NFCU mailed me approval for Cash Rewards

[Anonymous]

My TU went up 10 pts this week.  Sup.

Back from vacation.  Checked mail, had approval code for NFCU Cash Rewards card.

Ok guys, give it to me straight, is this a legitimate offer or is this a thank you for being a member?  I have the goRewards, checking, savings, and 2 CD's with them.

Do I want to pull the trigger?  WE ALL DO. However, I have 4 inq for 2015, and 3 from 2014. My 2013's will be completely dropped in Oct. Can I joyous boost my ego now for real mail approval offer yet?  Start dancing like an idiot in my living room? 

Rebuilder...end transmission.

[gibeon]

Did they give you a set interest rate or a range?

I haven't heard of them mailing preapprovals before, but I do know they look at more than just score. (They approve down to 540, but that needs to be a clean 540.)

Also, they are not at all inquiry sensitive. They approved me for CashRewards with 20+ inqs per burueau. (Had checking, savings, secured card, and CLOC when approved.) And scores in the 620's-630's.

In the end though, if you don't "need" it and would rather wait for higher scores and fewer inqs on file, it certainly won't hurt your chances or your starting limit to do so.

[Anonymous]

Husband got one, applied, got approved. It's worth a shot. NFCU is not really inquiry sensitive, if my experience is standard.

[Anonymous]

I've read their offers (whether mailers on in your account online) are pretty solid.  I think they also have a sign-up bonus for the cashRewards now which is pretty nice.  I will warn you they take forever to post your rewards.  I'm talking to the tune of 6-8 weeks after the promotion ends, not immediately after you hit the signup bonus like some like creditors, or even 6-8 weeks after you hit the rewards.  I had to wait 2 statements after the promo period started on my goRewards for the rewards to post...

Oz

[Anonymous]

Rebuilding and climbing, already have my 3 major's and store cards.

Guess I'll take this as a "go me" approval and sleep on it.  Managing 3 majors atm is a lot for a credit card newbie.

I did not get any offers online, nor a set apr in the mailer hence my questioning. FICO suggests a raise in score with $5000 card, but my scores don't warrant anyone giving me that SL imo.

Yet.

Edit:  Thank you all for replying! I appreciate you!

[Anonymous]

How long have you had the goRewards card and have you gotten a SP CLI with it anytime recently?  The last AR was 6/30, I can't remember if NFCU does one every two or three months.  Anyway if you'd had the goRewards for a while and haven't asked for a CLI, you could try for a CLI and ask for $25,000 (they'll counter if you're not approved for the full $25,000).  If you get a counter or an automatic approval to your CLI that is a SP CLI.  If you get a 3-5 day message (which will result in a HP unless you cancel the request with SM before they manually review it).  

According to creditaddict, THE NFCU myFico guru, once you get a SP CLI that is the best time to apply for a new card.  That or once your first card hits $25,000...

Oz

[Anonymous]

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@Anonymous wrote:

How long have you had the goRewards card and have you gotten a SP CLI with it anytime recently?  The last AR was 6/30, I can't remember if NFCU does one every two or three months.  Anyway if you'd had the goRewards for a while and haven't asked for a CLI, you could try for a CLI and ask for $25,000 (they'll counter if you're not approved for the full $25,000).  If you get a counter or an automatic approval to your CLI that is a SP CLI.  If you get a 3-5 day message (which will result in a HP unless you cancel the request with SM before they manually review it).  

According to creditaddict, THE NFCU myFico guru, once you get a SP CLI that is the best time to apply for a new card.  That or once your first card hits $25,000...

Oz

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goRewards for 2 statements, Joined after last AR. I'm only at $1900 CL. I really found it odd, that

1. My TU went up in the last 3 days by 10pts - no reason given.

2. NFCU mails me a cash rewards visa approval code in the last 3 days.

Me? Really? You guys sure about that? I'm at the 590-620 Range depending upon which FICO year you prefer.  Fear kept me from CC in the past, and fear keeps me from apping now.  I should wait for the next SP review, check for CLI, start building my Creditaddict NFCU shrine. Study Creditaddict's NFCU post.  i crack me up

Seriously though, i'm putting a bookmark on the NFCU CLI post Creditaddict made. Thank you Oz!

[Anonymous]

NFCU is definitely a different kind of lender, in a good way. They approved me for the LOC at $6,000 back in Nov and I couldn't have been much higher than the 620s. My goRewards was denied at the same time, but I got a recon to $500. The next AR I submitted a CLI for the LOC and the goRewards. LOC CLI was approved to the maximum at $15,000 and the goRewards CLI was denied, I reconned and they changed their mind to the tune of $2,000. Next AR I fell off my chair when NFCU countered my $25k asking to the tune of $10k! That's about the time my goRewards sign up bonus posted, I collected that and converted it to a Flagship. The second to last AR, up to $14k and the last AR (end of June) I cancelled the CLI request because I got the 3-5 day message and we were just about to apply for a mortgage and I didn't want to have to explain to NFCU about an inquiry a couple weeks before a mortgage app. I'm keeping my eye out for the next AR and hoping it'll be north of 20k with the 40-50 point bump I've had in the last couple of months.

Hope this helps, NFCU grows with you a lot faster than just about any other creditors, maybe save for AMEX with their 3x CLIs at 61 days and another 3x at 181 days...

Sorry for any typos, it's 4:30am and I'm making this post on my phone...
Oz

[Anonymous]

Man that gives me hope!

2 statements in, have the 9/1 AR on my Equifax.  That must be why I got the mailer.  I stupidly tried the CLI instead and am getting a HP.  I have already mailed them.  

If the HP stays, I'll have 4 -6 INQ for 2015 total - for each bureau, 5 EQ, 4 TU, 6 EX. My next drop is 1/16 then only my 2015 INQ exist, so if I keep trucking on with these 10pt CS increases, I'll be ready for some apps in the Summer of 2016 at least. 

Hello Amex my love.

edit:  I called. Post cards with approval codes are Invitation to Apply NOT preapprovals. Ego has died.

[Anonymous]

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@Anonymous wrote:

Man that gives me hope!

2 statements in, have the 9/1 AR on my Equifax.  That must be why I got the mailer.  I stupidly tried the CLI instead and am getting a HP.  I have already mailed them.  

If the HP stays, I'll have 4 -6 INQ for 2015 total - for each bureau, 5 EQ, 4 TU, 6 EX. My next drop is 1/16 then only my 2015 INQ exist, so if I keep trucking on with these 10pt CS increases, I'll be ready for some apps in the Summer of 2016 at least. 

Hello Amex my love.

edit:  I called. Post cards with approval codes are Invitation to Apply NOT preapprovals. Ego has died.

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If you Secure Message them to cancel the request they'll definitely do it, so long as you're quick about it.  You could also make sure your Equifax is really cold if you catch my drift, so cold it's freezing...  When I had the 3-5 day message back in July, I messaged them and made sure all my reports were real cold, I really didn't want to have to explain to an UW a last minute inquiry.  

Bummer on the post-card mailer.  If it makes you feel any better I just got my second AR in a row 3-5 day message trying for a SP CLI.  Maybe I'm at exposure with NFCU *shrug*

Oz