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NFCU Gurus please help me decide

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NFCU Gurus please help me decide

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!! 

 

 

 

Message 1 of 17
16 REPLIES 16
Super Contributor

Re: NFCU Gurus please help me decide

Score isn’t the most important thing to NFCU. I landed a Platinum at 7.99% in December at my 91/3 and I landed my initial cashRewards at the lowest 11.4% back in September last year. Considering my TU8 was 652 in September and not much better in December, the score definitely didn’t matter much to them. Unfortunately I haven’t been able to figure out a pattern for the lowest APR. I have seen both high and low scores not get it.

If it was me, I would take the card you are prequalified for and grab either the Platinum or cashRewards too. More credit union accounts is not a bad thing.

Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 2 of 17
Established Member

Re: NFCU Gurus please help me decide

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.

11/15/18

3/13/19

4/12/19

7/9/19



NFCU Signature Visa CashRewards - 25,000
NFCU Platinum - 21,400
Capital One Quicksilver - 4,300
Message 3 of 17
Frequent Contributor

Re: NFCU Gurus please help me decide


@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.


Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
8-1-18 -
12-24-18 -
9-6-19 -
Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG
Message 4 of 17
Super Contributor

Re: NFCU Gurus please help me decide

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.  



09/01/19 Fico 8: EX 721, EQ 723, TU 745.

Last inquiry 03 September 19

Zero percent financing is where the devil lives...
Message 5 of 17
Valued Contributor

Re: NFCU Gurus please help me decide

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. 


















Your FICO credit scores are not just numbers, it’s a skill.

Message 6 of 17
Community Leader
Super Contributor

Re: NFCU Gurus please help me decide

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'dSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 7 of 17
Highlighted
Valued Contributor

Re: NFCU Gurus please help me decide


@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'dSmiley Wink

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.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 8 of 17
Member

Re: NFCU Gurus please help me decide

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%). Smiley Surprised

 

So all that to say... unless you need a cash rewards card, I would go for platinum. Smiley Happy


CSP $9.7K || CFU $3.4K || CF $10.2K || PNC Cash Rewards $4K || Synchrony $16K

SEPT 2019 EX: 733 TU: 735 EQ: 746
GOALS: 800 Club


In the garden until March 2020.
Message 9 of 17
Member

Re: NFCU Gurus please help me decide


@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? 


CSP $9.7K || CFU $3.4K || CF $10.2K || PNC Cash Rewards $4K || Synchrony $16K

SEPT 2019 EX: 733 TU: 735 EQ: 746
GOALS: 800 Club


In the garden until March 2020.
Message 10 of 17
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