NFCU New Card App Odds

[Twotimesacharm]

I am rebuilding my home after fire, so I have made HEAVY use of the cards I have to get the most cash back rewards possible. My typical MO is the use them to the max until I get my next insurance disbursement, then pay them all off and begin again. Due to some snags, we hadn't gotten a disbursement in a while, so I was pretty much maxed out for a while. More funds are coming, and I plan on paying all down again, but I need to make some very large purchases and my limits won't accommodate them (I'll be able to pay it down quickly if I get approved for a new card). My plan was to apply for a new NFCU card since I've seen many times people usually get a large CL on their second card.

My question is: how long do I wait after the zero balances hit my report before I app for the Go Rewards and a CLI on my More Rewards? 

Data points:

I have three paid collections that are due to fall off this year.

EX: 672

EQ: 671

TU: 680

I'm assuming these scores will get a decent bump once I pay down all my cards, but with the three 6+ year old paid collections, I don't know how much.

Current cards:

Wells Fargo Active Cash: $4000 limit/$3900 balance (will be $0 balance when I app). 

NFCU More Rewards Amex: $3000/2800 (also will be zero)

Amex Delta: $1000/700 (will be 400 or so at app time).

I am an AU on a Cap1 Quick Silver, not sure of the current balance though.

NFCU relationship: 

Member for about 3.5 years

Direct Deposit 

Checking/Savings/Campus checking for son

More Rewards Amex: $3k (3.5 yrs old). 

Home Improvement loan, originally $25k, current balance $12k (3 years old)

Zero inquiries

Last late payment was a 30 day on my mortgage 4 years ago, otherwise clean for the last 6+ years.

Can anyone give me an approximate time line for apping? And possible opinions on approval odds?

[GZG]

have you been requesting CLIs on your moreRewards card?

I'd try CLI'ing it to $9k to start, or if you wanted to wait until your payments reflected, do it next month after your FICO score updates with the payments on them in the app 

as soon as your payments are reflected on your reports, you could app. you could always wait for all 3 collections to drop before apping, that will improve your odds if you wanted to wait. 

reasonable, but not perfect odds IMO, I've seen worse be approved and better get rejected. 

if you've reported overlimit on your credit reports, navy might cite that as a denial reason for the CLI, perhaps for the card as well. 

[Twotimesacharm]

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@GZG wrote:

have you been requesting CLIs on your moreRewards card?

I'd try CLI'ing it to $9k to start, or if you wanted to wait until your payments reflected, do it next month after your FICO score updates with the payments on them in the app 

as soon as your payments are reflected on your reports, you could app. you could always wait for all 3 collections to drop before apping, that will improve your odds if you wanted to wait. 

reasonable, but not perfect odds IMO, I've seen worse be approved and better get rejected. 

if you've reported overlimit on your credit reports, navy might cite that as a denial reason for the CLI, perhaps for the card as well. 

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Thank you, that's all very good to know!

To answer some questions: 

No CLI requests.

I don't really want to wait,  as I will be making these large purchases very soon and would prefer to get cash back rewards while making them If possible.

I have reported over the limit a couple times after the monthly interest hits, however, it is immediately rectified.

[CreditPoor]

Chances aren't going to be good with all that high utilization and carrying balances. I'd pay most of those down and try and carry ALZEO for a couple months. Your scores need to come up as well. Funding is getting more difficult for those below 700

[Twotimesacharm]

Yes, as mentioned I am planning on paying most down to zero, I'll probably be around 25% (not the preferable 3%). I'm not sure what my scores will be after that, but hopefully 700. I've seen people get into the 7's with remaining baddies so I was hoping to do so since mine are so old.

[moto4man]

Have you tried your luck with NFCU yet?

I work for a very high volume insurance restoration cg, and I'll be the first to tell you.... DO NOT rely on the insurance company to issue payments as needed.   Add supplemental bids, and line items and all bets are off.   Hopefully your snags aren't mortgage company related, because that's a whole new animal to pacify for a release in payment.   Be advised...

As for as the NFCU, I think you're on sketchy ground getting approved based on the info you've provided.  And I certainly wouldn't plan on a CL large enough to substantiate a rebuild, or refurnish of your home necessarily.   Primarily if you are on a timeline to acquire access to the CL, and not able to wait out the lates to fall off and util significantly reduced.

[Twotimesacharm]

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@moto4man wrote:

Have you tried your luck with NFCU yet?

I work for a very high volume insurance restoration cg, and I'll be the first to tell you.... DO NOT rely on the insurance company to issue payments as needed.   Add supplemental bids, and line items and all bets are off.   Hopefully your snags aren't mortgage company related, because that's a whole new animal to pacify for a release in payment.   Be advised...

As for as the NFCU, I think you're on sketchy ground getting approved based on the info you've provided.  And I certainly wouldn't plan on a CL large enough to substantiate a rebuild, or refurnish of your home necessarily.   Primarily if you are on a timeline to acquire access to the CL, and not able to wait out the lates to fall off and util significantly reduced.

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I just received my last disbursement from my mortgage company this week. I will still need to submit to the insurance for some code upgrades and ERC (wildfire area), but with the funds I just got, I have enough to work with for a few months and should bring me 95% complete. I just paid down all my cards to zero (with the exception of an AU card) and I planned on keeping them at zero until I app for a new card in July. I am hoping on a TU pull for that since I will only have one small ($200) paid collection left that is due to come off Feb 2025 and one late payment from April 2020. I have many accounts in good standing and a very good mix of credit. My DTI is low as well. 

[JSUB]

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@Twotimesacharm wrote:

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@moto4man wrote:

Have you tried your luck with NFCU yet?

I work for a very high volume insurance restoration cg, and I'll be the first to tell you.... DO NOT rely on the insurance company to issue payments as needed.   Add supplemental bids, and line items and all bets are off.   Hopefully your snags aren't mortgage company related, because that's a whole new animal to pacify for a release in payment.   Be advised...

As for as the NFCU, I think you're on sketchy ground getting approved based on the info you've provided.  And I certainly wouldn't plan on a CL large enough to substantiate a rebuild, or refurnish of your home necessarily.   Primarily if you are on a timeline to acquire access to the CL, and not able to wait out the lates to fall off and util significantly reduced.

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I just received my last disbursement from my mortgage company this week. I will still need to submit to the insurance for some code upgrades and ERC (wildfire area), but with the funds I just got, I have enough to work with for a few months and should bring me 95% complete. I just paid down all my cards to zero (with the exception of an AU card) and I planned on keeping them at zero until I app for a new card in July. I am hoping on a TU pull for that since I will only have one small ($200) paid collection left that is due to come off Feb 2025 and one late payment from April 2020. I have many accounts in good standing and a very good mix of credit. My DTI is low as well. 

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It's August 6 and I'm ready to hear the next chapter. 

[Twotimesacharm]

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@JSUB wrote:

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It's August 6 and I'm ready to hear the next chapter. 

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Thank you for checking in!

As of July, we were paid out the remaining ERC balance and the rebuild is moving along. All cards paid off, only one baddie left on all three reports that's due to fall off at the end of the year, all scores in the high 7's and three new cards approved on 7/7:

Citibank DC: $14,400

Chase FU: $13,200

NFCU CR: $20,000

Hard work has paid off and we have been very blessed

[NoMoreE46]

Congrats on your three new cards - feel free to celebrate in the Approvals area.