Got approved for the NFCU Platinum card tonight! The interest rate wasn't incredible for this card (~14%), but that's way better than any of my other cards (most are >20% APR.) The real surprise was the credit line: $15K. That nearly doubles my available credit. Gonna do wonders for my utilization...
Some DPs: Declared BK7 10 years ago; it just fell off my TransUnion report yesterday - that's one reason I decided to apply for the card tonight. As a result my TU score jumped from 705 to 729, and of course that's what Navy pulled. It was a hard inquiry, but so far seems worth it if for no other reason than increasing my available credit. I don't have much of a relationship with Navy; I opened a checking & savings account about 6 months ago but have hardly touched them. So I'm surprised by the generous CL, though a little disappointed that the APR wasn't lower. I mean the advertised APR is 7%, but I guess that's reserved for the 800 Club.
My credit history is a bit newish; oldest account showing is about 5 years old - an auto loan that I got a few years back. My DTI is 11/22, so that may explain the high (for me) CL. Other credit cards I already have - Amex BCE ($15K CL, 24% APR), Apple Card ($5K CL, 22% APR), Local CU Secured Card ($500 CL, 10% APR), and Capital One Platinum MC ($750 CL, >20% APR.) I have a utilization of about 15% across all the cards, about $2900 total. Income is about $62K.
The Amex card has an intro APR of 0% good for about 6 - 7 more months, but I will then happily switch most of my spending over to Navy. The APR is so much better than my other cards...
Congratulations on your approval!
@8bitmachinegun Mark your calendar 1 year from now. Each Navy card is eligible for APR reduction on anniversary date.
Capital One check for upgrade link
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
@AllZero wrote:Capital One check for upgrade link
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
Thanks for the Cap1 link. It didn't improve my CL or APR, but did get me upgraded to a Quicksilver. Looks like the main benefit is a 1.5% cash back.
@8bitmachinegun wrote:
@AllZero wrote:Capital One check for upgrade link
For your reading pleasure. Navy Federal Thread for CLI and Additional Cards
Thanks for the Cap1 link. It didn't improve my CL or APR, but did get me upgraded to a Quicksilver. Looks like the main benefit is a 1.5% cash back.
Fantastic! Better to get rewards than no rewards.
