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NFCU Cash Rewards Approval April 3 - Data Points

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ntx
Regular Contributor

NFCU Cash Rewards Approval April 3 - Data Points

I joined Navy Federal on March 27, by phone, first time member. I funded the maximum $250 initial deposit, with $50 to share account and $200 to checking. 

 

One week later, on April 3, when I received my online login information, I decided to apply for one of their credit cards, and chose the Cash Rewards card. I didn't really think I'd be approved just now, and was prepared to ask them to use my credit pull for a secured card. 

 

To my shock, I was instantly approved for a $5600 SL ( Visa Signature ). Smiley Happy I would have been happy with $500 or $1000, and wasn't really expecting an approval at all, so you can imagine my shock at such a high limit. I'm very grateful, and I now understand why so many people love NFCU! 

 

I'm 60, and this is my last chance at rebuilding credit. I've picked the right financial institution to do that, and I eventually plan to get 3 of their cards and use them for all future lending needs. I've opened a $1K share-secured installment loan with them, built up my savings account, and I've set up direct deposit from one client there, so they are my main bank now. 

 

Some data points as of application date:

 

  1. Self-employed freelance web developer since 2004, $52K annual income ( it's a bit more but I put down $52K to be safe ).
  2. BK7 in March, 2014
  3. 10 IIB baddies, all due to drop off in March, 2021
  4. 1 CO baddie from 2016. Sold to Velocity Investments, suit filed, settled with them in 2019. Hopefully will drop in 2023. BK7 will drop in 2024. 
  5. Only other active credit line at application was a $300 SL Ollo Rewards card ( still open ) 
  6. Since 2018 opened and closed a different Ollo card, WF secured, SDFCU secured * 2, CityCU secured. 
  7. Inquiries - EQ 0, TU 2, EX 4
  8. AoOA - 35 yrs, 6 months
  9. AoYA - 2 months
  10. AAOA - 7 years, 8 months
  11. Util - 1%
  12. FICO8 - EQ 649, TU 621, EX 635
  13. FICO9 - EQ 708, TU 687, EX 695
  14. Original Cash Rewards rate 12.49%, now reduced to 10.99% ( I think due to their across the board reduction )

I will probably apply for my 2nd card in August or September.

 

Like I said, I'm totally surprised I was approved for that kind of SL with BK7, TU 621, self-employed, and only one other small limit card. But I will take it, and I'll take care of it.

 

I hope this info will help! 

 

 

FICO 8 as of March 27, 2024:
Message 1 of 12
11 REPLIES 11
AllZero
Mega Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

Congratulations on your approval!
Message 2 of 12
Meanmchine
Super Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

Congrats on yor new Navy card !

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 3 of 12
EverForward
Established Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

Congratulations 🍾🎉🎈🎊  Go Navy!!

Message 4 of 12
CreditAggie
Community Leader
Super Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

Congratulations on your NFCU Cash Rewards approval and rebuild success!

Current Cards (in order of approval):

         
Current FICO 8 | 9 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 5 of 12
M_Smart007
Legendary Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

Message 6 of 12
Marz2002
Senior Contributor

Re: NFCU Cash Rewards Approval April 3 - Data Points

CONGRATS  on your NFCU Cash Rewards approval, Thanks for the DPs, and Welcome to the Navy Federal family!! 

AMEX BCP $8K | AMEX Cash Magnet $15K | Citi DoubleCash WEMC $15.2K | Citi Rewards WMC $15.5K | Citi Costco VS $12K
Citi Custom Cash WEMC $7.8K | Synchrony (PayPal Credit $6K, Care Credit $15K, & PayPal 2% MC $10K, VENMO VS $6.5K)
PNC Cash Rewards VS $10.5K | NFCU cashRewards VS $14K | NFCU More Rewards AMEX $37.5K | NFCU Flagship Rewards VS $23K
Discover IT $22.5K | BB&T Cash Rewards $4.5K | Macy's AMEX $25K | Bloomingdales AMEX $20K | Apple Card WEMC $9K
PenFed Power Cash Rewards VS $7.5K

Total CL - $284K+
Message 7 of 12
Anonymous
Not applicable

Re: NFCU Cash Rewards Approval April 3 - Data Points

Congrats on your NFCU cashRewards approval!

Message 8 of 12
Anonymous
Not applicable

Re: NFCU Cash Rewards Approval April 3 - Data Points

@ntx  Super Congrats on your Navy Fed Cash Rewards approval!!! Smiley Very Happy

Message 9 of 12
Anonymous
Not applicable

Re: NFCU Cash Rewards Approval April 3 - Data Points


@ntx wrote:

I joined Navy Federal on March 27, by phone, first time member. I funded the maximum $250 initial deposit, with $50 to share account and $200 to checking. 

 

One week later, on April 3, when I received my online login information, I decided to apply for one of their credit cards, and chose the Cash Rewards card. I didn't really think I'd be approved just now, and was prepared to ask them to use my credit pull for a secured card. 

 

To my shock, I was instantly approved for a $5600 SL ( Visa Signature ). Smiley Happy I would have been happy with $500 or $1000, and wasn't really expecting an approval at all, so you can imagine my shock at such a high limit. I'm very grateful, and I now understand why so many people love NFCU! 

 

I'm 60, and this is my last chance at rebuilding credit. I've picked the right financial institution to do that, and I eventually plan to get 3 of their cards and use them for all future lending needs. I've opened a $1K share-secured installment loan with them, built up my savings account, and I've set up direct deposit from one client there, so they are my main bank now. 

 

Some data points as of application date:

 

  1. Self-employed freelance web developer since 2004, $52K annual income ( it's a bit more but I put down $52K to be safe ).
  2. BK7 in March, 2014
  3. 10 IIB baddies, all due to drop off in March, 2021
  4. 1 CO baddie from 2016. Sold to Velocity Investments, suit filed, settled with them in 2019. Hopefully will drop in 2023. BK7 will drop in 2024. 
  5. Only other active credit line at application was a $300 SL Ollo Rewards card ( still open ) 
  6. Since 2018 opened and closed a different Ollo card, WF secured, SDFCU secured * 2, CityCU secured. 
  7. Inquiries - EQ 0, TU 2, EX 4
  8. AoOA - 35 yrs, 6 months
  9. AoYA - 2 months
  10. AAOA - 7 years, 8 months
  11. Util - 1%
  12. FICO8 - EQ 649, TU 621, EX 635
  13. FICO9 - EQ 708, TU 687, EX 695
  14. Original Cash Rewards rate 12.49%, now reduced to 10.99% ( I think due to their across the board reduction )

I will probably apply for my 2nd card in August or September.

 

Like I said, I'm totally surprised I was approved for that kind of SL with BK7, TU 621, self-employed, and only one other small limit card. But I will take it, and I'll take care of it.

 

I hope this info will help! 

 

 


 

BOOM! CONGRATS on the approval and the great Navy card.  NFCU is awesome.  

Message 10 of 12
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