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Approved for NFCU Cash rewards (New to credit)

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Approved for NFCU Cash rewards (New to credit)

Hello all! I’ve been a MyFico lurker since 2014. Just recently became of age 18 days ago to create an account! NFCU approved me for

NINE THOUSAND AND FIVE HUNDRED DOLLARS

That’s insane!

My bank account history for sure have a major part in that automated decision. I’ve only been a member for five months but I have deposited 8k or more per month consistently.

They pulled Transunion (of course) and my report is absolutely empty other than my personal info and a failed attempt at obtaining BofA cash rewards. A card that I’m calling Monday to try to recon.

I only applied for BofA cash rewards just in hopes for getting a counter of their $99/$500 secured card.

I also only applied for the cash rewards with NFCU just to test the waters. I was already prepared to call in to beg for them to use the same pull to obtain their secured card.
I know that was a long shot though and the running joke that NFCU will pull a hard inquiry just to speak to you 🤣

I also attempted to obtain a cloc with them for $1,000. Denied. Reconned for $500. Declined. The reason for both, limited credit. So I opened up a SSL for $1000 and paid it down to $90. All of which was done on November 26th.

Technically this isn’t my first credit card since I have a discover secured (not reporting and didn’t try for unsecured first) that should be delivered soon. But I’m definitely running with my first credit card was a visa signature for $9,500!
27 REPLIES 27
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Super Contributor

Re: Approved for NFCU Cash rewards (New to credit)

Congratulations on your approval!
Message 2 of 28
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Re: Approved for NFCU Cash rewards (New to credit)

Thank you!
Message 3 of 28
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Community Leader
Super Contributor

Re: Approved for NFCU Cash rewards (New to credit)

Welcome to the forums, @FinanceAddict, and congrats on your new card

Message 4 of 28
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Super Contributor

Re: Approved for NFCU Cash rewards (New to credit)

Not sure if you can change the terms of the SSL. I would recommend the 5 year term at $3001. 1 year might be too short.
Message 5 of 28
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Re: Approved for NFCU Cash rewards (New to credit)

@AllZero I can’t change the terms unfortunately. I didn’t have the funds to do $3001. Trust me I wanted to do $3001 for 60 months but I was impatient and wanted three lines reporting asap. I earn a lot per month but I’m reinvesting 99% of my income so money is scarce at times. I’m planning on opening up a 60 ssl late next month.
Message 6 of 28
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Super Contributor

Re: Approved for NFCU Cash rewards (New to credit)

Noted. You gotta do what ya gotta do.

You should wait until your 1 year term is ending. So you don't take a AAoA hit and new account penalty.
Message 7 of 28
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Re: Approved for NFCU Cash rewards (New to credit)

@Allzero I was going to do it so all of my accounts can age together. Versus spreading it out and constantly getting my AAoA knocked down. I just thought about it though, I’m financing a car in 6 months. It wouldn’t be a need for another ssl if I have a car installment reporting.
Message 8 of 28
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Super Contributor

Re: Approved for NFCU Cash rewards (New to credit)

Problem solved. Auto loan will work. Good luck on your car shopping.
Message 9 of 28
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Valued Contributor

Re: Approved for NFCU Cash rewards (New to credit)

CONGRATS  @FinanceAddict on your NFCU cashRewards approval and Welcome to the FORUMS!!! 

AMEX BCE $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $13.7K | Citi AAdvantage WEMC $14K | Citi Costco VS $12K
Discover IT $19K | OpenSky $300 | BB&T Cash Rewards $4.5K | Synchrony (PayPal Credit $4K, Care Credit $15K, & PayPal 2% MC $10K) |
BBVA Compass Rewards VS $10.5K | NFCU cashRewards $3K | NFCU More Rewards AMEX $33K | NFCU Flagship VS $15K
Apple Card WEMC $6K | Macy's AMEX $4.5K | PenFed Power Cash Rewards VS $7.5K

TCL - $194K+ | Rebuilding since April 2018
Message 10 of 28
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