NFCU is just amazing to work with.

To optimize your FICO score you need 3 revolving TL's, which you have. Will a NFCU card help you? Yes and no. Do you need NFCU to help you obtain a home loan? Nope.. You have what you need already, 3 revolvers. Now, would a high NFCU limit credit card help you obtain higher limit cards in the future, sure will!
NFCU doesn't seem to worried about usage. I am sure that usage does help though.

Essentially, then, if I decide to go the San Diego Navy League route to open an account, I am likely to be able to acquire a CC with a much higher limit, thereby making it more likely to be able to acquire a higher limit and/or prime card in the future? Even if I don't use the account and minimally use the card?

Do they have minimum account balances for their accounts? And if my utilization is already where it should be (under 10% on one card), how much could this really affect my scores?

Thanks for the actual response to my actual questions, btw!

Anonymous · ‎07-27-2016

Applied late on a Thursday, Approved on Sunday Afternoon, Charging at Costco Tuesday Evening only 67 days post Ch 13 Bk.

* And the REAL HASSLE experienced with Navy FCU was the 9.9% apr.

My voluntary military service in a combat arms branch: PRICELESS

DD 214 included upon Honorable Discharge!

halah wrote:

I'm not really posting this response for you as I'm not that convinced you can actually read, but I'm hoping other contributors might have insights to share with me related to my actual questions.

baller4life · ‎07-28-2016

OP you only have to open a savings account with NFCU in order to gain membership and obtain a cc. You would need to open a checking account if you want to app their CLOC(line of credit). However, their is no minimum balance for their accounts. And you wouldn't have to put heavy usage thru their cc.

Higher limits begets higher limits. So, with NFCU you are very likely to eventually have a $25k+ cc. Other lenders are likely to approve higher amounts for you with something like that reporting.

Will adding their card help your score? If you are around under 10% util, then you probably wouldn't see much movement. As Scupra said, you have 3 revolvers already. Which is optimal for Fico scoring. But, adding NFCU to your portfolio will be very beneficial in the long run.

Navy Federal is AWESOME for rebuilders. I most definitely recommend you join. You absolutely want them on your team as you rebuild. They have been phenomenal to me and many others. Follow the instructions on joining Navy League San Diego then NFCU exactly and you shouldn't have any issue. This route of membership takes a lil longer than the normal route. But, it is well worth it.

Scupra · ‎07-28-2016

@baller4life wrote:
OP you only have to open a savings account with NFCU in order to gain membership and obtain a cc. You would need to open a checking account if you want to app their CLOC(line of credit). However, their is no minimum balance for their accounts. And you wouldn't have to put heavy usage thru their cc.

Higher limits begets higher limits. So, with NFCU you are very likely to eventually have a $25k+ cc. Other lenders are likely to approve higher amounts for you with something like that reporting.

Will adding their card help your score? If you are around under 10% util, then you probably wouldn't see much movement. As Scupra said, you have 3 revolvers already. Which is optimal for Fico scoring. But, adding NFCU to your portfolio will be very beneficial in the long run.

Navy Federal is AWESOME for rebuilders. I most definitely recommend you join. You absolutely want them on your team as you rebuild. They have been phenomenal to me and many others. Follow the instructions on joining Navy League San Diego then NFCU exactly and you shouldn't have any issue. This route of membership takes a lil longer than the normal route. But, it is well worth it.

The only thing I would add to this is that you do need to keep $5 in your savings

baller4life · ‎07-28-2016

Well yeah. $5 in share savings. Thanks Scupra!

Anonymous · ‎07-28-2016

Thanks for the helpful feedback, baller4life and Scupra!