MASSIVE NFCU SL FOR COLLEGE STUDENT LOW CREDIT SCORE

[Anonymous]

Hello everyone, I have been watching these forums for the past few months and learned a lot. I only use credit karma and my exact FICO's are all unknown. I applied on a whim for NFCU Cashrewards card assuming I'd get the denial and intending to use my reason(s) for denial as a guide to better get approved later on. I am 21, third year college student. Reported my household income as 70K as I live with my parents. I was approved with a SL of $10,000 - still floored. 

TU (Credit Karma) - 606

EQ (Credit Karma) - 627

AAoA - 1 year, 3 months.

Oldest account - 3 years.

For reference if anyone is curious I have Credit One - $300 | Capital One (Platinum orignially, upgraded to Quicksilver) $850 | Kohl's Card $300 | OpenSky Secured CC $200. I have also been using the cheapest SelfLender option since October of 2017. I then have about $15,000 in Federal Student Loans (all in good standing) as I am not yet finished with college. 

[Jnbmom]

Please don't take this the wrong way, I don't mean to offend you.

I am curious if your parents income will pay your bills? I have a second year college student and I help her out alot but she would not be using my income for credit applications

[Anonymous]

No no not at all. I had just been told via one of the account advisors at NFCU that it is best to use the gross household income as some apps go by household income and some go by individual income. I do not intend to utilize anywhere near 10K, I only wanted to build a relationship with NFCU from a young age. I'm aiming for a mortgage in the next 10-20 years and wanted to get a foot in the door with this credit union. I pay all of my own CC bills, as well as for my own cell phone, car, insurance(s) etc. 

[Anonymous]

I intend to treat this card the same as the others, use occasionally for gas and pay off the balance in full each time the montly statement cuts. I just figured a NFCU line would be a good place to start a solid credit union relationship. 

[Anonymous]

The CARD Act of 2009, which is futher clarified by Regulation Z from the CFPB, specifies that applicants for credit who are 21 years of age or old can only use household income to which they have "a reasonable expectation of access."  This has always been interpreted as applying only to married couples or other forms of relationships where one partner stays at home, etc. and where household expenses are assumed to be shared. It it not intended to apply to adult children living with their parent(s).

[Anonymous]

Congrats on approval , very nice SL with your score and thin files . im fan of NFCU

[pipeguy]

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@Jnbmom wrote:

Please don't take this the wrong way, I don't mean to offend you.

I am curious if your parents income will pay your bills? I have a second year college student and I help her out alot but she would not be using my income for credit applications

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+1 

Exactly my thoughts! As mentioned elsewhere in this thread, joint household income is income that you have regular access to, not what everyone in the house makes combined. 

Be that as it may (and hope NFCU doesn't ask for proof of income) if you treat the card well meaning use it some and pay it in full every month this card will truly help you establish your own credit and better limits. 

If you really want to celebrate the success of getting the NFCU, the very first thing you should do it cancel the Credit One and OpenSky cards - you certainly don't need those sub-prime fee magnets anymore. 

[Anonymous]

Congrats on the approval. Such a nice SL and I am sure you are fully aware of how you should handle your credit.

[Anonymous]

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@pipeguy wrote:

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@Jnbmom wrote:

Please don't take this the wrong way, I don't mean to offend you.

I am curious if your parents income will pay your bills? I have a second year college student and I help her out alot but she would not be using my income for credit applications

---

+1 

Exactly my thoughts! As mentioned elsewhere in this thread, joint household income is income that you have regular access to, not what everyone in the house makes combined. 

Be that as it may (and hope NFCU doesn't ask for proof of income) if you treat the card well meaning use it some and pay it in full every month this card will truly help you establish your own credit and better limits. 

If you really want to celebrate the success of getting the NFCU, the very first thing you should do it cancel the Credit One and OpenSky cards - you certainly don't need those sub-prime fee magnets anymore. 

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+1 So be careful, it will be backfire to yourself someday in the future!

By the way, Congrats OP, Please use the card wisely! Because I didnt see that you have cards with credit limit over $1000 on your post so use it very very very wisely and also, please read more this forum, a lot valueable information you can get ((Do and Dont))

[Anonymous]

OP may not know the law.  OP may be hedging.  If he/she graduates from college income should eventually be good.

Wish I was as smart as this as a college student.  Thinking about a mortgage on a home rather than when the next social event was.

One thing is for certain, don't burn NFCU.  You will be blacklisted for life.

UNC Chapel Hill built a multi-billion endowment on fraud from their athletic department and their motto is "keep the loot and move forward".

Maybe you can "play on playa".