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(UPDATE!) NFCU First Card; CashRewards Vs Platinum

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CreditGameGB
New Member

(UPDATE!) NFCU First Card; CashRewards Vs Platinum

UPDATED ON NEXT PAGE! 😲😱

 

First post- Apologies I am still unfamiliar with certain terminology, lingo and abbreviations ...

 

I know they are both lower tier cards, but is it true since the Platinum is a BT card with a low APR , that NFCU is likely to give a lower SL compared to the green CashRewards for a first card?

 

My credit profile is very thin;

I only have a total of 5 accounts, one of which is closed.

Two are CC's with limits of $6000 a piece with a utilization of less than 5% for the last two months.

The other two accounts are two SSL's that were just opened one month ago Nov 8th.  One SSL was for $7500 and the other which I did a week later was for $9500. I paid them down to 8.9% before they reported. These are / were my only installment loans, ever.

 

My AoOA is 6 years 1 month, and AAoA is 2 years 7 months.

 

I've only been with NFCU since October 31st. I heard they actually like to see you have relationships with other credit unions? I bank with 3 other credit unions, two of which those 6k CC's are from.

 

I only work part time so unfortunately my current salary is a measly 26k

With Navy Fed I have;

-direct deposit

-savings and checking

-special easystart certificate

-easy start certificate

(Above two are currently accumulated at $3600) 

-and as mentioned the two SSL's

 

Checking average is about $600 and only $150 in regular savings....

 

I have no 'baddies' and have a 100% on time payment history for the 6 years since I started credit.

Inquiries are all from 6 months ago:

TU- 2

EQ- 1

EX- 1

 

My scores:

Fico 8

TU- 799

EQ- 764

EX- 776

 

Fico 9

TU- 804

EQ- 812

EX- 819

 

I wanted to wait at LEAST 3 months after joining NFCU to app for my first CC, but I'm going to do it only after 2 months. I did the prequalify tool, and I pre-qualified for all of their cards...

 

So really my main point of concern is; if I apply for the Platinum right out of the gate- What are the odds I'll get a measly low starter limit? I prefer the Platinum over the green CashRewards card but should I start with the green card first, then work my way up towards the Platinum? 

🤔🧐

Any tips or advice on which I should apply for- as this will be my first NFCU CC app? I temporarily am living rent free, but been at the same address for 5+ years. Also concerned because my salary is now only at barely 26k 🥴 but been with the same employer for 3 years (don't know how much those two even factor?)

 

I plan on applying first week January after the second set of payments for the SSL's report. Don't know if that would even help or not 

 

If my NFCU app is approved and I hopefully get a decent starting limit, (higher than my current 6k cards, that is) - I am thinking to wait for the card to report, then ask for CLI from my other CU's? 

 

Sorry for the long post but thank you . I shall continue browsing the forums, I started credit really late in life 🥹

13 REPLIES 13
GatoradeZeroGuy
Valued Contributor

Re: NFCU First Card; CashRewards Vs Platinum


@CreditGameGB wrote:

 

 

So really my main point of concern is; if I apply for the Platinum right out of the gate- What are the odds I'll get a measly low starter limit? I prefer the Platinum over the green CashRewards card, but should I should start with the green card first, then work my way up towards the Platinum? 

🤔🧐

 


What NFCU is going to give you is what they are going to give you, whichever card you choose isn't going to change that.

 

(unless it's the flagship with a 5k minimum, which I would not apply for w/your profile) 

 

Do you have a 2% cash back card already? If not, take the cash rewards with the 1.75% cash back at NFCU.

 

Why do you want a platnium? NFCU's platnium is a low interest BT card, that doesn't sound like anything you need.

 

As for income, people here with disability/social secuirty level income still can pull quite respectable credit lines w/amazing credit.

 

Consider leveraging your experience at your position to get a new job at substainally higher income 40k+ if you want to move up to the next strata of incomes when it comes to CLs. 

Starting FICO 8:

Current FICO 8:

3/6, 5/12, 14/24

Message 2 of 14
CreditGameGB
New Member

Re: NFCU First Card; CashRewards Vs Platinum

 


@GatoradeZeroGuy wrote:

Why do you want a platnium? NFCU's platnium is a low interest BT card, that doesn't sound like anything you need.

I plan on making a big purchase come January, and was going to need to hold a balance to pay over time and wanted to take advantage of the introductory BT APR offer. One of my 6k CC's has zero cash advance fees and I can advance the whole limit, (or just use actual card for the purchase), then I was planning to BT that to the Platinum . But obviously if I get hit with a low SL trying to do the BT might not be worth it or not even possible.

 

One of my cards is a 1.5% Cashback card. I've just read that NFCU may tend to give your first card with a lower SL, and with good use with your second card they become much more generous with the SL. But then again I've seen those who started with Platinum and gotten huge SL's out the gate. But I guess my current low income is what worries me

 

I was recently laid off from my 'full time' job back in July - both jobs were technically part time but between both I was making over 40k but now with only one it's significantly lower

Message 3 of 14
SUPERSQUID
Valued Contributor

Re: NFCU First Card; CashRewards Vs Platinum

Its all profile related with NAVY but they put a high premium on low utilization and low DTI

Do you know what your internal NAVY score is?

I wouldnt expect a monster limit with 26k income but who knows with them.

My story,

I opened a checking and savings with 15 dollars in each, during the next 7 months i added small money and wrote one small check and used the debit card twice. the prequal kept showing me the secured card but in dec/2021 i apped for the cr anyway, approved for 3700 at 16.99.

