NFCU first card application - Update: Cash Rewards Approved

[Patp05]

Hello all,

I need some advice! I am recently a NFCU member trough my grandfather. (yesterday 7/17) Got membership over phone without a hitch with SP to credit. I have a few questions concerning credit card with them.

1. Is it best to just app online,over phone , through mobile app or in person?

2. I want this card to get my utilization to a better place , I am currently at 34% per CK. I am thinking of apping for either the More rewards or the Platinum.

More rewards for the rewards of course and the 6mo 0% interest as I have a purchase to make as well (roughly $1200). Platinum for the BT 0% for 12 as I have another CU personal line of credit that Id like to get rid of (high interest rate, taking forever to pay it down) plus the purchase mentioned before.

3. What card has everyone seen getting the highest SL lately with NFCU? My income is 110k , live in NC, TU 672, Eq 666 and Ex 707 ...Any other DP needed? I have read of people with worse profiles than I get monster SLs

4. What is the best way to use this card to build my score as I see some conflicting comments.

5. Is it a bad idea to also app for Cap one QS or the Discover IT as well?

6. How long from now as I am applying for new credit to look at mortgages? This would be 6mo-1yr from now when my score rebounds from HPs.

7. How much will the utilization really help? Will paying off the Credit union LOC help the most?

Thanks in advance! I dont know what I would do without this forum

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

[FinStar]

---

@Patp05 wrote:

Hello all,

I need some advice! I am recently a NFCU member trough my grandfather. (yesterday 7/17) Got membership over phone without a hitch with SP to credit.  Congratulations on your NFCU membership!   I have a few questions concerning credit card with them.

1. Is it best to just app online,over phone , through mobile app or in person?  Odds of approval won't change on the method you apply.  Decide whatever you're comfortable with.  If you prefer to visit a branch you can do so.  Most individuals prefer the convenience of doing it onlne or via phone.

2. I want this card to get my utilization to a better place , I am currently at 34% per CK. I am thinking of apping for either the More rewards or the Platinum.

More rewards for the rewards of course and the 6mo 0% interest as I have a purchase to make as well (roughly $1200). Platinum for the BT 0% for 12 as I have another CU personal line of credit that Id like to get rid of (high interest rate, taking forever to pay it down) plus the purchase mentioned before.   Decide on the card that would provide a tangible benefit, whether short-term or long-term based on your goals.  Of noteworhty, if the product is not what you want or prefer a different CC, you can always change it down the road.  Navy is pretty flexible

3. What card has everyone seen getting the highest SL lately with NFCU?  SLs will vary for each individual profile - lots of factors at play.  Flagship is the only product where the minimum SL requirement is $5K.  My income is 110k , live in NC, TU 672, Eq 666 and Ex 707 ...Any other DP needed? I have read of people with worse profiles than I get monster SLs   It is a futile effort to compare your profile to those of others.  Like a fingerprint, no two are alike.

4. What is the best way to use this card to build my score as I see some conflicting comments.  Pay it always on time, don't exceed the CL and try to keep its utilization to manageable levels.

5. Is it a bad idea to also app for Cap one QS or the Discover IT as well?   That would depend on what other CCs you currently have

6. How long from now as I am applying for new credit to look at mortgages?  At least 1 year from any newly approved tradelines or recent applications for credit (HPs)  This would be 6mo-1yr from now when my score rebounds from HPs.

7. How much will the utilization really help?   This can vary since you would likely get a temporary 'ding' once a new account hits your CR (e.g. AAoA and AoYA) Will paying off the Credit union LOC help the most?  The outcome would really depend on your overall profile

Thanks in advance! I dont know what I would do without this forum

---

Hi @Patp05 and welcome to the forums.  Some answers provided above.  I'll let others chime in on anything else they can share.

[Patp05]

Thanks for reply!

-I have a capital one platinum (got it like 12 years ago when credit was even worse)
2k (800 balance)
-I have a Wells Fargo engagement ring finance through diamonds direct
6500 (3k balance)
-I have PLC through hometown CU (what I want to get rid of)
5k (1000 balance)
-Ashley furniture card
1800 (800 balance)
-Rooms to go
6500 (0 balance)

I’m thinking of going for the platinum
I could make my purchase (needed for health concerns) and transfer my CU LOC which is at some crazy rate

[CreditInspired]

---

@Patp05 wrote:

2. I want this card to get my utilization to a better place , I am currently at 34% per CK. I am thinking of apping for either the More rewards or the Platinum.

Excellent advice from FinStar.

I just want to add this: Have a mindset of paying down balances to decrease UT. Don't get in the habit of thinking that getting another CC will get your UT in a better place. Just my 2cents. 

[Patp05]

I also failed to mention and had a question about a collection I have as well.
It’s an unpaid dentist bill
I never received anything about this
I also use a different dentist so I was never in the office again.
I have filed a compliant or dispute against the agency that they didn’t give me 30 days as I never heard from them. I only found out when I recently started checking my profiles again.
How can I get this off my record

[CreditInspired]

---

@Patp05 wrote:
2k (800 balance) - 40% UT
-I have a Wells Fargo engagement ring finance through diamonds direct
6500 (3k balance) - 46% UT
-I have PLC through hometown CU (what I want to get rid of)
5k (1000 balance) - 20% UT
-Ashley furniture card
1800 (800 balance) - 44% UT
-Rooms to go
6500 (0 balance)

---

Since your UT is kind of high and there's a balance on every account except one, I don't know if you would get a SL large enough for the transfer without maxing out the new card. I suggest getting these balances down to less than 28.9% before applying for another CC.

Again, just my 2cents.

[Patp05]

I guess I need to double check those balances.
My last calculations have me at 34% or so

Good advice , I guess I’ll wait until my UT is better
Maybe a month I can get it down

[Patp05]

Thanks for input!
I see on here all the time that adding a card with a healthy SL helps UT in turn helps scores. Is that not the case?
Also I’ve been reading the forums for a month+ now
Seems many that have worse profiles than me are getting great SL or increase after 90 days (I know that’s 2 pulls total, I currently have 2 in last two years).
I’ve been pre approved all over the place with some good cards
I’ve just chosen NFCU because of thier love for rebuilders and healthy CL

[CreditInspired]

---

@Patp05 wrote:
Thanks for input!
I see on here all the time that adding a card with a healthy SL helps UT in turn helps scores. Is that not the case?
Also I’ve been reading the forums for a month+ now
Seems many that have worse profiles than me are getting great SL or increase after 90 days (I know that’s 2 pulls total, I currently have 2 in last two years).
I’ve been pre approved all over the place with some good cards
I’ve just chosen NFCU because of thier love for rebuilders and healthy CL

---

It's a great tool for those who want to just pad UT, but the "mindset" should be to decrease UT organically; it's best to pay balances down and/or off to increase (edit: decrease) UT.

As was already noted, do not compare your profile to someone elses. There are just way too many variables; profiles differ in many ways.

[Patp05]

I applied for the CashRewards card as it seemed like the one that had the best reviews. I was approved for $10,000!
Would you happen to know how long until I can transfer to another product and if that would require a HP?