Advise needed, considering NFCU CC balance transfer

[FirstAscent]

Yes thanks for the reminder! I’m wouldn’t actually apply yet, not ready for a hard pull with lower odds.

I’ll see if there’s any prequals and start from there, if not I’ll wait until utilization is down more in a month or two

[AllZero]

Navy is a mystery. If you follow the big Navy thread, approvals and denials are all over the place. e.g. high utilization gets approved, high FICO scores get low starting limits. Of course, high utilization and low scores gets denials too. So be realistic in your expectations.

[FirstAscent]

Thanks everyone! I called as you suggested and they said I was prequalified for all of their cards. So that’s at least a good first step.

I didn’t apply for anything yet, still need to think about it.

At the very soonest I would want to wait at least a week. I know my WF account will update tomorrow or the next day and should be slightly lower balance than last month.

I know my Amex and discover statement ends on the 17th or 18th, and I get paid on the 15th so I want to try to get a good payment in before the statement ends. I don’t recall when those two report though.

But at least I’m prequalified. Too bad that doesn’t mean too much yet, not a certainty and who knows what the CL would be.

Thanks for all the info so far!

[AllZero]

Congratulations on your prequal! It's a good sign.

Hopefully, the lower reported utilization will increase your odds at a decent credit limit.

Navy does value length of membership and you've had a auto loan. So you have that in your favor.

Let us know the outcome once you pull the trigger.

[FirstAscent]

I definitely will keep you all posted. My credit rebuild journey has come a long way thanks to all of you!

I’ve been with, and had my auto loan with, NFCU for maybe 18 months, so yeah hopefully that helps!

[FirstAscent]

Just trying to think ahead a little, doing some calculations on how my credit statements will close this month...

WF just closed at $6102 - 87.2%
AMEX will close on the 14th at $2000 - 66.6%
Discover actually closes on the 18th and I’ll be making a payment on the 15th. In order to get that one below the red zone you mentioned I need to have the ending balance + interest be below $13,957. I think I can swing this just barely.

Unfortunately that’s still high utilization for WF and Discover. I think I’ll try to hit these closing statement amounts and wait to see how much of an increase I get on my credit score as well.

So hopefully by around 1/20 the new amounts will all show on my reports then that’ll better help me decide to pull the app trigger.

Obviously this whole purpose is to do a balance transfer for as much as possible, so without a high initial SL, it would suck. And paying down the current cards with interest TOO much defeats the purpose of getting a new card for a balance transfer. Haha aahhh oh it’s a vicious cycle

[AllZero]

It's a vicious cycle indeed. Keep expectation in check and you won't be disappointed. If first card bares not enough fruit, 2nd card usually yields higher limit at 91 days and 3 statements.

As mentioned earlier, length of membership and current loan performance is in your favor.

[AverageJoesCredit]

I just wsnt to add that not having Navy prequals is really meaningless. Only a few people have actually got a csr to confirm that they do or do not have them. This should not stop anyone from applying as most of us have applied without prequals. Its great you got them. You can wait to apply to lower your uti but in reality one never knows the limit they will get approved for with Navy until they apply. I myself would apply then if approved have 3 months to build up history for either a cli or second card. Good luck op

[Gotham-]

The Following is an unsolicited message from
Gotham...

You are Bat Attack Ready...
Whenever you pull the trigger the expectation should be within reason for a balance transfer
91/3 as stated should yield a better 2nd Card or cli

You’re a member n NFCU has the internal score
Like I have a Batcave only they know that number
And I know my Cave 😆

So whenever take the shot when you’re ready deep breath and Here WE Go! Good Luck


Navy is generous and a marathon relationship

[Scupra]

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@FirstAscent wrote:
Just trying to think ahead a little, doing some calculations on how my credit statements will close this month...

WF just closed at $6102 - 87.2%
AMEX will close on the 14th at $2000 - 66.6%
Discover actually closes on the 18th and I’ll be making a payment on the 15th. In order to get that one below the red zone you mentioned I need to have the ending balance + interest be below $13,957. I think I can swing this just barely.

Unfortunately that’s still high utilization for WF and Discover. I think I’ll try to hit these closing statement amounts and wait to see how much of an increase I get on my credit score as well.

So hopefully by around 1/20 the new amounts will all show on my reports then that’ll better help me decide to pull the app trigger.

Obviously this whole purpose is to do a balance transfer for as much as possible, so without a high initial SL, it would suck. And paying down the current cards with interest TOO much defeats the purpose of getting a new card for a balance transfer. Haha aahhh oh it’s a vicious cycle

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Your utilization isnt't changing enough to play the waiting game in my eyes.. The longer you wait could just be time spent on building tenure on a credit card with NFCU. Where you're at now, one inquiry isn't going to make or break your profile and Navy is offering a BT special. 1.99 compared to I'm assuming 20ish is a no brainer to help you out. Aplly now, if the limit is too low, start using it and work on getting a CLI within 90 days. None of us could tell you what is going to happen, NFCU is crazy like that Go pull that dang trigger and see what happens, no need to be scared of one, or even two, inquires. GL