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Hi guys!
Last year I joined NFCU after reading so many wonderful things on this forum. I would like to open up a card or 2 with them but I'm indecisive so I'm hoping you guys will chime in.
I don't really need a credit card right now but I want to take advantage of Navy's low rates and I want to have a good relationship with them. I'd' also like to have a card with a good limit and a low APR for when I need to carry a balance. I've been considering the Platinum or Cash rewards card. Which one would you apply for first if you were choosing between the two?
In my mind the platinum is a good option but I don't love there is no reward incentives with this card. My scores are around 728 so I'm not sure if I could qualify for the 7.99% rate which makes think I should just shoot for the Cash rewards card. If I open a cash rewards now, in 3-6 mos do you think I'd have a better chance of getting a lower rate on the platinum card? Or should I start with a platinum card and then after a few months try for a cash rewards with the hopes of a high limit?
Other things going into my decision -
--My cap one QS is 15% , $7k so if I can't get a rate lower than 15%, does it really make sense to apply for either?
--Seattle Credit Union has already pre-approved me for 11% , $5k, 1% rewards, so should I just accept this considering 11% (or less) is what I'm looking for? But if I get accepted for the cash rewards at 11%, the rewards rate is higher...so should I try my luck?
Other stuff -
-- I have 2 /4 inquries falling off 10/2/19, the other 2 are from 10/2018 when I purchased my car
-- 2 credit cards in the last 2 years opened (AMEX CM - sept 2018, Chase FU dec 2018), 4 cards total
Thanks for your time!!
I can share what I did.
I joined NFCU in May 2018 and started rebuilding my credit after late payments caused my two Chase CCs to close. The only card I had at the time was Cap One. In March 2019 I applied for my first NFCU CC - the cashRewards. Got 25k at the lowest APR with scores in 650-660 range. After my 91/3 hit, I apped for the Platinum and got SL of $21,400 with the lowest APR again. Unless your DTI is really high, I don't see why you wouldn't be approved with a really low APR. NFCU is really amazing. I don't think you can go wrong with either one!
Edit: My scores were lower than I thought when I applied in March according to my sig lol.
@DH1988 wrote:
--Seattle Credit Union has already pre-approved me for 11% , $5k, 1% rewards, so should I just accept this considering 11% (or less) is what I'm looking for? But if I get accepted for the cash rewards at 11%, the rewards rate is higher...so should I try my luck?
If they already gave you a hard pull, take the pre-approval. I would take it regardless but that's just me.
If you have time, get what you want at NFCU and with a bit of internal history, you could likely get a sweet balance transfer rate with the Platinum (they often run 0% first year promo's) Get in the door now though.
I would (and DID) go for the Platinum first... lower APR, medium starting line. Wait 91 days AND three statements, then apply for the cash rewards... you'll get a much higher starting line.
I guess I did this all backwards. I joined NFCU September last year and applied for a checking account and CLOC which was approved for $1000. Then in November last year, I applied for a Flagship Rewards and given a $25,000 SL, my largest SL to date. I was floored, to say the least. My FICOs were in the 720s. I have not gone back to the well since as I am in the garden eyeing Chase's SWA RR Priority CC.
@AverageJoesCredit wrote:
No one can tell you what apr you'll get so pick the card you'll use most at the moment. People with low scores get best apr while others with great scores get Penfed'd
AJC, you sound a little... jilted.
I have not applied for a PenFed card yet. As you know, I am awaiting the time I can apply for my coveted Chase 5/24 card.
NFCU also runs their own internal scoring system. My husband has been a member for almost 8yrs (since army days) and his first attempt at an NFCU card in May 2019 was denied because of 500-something credit score (and he just opened two cards and maxed out one the same week lol). So he opened a secured card with them and was told after 6 mo he could upgrade to unsecured cc. Two months later after paying off his debt on those first two cards and more wisely using them, he jumped back up to 600s. In Aug 2019 he was looking to purchase a car and decided to try NFCU since he had a lonstanding relationship w/them (and wanted to avoid high APR at dealership becuase of 600s score). He was approved over the phone for $45k max auto loan, given lowest APR they offered and when he got his credit disclosure letter they showed him with a score in low 700s based on their system (all 3 bureaus still showed him in mid 600s). How their system works we do not know but it seems they value customer loyalty. On the NFCU app they still show his score in mid-700s which is much higher than any of the credit agencies. Last week he applied for their flagship card was approved for $15k at 18% APR (its lowest is 17%).
So all that to say... unless you need a cash rewards card, I would go for platinum.
@tcbofade wrote:I would (and DID) go for the Platinum first... lower APR, medium starting line. Wait 91 days AND three statements, then apply for the cash rewards... you'll get a much higher starting line.
What is the 91/3 referring to?