Navy Federal Question

[Anonymous]

Hey folks, new member here with a question about applying for a Navy Fed CC. I actually have a few questions...

I joined Navy Fed a couple weeks ago, but I've been holding off applying for credit because I want my a high utilization to fall off and my scores to increase. Right now they sit at TU 699, EQ 683 EX 730 (up from 694 yesterday) The EX shows higher with an address change alert, but I believe that it's the high utilization falling from 51% to 1%? Not sure because MyFico doesn't tell me anything else.

So my first first question is, how long does it usually take fo EX an TU to catch up on my scores? I want to pull another report but don't want to waste money. I use a lot of the FAKO sites, but none of them will update for another week or so.

Second, with the scores I have now, do I need to even bother waiting to apply? My thinkig is that I would get better rates if my scores were all in the 730 - 740 range, or am I wrong?

Also, Should I apply for the Platinum if I intend to make a fairly large purchase and take a month, or two, to pay it off?

History:

Oldest account is an auto loan @ 23 months (had a 7yr old account recently fall off)

AAoA is 16 months (newest 4 months is Capital One)

No derogatories 

Inquiries (1 yr)TU 1, EQ 2, EX 1    (2yrs) TU 2, EQ 3, EX 2  I know that my short history is bad

Income is right below $45,000

Thanks in advance for any tips and help!

Forgive me if I posted in the wrong area

[Anonymous]

I would go for the gorewards it is offering the bonus right now. I don't think you are questioning whether or not you'll be approved but if you are, I think youll like your results. If you carry a balance the platinum with the lower rate might be the card however I think you'll get a very good rate with the information provided. Make sure to be able to prove exactly what you have as income. As for when the reports catch up on fico they always seem to be within a couple days of each other for me at least. I got approved for 15% at 617 and I thought that was low but you may not think so. That's about all the info I can give but there are much more knowledgeable people on here than me

[Anonymous]

Thank you for your quick reply!

Why do you mention proving income? Did they request from you, and if so, what did the require?

[Anonymous]

Haha that's a good question...I transferred jobs same company, different boss, different pay. To make a long story short I had to send in last to paystubs and tax return and bank statements. Most likely if you have pay stubs you should be fine but mine look like I just started. I would just make sure I'm being really accurate on income

[Anonymous]

Gotcha! Thank you.

I've been on the same job for more than 4 yrs btw and have plenty of stubs

[Anonymous]

I think your profile provided as stated  is fine. Are there any baddies on your profile?  If not you should get you an easy approval with a good limit with them them.  

[Anonymous]

I have zero baddies on my file.

But will the higher scores give me a better interest rate? I'm just wondering if I should wait a few days for my TU and EQ scores to catch up. According to the estimator TU will be 740 and EQ 730.

Thanks.

[Anonymous]

I would say yes it would but, you are probably golden now.  If you have the patience, I would wait.  I received an instant $10k on a cashrewards card with scores considerably lower that yours and an APR of 15 something, i forget now. lol.  They pull EQ04 for credit cards btw.

[Anonymous]

Then I'll wait because EQ is my lowest score @ 683. I guess I'm a little paranoid of rejection too with my short history.

And how long does it usually take to get your bank card? I applied like a week and a half ago and still nothing in the mail. I emailed them Friday night so don't expect to hear from them until tomorrow sometime at the earliest. But I'd like to deposite some money into the account asap to maybe better approve my chances.

[Anonymous]

I will say wise decision to wait. Your Cap One card will be 6 months old in a couple of months and once your utilization drops it will only help your cause.  If the 683 is EQ04 then again I say, you are golden.  I say kudos to you if you stay discipilned.  Also look at PenFed, they seem as if they are gonna give NFCU a run for the money. 

I personally am a credit union fan.  I left Wells Fargo/First Interstate after 30 years and moved all my everyday banking through NFCU. I also joined 3 other CUs since (I don't leave all my ducks in the same pond).  Plus I'm anti- bailout and don't need the extras, like private bankers etc. For the average "Joe Plumber" CUs are the way to go and NFCU and PenFed are the way to go. CUs show love as long as you treat them well.  Good Luck on your decision.