Questions about NFCU before applying.

[Anonymous]

Hello All!

Im new here, and to NFCU. 
literally just opened an account with the at the beginning of the week, trying to get away from Suncoast they have been nothing but awful, when trying to get any sort of line of credit through them, and I'm wanting to refinance my truck with them.

Ideally before any dings to my reports I'd like to get any insight on my chances of getting a card with them.

here are my current FICO 8 scores as of today.

TU: 709

EX: 674

EQ: 651

I have 1 inquiry on EX from 6/19 (suncoast)

3 on TU (all 2019)

0 on EQ

I have a repo from 2016 (no missed payments for 2 years, but dealer Mod cut - no profanities  (buy here pay here)  so I told them to come get it.

and one medical bill from 2014 (recently added back again nov. of 2019) 

I have 7 CCs (looking to ditch the  high interest cards) have 1% utilization through TU

13% on EQ ( badcock hasn't reported since August!! Ugh) and 1% on EX.

I have 1 auto loan (capital one)

1 LOC (badcock)

100% on time payments

Thank you in advance!

[Matt9543]

I got membership last May, applied for my last card in September. With an income around $15k, I was approved for the More Rewards card with a $11,600 limit. March 2020 I applied for the cashRewards, approved for a $1,400.  Got my third card in August, another More Rewards (first was PC to Flagship). I know I've read points here and there saying that they have their own scoring method, which takes into account your relationship with them, Direct deposit status, credit score, DTI, etc. I've had nothing but great luck with them. Give them time, and you'll have a bunch of credit in no time.

I have only had HP on TU, and I believe I did see recently that they're gonna be moving solely to TU. They, in my opinion, are not inquiry sensitive.

[Anonymous]

Well the direct deposit is definitely going to be an issue as, I run my own business so, no direct deposit but the deposits are there! Lol I deposit anywhere from 5k to 20k a month into my accounts, depends on the season.. as my business is seasonal and thankfully it's season now! Lol

My DTI  very low, as my home is owned and paid for. Literally only $702 a month as I don't carry balances on my CCs I currently have. I'm going to move most of my money over to navy once I receive my debit card in the mail. Just a pain because I have zero nearby branches, but hopefully worth it in the end.

would you suggest waiting to apply with??

my DTI 

[800wannabe420]

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@Anonymous wrote:

Well the direct deposit is definitely going to be an issue as, I run my own business so, no direct deposit but the deposits are there! Lol I deposit anywhere from 5k to 20k a month into my accounts, depends on the season.. as my business is seasonal and thankfully it's season now! Lol

My DTI  very low, as my home is owned and paid for. Literally only $702 a month as I don't carry balances on my CCs I currently have. I'm going to move most of my money over to navy once I receive my debit card in the mail. Just a pain because I have zero nearby branches, but hopefully worth it in the end.

would you suggest waiting to apply with??

my DTI 

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The direct deposit is not a critical component for approval of credit products from NFCU, but it is a positive, particularly for a CLOC.

NFCU is most definitely a relationship oriented FI and while they are often more generous than their counterparts in regards to credit limits (both starting and total), the more history you generate with them, the better. 

Also, recent DP's point to initial CLOC limits in the amount of $500. You might be best served to open a credit card that most closely matches your spending habits/needs and begin to build a payment history along with ageing you membership. The only card to avoid as a first card would be the Flagship as that particular card has different UW requirements, primarily a 5K SL, than the others. 

I agree that NFCU does not appear to be particularly inquiry sensitive but like every other FI, the current lending environment due to the covid virus has made them more selective in their lending practices. 

Welcome to the Navy family and providing you treat them well, you will (hopefully) be very pleased with the results that follow!