My income was 36,000 - now its 39,000

I applied 2 years post bk7 dc

In april i apped for the platinum because i wanted the bt option, approved but for only 1k at 14.99 , i couldnt use the bt because of the low sl and they wouldnt allocate some of my limit from the cr which was now 9700 because my cr was less than one year old.

Now in almost 12 months that 3700 cr has grown to 15,700

My plat has grown to 3k

If you know your internal score and post it that might help paint a more complete picture.

Like the previous poster said who knows what sl they will give you.

You are doing a lot of business with them and your reports are clean so those are two positives.

My credit history is sub par so i was happy just to get cards from them, they grow quickly. 

 

PS - I am retired 5 years

 

PS2 - You might consider also opening up a small savings account over at penfed and let it sit 6 months , thats what i did and and in 7 mos  dec/21 i was approved for the power cash rewards 7.5k sl. then in august i apped for the gold card for the zero bt offer and was approved again for 7.5k, ymmv

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 4 of 14
805orbust
Valued Contributor

Re: NFCU First Card; CashRewards Vs Platinum

@CreditGameGB  it sounds to me like you're going to be ok. I agree with the others that you can never tell what a SL will turn out to be, however your scores are stellar, you've got  no derog's, good AAoA, so I don't think you need anything else to "help" with your scores.  You're knocking it out. 

 

I got a MUCH higher SL on the Platinum than the CR but it was my 2nd card with them, like 4 years later so ymmv.  If I were you I'd app with confidence.  You've obviously demonstrated a track record of responsible credit management 



Message 5 of 14
CreditGameGB
New Member

Re: NFCU First Card; CashRewards Vs Platinum


@SUPERSQUID wrote:

Do you know what your internal NAVY score is?

 

 

PS2 - You might consider also opening up a small savings account over at penfed and let it sit 6 months , thats what i did and and in 7 mos  dec/21 i was approved for the power cash rewards 7.5k sl. then in august i apped for the gold card for the zero bt offer and was approved again for 7.5k, ymmv


No I do not know my internal score with them , I am not sure how to know my score without getting a denial letter of some sorts from them? I'll have to read through the big NFCU data thread.

 

Interesting with your case of the higher limit on the CashRewards compared to the Platinum. That's an example that makes me ponder on my choice lol

 

As far as PenFed goes, would it matter what type of savings product? Would a regular savings do just as good as a certificate?

 

I also bank with Patelco credit union based out of CA, been with them for over 15 years but never had a checking account, only savings and a money market which had up to $6500 sitting at one point. They have a SP pre-qualification tool on their site that's supposed show your exact limit and rate offered, and I tried twice but couldn't even qualify for any of their cards! I've been with them for YEARS with money sitting! So I was under the impression the low salary was doing it to me. Which made me not have much confidence with trying to app with NFCU...

 

I'm still learning all the different 'data points' from different credit unions 🥴

 

Tysm for all the replies

Message 6 of 14
coldfusion
Community Leader
Mega Contributor

Re: NFCU First Card; CashRewards Vs Platinum

I wouldn't worry about your income level acting as a deal breaker with NFCU.   There have been a number of successes from members here with modest incomes.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 7 of 14
GatoradeZeroGuy
Valued Contributor

Re: NFCU First Card; CashRewards Vs Platinum


@CreditGameGB wrote:

 


@GatoradeZeroGuy wrote:

Why do you want a platnium? NFCU's platnium is a low interest BT card, that doesn't sound like anything you need.

I plan on making a big purchase come January, and was going to need to hold a balance to pay over time and wanted to take advantage of the introductory BT APR offer.

 

I was recently laid off from my 'full time' job back in July - both jobs were technically part time but between both I was making over 40k but now with only one it's significantly lower


Outside of the scope of the thread, so feel free to have it removed, but in the wake of a job loss, how urgent is this 'big purchase'?

 

Engagement, tuition, business things to make you income?

 

Can the purchase not wait 6 months for you to get back to full-time working hours?

Starting FICO 8:

Current FICO 8:

3/6, 5/12, 14/24

Message 8 of 14
SouthJamaica
Mega Contributor

Re: NFCU First Card; CashRewards Vs Platinum


@CreditGameGB wrote:

First post- Apologies I am still unfamiliar with certain terminology, lingo and abbreviations ...

 

I know they are both lower tier cards, but is it true since the Platinum is a BT card with a low APR , that NFCU is likely to give a lower SL compared to the green CashRewards for a first card?

 

If my NFCU app is approved and I hopefully get a decent starting limit, (higher than my current 6k cards, that is) - I am thinking to wait for the card to report, then ask for CLI from my other CU's? 

 

Sorry for the long post but thank you . I shall continue browsing the forums, I started credit really late in life 🥹


I don't know why you call them "lower tier" cards. In my book they are both "top tier".

 

NFCU has a practice of assigning a lower starting limit to your first card, and a more generous starting limit to your second. So you should save for your second application the card on which you would want a larger credit limit.

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 9 of 14
Duriel
Frequent Contributor

Re: NFCU First Card; CashRewards Vs Platinum

I was approved for $12500 on their cash rewards 2 years ago with lower scores, a very limited credit card history (5 months), and higher income (somewhere in the 60ks at the time). My exposure with them has since increased to $56500 from new cards and limit increases. They also let me move $17000 limit from cash rewards to a new platinum card for the purpose of a balance transfer (I wanted to keep individual utilization below 28%). I was also able to get my flagship APR down to their lowest rate after a year of having it simply by asking. 

This is just a snapshot of how things *can* go with them. I'd say that I've had a near optimal experience. Others have not. You really can't know until you apply. 


Message 10 of 14
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