Hi All,
I am 3/24 which means I am under Chase's 5/24 rule. My plan is to apply for 1 Chase card (Freedom Flex) and 1 Navy Federal card.
I have a couple questions pertaining to Navy Fed:
1. I already have the MoreRewards card, should I request a CLI on it before or after applying for my next Navy Fed card?
2. Should I apply for the Flagship Reward card or one of the other cards?
3. I know NFCU is a relationship bank, so I'm wondering if anyone knows whether getting a certificate of deposit thru NFCU will actually help getting a higher limit.
My FICO 8 is 715 and my FICO 9 is 728 if that's useful to know.
Thank you!
1. If you want a new card more than a CLI (potentially), then I would app for the new card first. Otherwise, you could run into the issue where you get declined for the new card because they have extended you their max CL already (through the CLI).
2. Depends what your goal is and if the $50 annual fee on the Flagship is worth it for you.
3. There seems to be at least a little bit of varying opinions on the certificate part. Personally, I opened a certificate because it could only help to raise my internal score with NFCU. Did it make a difference? No idea, but I doubt it swung my SL much if at at all.
Thanks for the response and glad you had some experience with the CD.
As far as your first 2 points, my goal
is to increase my credit limit as much as possible which I thought would be more likely with a new card. And I don't mind the $50 fee for the Flagship, so it's not a factor for me here.
thanks again!
This is all based on your needs. Don't collect cards just to have them. Get cards that you see a need for and something you won't grow out of. I personally have grown out of my NFCU More Rewards, but I keep it open since it is my oldest account. *edit: As an FYI, Flagship is the hardest card to get with NFCU.
If Chase fits your needs, apply there first. Then
More Rewards CLI (b/c its typically a SP, but a HP can sometimes happen if it goes into manual review), then NFCU card.
NFCU is more of a time length bank than a product use bank. The longer you're with them, the more generous they can be.
@Hut1 wrote:
NFCU is more of a time length bank than a product use bank. The longer you're with them, the more generous they can be.
While I don't disagree that time length isn't considered, I think there are enough data points that show product use is also considered (e.g. NFCU specifically citing lack of secured loan, direct deposit, etc. in credit denials). My personal story is that I was only an NFCU member for a couple months when I applied for my first credit card...I was approved with a SL of $25K. I had Flagship Checking, an SSL, Certificate, DD...did that make a difference? Beats me. Of course, as with most things in this world it's all profile dependent.
Keep in mind it's not just relationship based. Everyone seems to think that what you do with them is all that matters. They track your use with other lenders. I was declined for a CLI because I accidentally let my discover report over limit. Based on the reason given they track for at least 12 months.
@keekers wrote:
@Hut1 wrote:
NFCU is more of a time length bank than a product use bank. The longer you're with them, the more generous they can be.
While I don't disagree that time length isn't considered, I think there are enough data points that show product use is also considered (e.g. NFCU specifically citing lack of secured loan, direct deposit, etc. in credit denials). My personal story is that I was only an NFCU member for a couple months when I applied for my first credit card...I was approved with a SL of $25K. I had Flagship Checking, an SSL, Certificate, DD...did that make a difference? Beats me. Of course, as with most things in this world it's all profile dependent.
Well, I guess we can add my experience with NFCU to the other data points. I joined in 2015 as a joint owner to an already established checking account. My scores were low 600's, several unpaid collections and late payments and 0 revolving accounts. In 2019, NFCU called me and begged me to accept one of their credit cards and a checking line of credit. They said I had multiple offers available to me for the last couple years and wanted to make sure I was aware. I accepted with a $15K starting line.