Credit union- BT / CA questions

[Nelsoul]

Hello all.. I need to do 10K BT from a busines card and pull CA of 9K from CCs.

I currently have a NFCU platinum 15K @5.99% ( just lowered from 14.99%) for 13 months, been with Navy for 16months, with DD, SSL.. Going to apply for a 2ed Platinum for the BT, I am hoping to get a SL of at least 15K , so I can also take the max CA ($4,500 from both). Been a Penfed member 100 days, did a prequlify on a PL in October got denied. Shortly after received a mailer preapproved for Gold card before I was a member.

Thing is I make mostly cash ,so now I'm leery of applying for Fenfed from all the POI requests I've been reading. 

My strategy is, apply for Fenfed gold first ( reading they're new account sensitive) then Navy plat. BT the 10K, CA $4,500 from both Plat then BT that to Penfed. Can a CA be BT and enjoy 0% ? Of course YMMV but would it be say to assume my 2ed navy's SL be close to 15K @ 5.99% ?- since that's what I currently have..

My scores are all 760+, 2% UTI for the last year, gardening 13 months,  although I do have one new account a Amex PL 2 months old - $ 515 monthly payments. 3 HP's on all bureaus. AAoA 1.6years - 37K total credit. I can show salary of 40K on my pay stubs but I only clock in for 15Hrs - Since stubs do show $20hr would that make Pen happy or will they look at gross? Thanks

[brk1971]

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@Nelsoul wrote:

Hello all.. I need to do 10K BT from a busines card and pull CA of 9K from CCs.

So you need $19K... for...?  (It IS relevant, because there may be a better way to get it.)

I currently have a NFCU platinum 15K @5.99% ( just lowered from 14.99%) for 13 months, been with Navy for 16months, with DD, SSL.. Going to apply for a 2ed Platinum for the BT, I am hoping to get a SL of at least 15K , so I can also take the max CA ($4,500 from both). Been a Penfed member 100 days, did a prequlify on a PL in October got denied. Shortly after received a mailer preapproved for Gold card before I was a member.

Thing is I make mostly cash ,so now I'm leery of applying for Fenfed from all the POI requests I've been reading. 

PenFed, like many others, does income verification behind the scenes, and if your reported income doesn't match, you'll likely get a substantiation request from them. If you can substantiate your cash earnings, this shouldn't be an issue.

My strategy is, apply for Fenfed gold first ( reading they're new account sensitive) then Navy plat. BT the 10K, CA $4,500 from both Plat then BT that to Penfed. Can a CA be BT and enjoy 0% ? Of course YMMV but would it be say to assume my 2ed navy's SL be close to 15K @ 5.99% ?- since that's what I currently have..

Note that a pre-approved mailer isn't actually pre-approved. Also note that Navy has internal lending limits based on your credit and ability to repay, so it's not safe to assume that your SL will be $15k. It may be higher, lower, or the same if you are approved. There are lots of reports of "at maximum unsecured limit" (based on that person's info) declines.

My scores are all 760+, 2% UTI for the last year, gardening 13 months,  although I do have one new account a Amex PL 2 months old - $ 515 monthly payments. 3 HP's on all bureaus. AAoA 1.6years - 37K total credit. I can show salary of 40K on my pay stubs but I only clock in for 15Hrs - Since stubs do show $20hr would that make Pen happy or will they look at gross? Thanks

Income verification is almost entirely about the gross income, but the statements in this paragraph are confusing. If you don't work full time (on paper), you cannot substantiate a $40k salary.  (read: they won't take your hourly wage and multiply, they'll take your gross pay that is shown...) 

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It's fairly important to point out that if the action you described herein all work out exactly as you described them (which is, well, a stretch of an assumption with all those moving parts...), the result will be a credit card (or two, or three) reporting very high utilization and a history of significant cash advances. I don't know if Navy reports cash advances (e.g. to Sagestream) or not, but a history of CA alone can be a factor in future credit decisions.

[CreditInspired]

And I want to chime in here--lenders really don't like giving CAs. And honestly, the interest rate is prohibitive starting on day 1. As brk1971 states, there are a lot of moving parts. IDK, You may not want to go this route. Just my 2cents

[Nelsoul]

So you need $19K... for...? (It IS relevant, because there may be a better way to get it.)

10K BT from a busines card ( start up cost) to buy into a % of a business.

9K to pay 7 months of rent up front since I'm not showing enough $ on the books. What other options might you suggest?

