Apply for Navy Platinum or wait?

c32knight · ‎12-31-2020

Hello All,

Joined NFCU yesterday thanks to my father in law being retired navy. I was wondering if it makes sense to apply for the platinum now, as I am looking for a 0% interest balance transfer card, or wait until scores are a little better. Some DP's below.

TU 671 (my lowest score), EQ 680

Utilization - 57% currently - my firm laid me off in july and I accrued a good portion of the CC debt during the unemployment period/building side business, new job started in Oct.

Income - 250k+

No late payments, derogs, collections, or other baddies

AAoA - 7 yrs 1 mo

Inqs - 1

I have been aggresively paying down the debt over the last 3 months and project everything to be paid off, including car loan, by Jun 2022. I am pre-qualified for every card they offer currently. My concern is applying for the Platinum as my first card with them, and getting a low credit limit that would be insufficient for a balance transfer. I would be looking for a SL north of 7k to eliminate a 23.99% I am currently paying on, but not sure if thats possible fresh out of the gate with them. I do have several cards with 10k+ spending limits but I also have high utilization on these, 60-70%. Should I wait on applying and just keep doing what I am doing, knowing I am spending a fortune in interest or try in hopes I dont get a 1k limit on the card? Alternatively, do I apply for another card, build a relationship over 6 months, and then apply for the platinum?

blindambition · ‎12-31-2020

Congrats on membership! First card is most often a very low limit. Probably not enough to get use for BT. However, better SL on second card when following 91/3. 91 days and 3 full statements on opening first card.

Also, BT offers at beginning of year are often like 1.99%. Not everyone gets 0%.

c32knight · ‎12-31-2020

Just called them to see when the 0% on balance transfers ends - 1/4/21, so I have 4 days to decide if I want to pull the trigger. It should go to 1.9% after that though he did not have the promotional flyer as of yet. He did say they have been running these promotions back and forth for 3 years. I also asked if it mattered that I have only been a member for 1 day and he stated tenure of membership doesn't affect the lending decisions however, the longer I am with them, it will benefit me down the road with trade lines and such, assuming he was referring to APR and CLIs.

cashorcharge · ‎12-31-2020

@blindambition wrote:
Congrats on membership! First card is most often a very low limit. Probably not enough to get use for BT. However, better SL on second card when following 91/3. 91 days and 3 full statements on opening first card.
Also, BT offers at beginning of year are often like 1.99%. Not everyone gets 0%.

Very true statement! There have been the exceptions of people getting high ($20K) out the gate on their first card with them and it's typically been the AMEX or the More Rewards. Those approvals also haven't had the kind of low APR you're looking for. When I started, I walked in with a perfect profile, score, income, DTI etc and was given $3000 at 5.99% When I went for card #2, I was approved for $20,100. Others have mentioned that they are very sensitive to DTI and while you've mentioned UTIL and you're paying this down....I would venture to guess if I had to....you may likely get approved, but I don't think this intial approval will be what you're looking for. Card #2 or CLI's down the road will get you where you want to be from a CL perspective but that doesn't help your BT issue now.

Lastly, please don't rely 100% on the prequalify tool. There are countless posts of people seeing "preapproved for all cards" when we know that isn't the case. As an example, the Flagship is NOT a good starter card with them but it typically comes up on that list.

AverageJoesCredit · ‎12-31-2020

@c32knight wrote:
Just called them to see when the 0% on balance transfers ends - 1/4/21, so I have 4 days to decide if I want to pull the trigger. It should go to 1.9% after that though he did not have the promotional flyer as of yet. He did say they have been running these promotions back and forth for 3 years. I also asked if it mattered that I have only been a member for 1 day and he stated tenure of membership doesn't affect the lending decisions however, the longer I am with them, it will benefit me down the road with trade lines and such, assuming he was referring to APR and CLIs.

This last part is very true imo , longer you are with them, the more they are willing to take risks with you even with high debt, im living proof.

Even if you dont get the limit you want, take the shot now, you never know. Then in 3 months plus, you'll have your shot at a bigger limit card. I think you can survive 91 days plus 3 statements on your income lol. Best of luck

c32knight · ‎12-31-2020

My DTI is currently 16.5%. Not sure if that is a good or bad place to be for NFCU. While I do want to establish the relationship with them, I dont know if I necessarily need another card or two just to transfer a larger balance sometime in April. I do appreciate the heads up on the pre-qualify for them. I guess I will have to weigh my desire to not pay as much interest against the hits from 2 hard pulls within 6 months.

Anonymous · ‎12-31-2020

@c32knight welcome to the Navy family!

Your scores are solid enough for Navy and my only concern is your current utilization but your DTI is low so I agree with AJC; you'll never know unless you try pull the trigger. The 0% offer on the Platinum is actually offered to everyone who is approved until the 4th. The first of the year promo will be available on all cards (new and existing) and is usually 1.99-3.99% but it sounds like the rep already told you it will be 1.9%. So the intro currently on the Platinum at 0% is better but it all depends if it's approved and for a limit you can work with.

The underwriting is the same for all the Navy cards with the exception of the Flagship.

Please let us know what you decide to do and I wish you and yours a great 2021. It sounds like you are making major progress!

adelphi_sky · ‎12-31-2020

Data point here.

Joined NFCU in September. Applied for the Platinum in December. Was given $25k @ 10.99%. I plan to request a decrease to 5.99% after 12 months.

AverageJoesCredit · ‎12-31-2020

@c32knight wrote:
My DTI is currently 16.5%. Not sure if that is a good or bad place to be for NFCU. While I do want to establish the relationship with them, I dont know if I necessarily need another card or two just to transfer a larger balance sometime in April. I do appreciate the heads up on the pre-qualify for them. I guess I will have to weigh my desire to not pay as much interest against the hits from 2 hard pulls within 6 months.

Exactly. Once you decide how much intetest you are willing to pay your choice will be easier. You might find a bigger limit on a first card with another major bank card so just reserach what works for you.

c32knight · ‎12-31-2020

Well I pulled the trigger on the Platinum card since that is what I was really targeting and figured any decent balance would work. Approved for 5k at 5.99% with 0% for 12 months. I am thinking I will call and try to recon a slightly higher SL as 7k would get me where I need to be.