NFCU - LOC, CC, CLI

[Anonymous]

Hi, all!  So I have been stalking and following a lot of advice since my bankruptcy dc'd last September - HUGE THANK  YOU TO EVERYONE!!!  I have two Cap One cards; one with a $1500 limit and one with a $3,000 limit - both of these just increased based on SP on their website.  I have had these since January, i should be getting the credit steps increase soon as well. I also followed all the adivce on getting started with NFCU. I LOVE THEM!  I was approved for an initial CL of $500 on the nrewards card, did an auto recon right off the bat and got it up to $2,000.  I have only had that for just over two months now.  Based on the other threads, I need to wait until month 3 to do a CLI on that card, no problem.  My question is, should I apply for the checking LOC, the signature rewards card, or just hold off for a bit? 

My EQ score according to myfico is 597 (it was closer to 576 when I was approved for the NFCU CC a couple of months ago).  My TU is 627 and my EX is 635, but I don't think those matter to NFCU.  We are hoping to purchase a home once we hit the one year mark from dc of the bk....so I am doing what I can to increase my scores so that we can qualify for an FHA loan.  I think that raising my CL's will help to bring utilization down (currently around 28%) and that's why I am debating.  I do have a lot of inq due to car shopping (12) , if those truly are considered as one inquiry, then I only have around 6 on my EQ report. 

Any thoughts as to if I even SHOULD apply for the LOC?  or would another NFCU CC be best...is there a better timing on this? Like should I wait to see what kind of CLI I get on the nrewards?  I do keep some money recurring on there, but pay down 80% every month by way of two - three payments each month. 

I appreciate any insight you guys have and again, thanks for all of the help up to this point! 

[Anonymous]

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@Anonymous wrote:

Hi, all!  So I have been stalking and following a lot of advice since my bankruptcy dc'd last September - HUGE THANK  YOU TO EVERYONE!!!  I have two Cap One cards; one with a $1500 limit and one with a $3,000 limit - both of these just increased based on SP on their website.  I have had these since January, i should be getting the credit steps increase soon as well. I also followed all the adivce on getting started with NFCU. I LOVE THEM!  I was approved for an initial CL of $500 on the nrewards card, did an auto recon right off the bat and got it up to $2,000.  I have only had that for just over two months now.  Based on the other threads, I need to wait until month 3 to do a CLI on that card, no problem.  My question is, should I apply for the checking LOC, the signature rewards card, or just hold off for a bit? 

My EQ score according to myfico is 597 (it was closer to 576 when I was approved for the NFCU CC a couple of months ago).  My TU is 627 and my EX is 635, but I don't think those matter to NFCU.  We are hoping to purchase a home once we hit the one year mark from dc of the bk....so I am doing what I can to increase my scores so that we can qualify for an FHA loan.  I think that raising my CL's will help to bring utilization down (currently around 28%) and that's why I am debating.  I do have a lot of inq due to car shopping (12) , if those truly are considered as one inquiry, then I only have around 6 on my EQ report. 

Any thoughts as to if I even SHOULD apply for the LOC?  or would another NFCU CC be best...is there a better timing on this? Like should I wait to see what kind of CLI I get on the nrewards?  I do keep some money recurring on there, but pay down 80% every month by way of two - three payments each month. 

I appreciate any insight you guys have and again, thanks for all of the help up to this point! 

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Welcome to the forums.

I would apply for the LOC now.  It's different underwriting than the CCs..    Just so you know and this is an often misunderstood point about inquiries from auto shopping.    If the inquiries are grouped together in a short period of time they will out as one for Fico scoring purposes only.  Every inquiry will still show on your credit report.  They don't just disappear or appear as one.

Good luck on whatever you apply for and make sure you let us know the outcome.

[1fstgixer]

Like Irish said, app for CLOC now, as far as CLI or another CC with NFCU, there is a guide here on the forums, but without looking for it, Wait until NFCU does next A/R then hit the CLI button as long as you see the A/R on your credit report.

[Anonymous]

Thanks, you guys!  It looks like my HP for my account was on 3/24 - then they did an A/R on 4/28 -- should I hold out until I hit the 3 months for the CLI?  I found the thread you talked about and it advises to get the first card to 25k before app'ing for a second card, so I will wait on that!  I just tried the LOC and this was the response I received:

Unfortunately, your request for credit has not met Navy Federal lending criteria for approval. You will receive a notification by mail at your address of record within the next 5-7 normal mail delivery days which will provide an explanation for the decision. This letter will also explain the appeals process that you may initiate.

Do you think I should try and send a private message?  If so, what would I say?

Thanks again!!

[Anonymous]

Bumping this back up  -  I also wanted to knoe if I asked for a recon if they would do another HP or not?  I am thinking to just leave well enough alone and try again a few months down the road....

[1fstgixer]

sending secure message may or may not help, my Brother was recently turned down on CLOC but approved for Flagship CC, sent secure message asking for recon on CLOC and the replied that he would have to call in to discuss it.

I would wait until next A/R before hitting the luv button on your current CC, be patient and it will pay off very well with NFCU.

[Anonymous]

Thanks!  That was my thought as well.  I appreciate your response!!

[Anonymous]

What do you guys mean you say A/R????

[Anonymous]

AR = account review. it's when they do a SP on your credit report. they do it every few months.

[tussking]

Great info ! So I was just approved on Monday for $500 CC with NFCU can you please explain how you AUTO-RECON'd from $500 to $2000 (what did you say). I could really use the additional credit. I appreciate your time.....Thanks !