Income verification is almost entirely about the gross income, but the statements in this paragraph are confusing. If you don't work full time (on paper), you cannot substantiate a $40k salary. (read: they won't take your hourly wage and multiply, they'll take your gross pay that is shown...)

Right my hourly wages shows 40K $20hr but I've been taking mostly cash.. What might be a request for POI - last 2 pay stubs?, I can start to clock in FT for the next few weeks.

Yes I know all these moving parts must fall into place,but I believe my relationship with navy can get me 15K, hoping 10K from Pen to BT my CA. Is that even possible? I probably could live with just one CA 4K and the BT.

reporting very high utilization and a history of significant cash advances. I don't know if Navy reports cash advances (e.g. to Sagestream) or not, but a history of CA alone can be a factor in future credit decisions.

How long does something like that factor in future credit decisions? because once I get these cards , no, need for another one for years.

Thank you

[AverageJoesCredit]

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@CreditInspired wrote:

And I want to chime in here--lenders really don't like giving CAs. And honestly, the interest rate is prohibitive starting on day 1. As brk1971 states, there are a lot of moving parts. IDK, You may not want to go this route. Just my 2cents

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Navy nor Penfed minds CAs. Just pay it back and they are happy, ime/imo

[Nelsoul]

That's what I'm thinking - then why offer the option. 

[AverageJoesCredit]

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@Nelsoul wrote:

That's what I'm thinking - then why offer the option. 

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If you are referring to Banks offering CAs i agree it drives ne nuts. They advertise it like it is a great feature but most frown upon it. Thats why if you want to use your credit cards for Cash Advances i wholly recommend getting Credit Union cards especially platinum cards. You will pay some interest but it can be worth it if you need it and willing to pay. 

[Nelsoul]

Navy platinum for 11K was approved, forgot I had my transunion locked so they pulled Experian, my TU scores are stronger, what Ex model do they use? Navy is closed today , I am going to call to request a slightly higher limit, but I'm wondering if I asked to use TU could that effect my starting limit? Also could they remove my EX inquiry in favor of TU, because I'm applying for Amex business platinum and don't want that EX pull effecting the preset limit. 

[SouthJamaica]

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@Nelsoul wrote:

Hello all.. I need to do 10K BT from a busines card and pull CA of 9K from CCs.

I currently have a NFCU platinum 15K @5.99% ( just lowered from 14.99%) for 13 months, been with Navy for 16months, with DD, SSL.. Going to apply for a 2ed Platinum for the BT, I am hoping to get a SL of at least 15K , so I can also take the max CA ($4,500 from both). Been a Penfed member 100 days, did a prequlify on a PL in October got denied. Shortly after received a mailer preapproved for Gold card before I was a member.

Thing is I make mostly cash ,so now I'm leery of applying for Fenfed from all the POI requests I've been reading. 

My strategy is, apply for Fenfed gold first ( reading they're new account sensitive) then Navy plat. BT the 10K, CA $4,500 from both Plat then BT that to Penfed. Can a CA be BT and enjoy 0% ? Of course YMMV but would it be say to assume my 2ed navy's SL be close to 15K @ 5.99% ?- since that's what I currently have..

My scores are all 760+, 2% UTI for the last year, gardening 13 months,  although I do have one new account a Amex PL 2 months old - $ 515 monthly payments. 3 HP's on all bureaus. AAoA 1.6years - 37K total credit. I can show salary of 40K on my pay stubs but I only clock in for 15Hrs - Since stubs do show $20hr would that make Pen happy or will they look at gross? Thanks

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1. You should assume you will need pay stubs, tax return, W2's, or 1099's, if you're asked to substantiate income.

2. You should not assume anything about the starting limit on a 2nd Navy Platinum. or even that you could get one.

3. Unlike Navy Platinum, PenFed Gold has a balance transfer fee if I'm not mistaken.

[SouthJamaica]

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@Nelsoul wrote:

Navy platinum for 11K was approved, forgot I had my transunion locked so they pulled Experian, my TU scores are stronger, what Ex model do they use? Navy is closed today , I am going to call to request a slightly higher limit, but I'm wondering if I asked to use TU could that effect my starting limit? Also could they remove my EX inquiry in favor of TU, because I'm applying for Amex business platinum and don't want that EX pull effecting the preset limit. 

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Congratulations on your approval for a second NFCU platinum card