@tcbofade wrote:I've got mixed feelings about this one...
Drove to my local NFCU to join and apply for a loan...got approved for membership, denied for the loan. Denied for the CLOC.
Drove home, applied for the Platinum card online...approved for $3.5k.
Hey, nothing to have mixed feeling about... it's an approval! Good job!
Great approval. Does that help you somewhat with APR for a BT? Since I know what you were orginally trying to accomplish.
I know it might not seem like it, but not getting the CLOC could be a blessing in disguise. 
It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.
With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well. 
I know it's hard to see now, from from my viewpoint things actually turned out quite well! 
Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today).
Congrats TC on getting in with NFCU good for you!
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
@UncleB wrote:I know it might not seem like it, but not getting the CLOC could be a blessing in disguise.
It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.
With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well.
How quickly?
I know it's hard to see now, from from my viewpoint things actually turned out quite well!
Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today).
Thanks UncleB.
Honestly, I was more interested in the installment loan, but the rate wasn't terrific either. You've mentioned a possible rate reduction in 12 months, and that IS something to look forward to. How long do I need to wait before requesting a CLI?
May or may not reapply for the CLOC next year... we shall see.
@tcbofade wrote:
@UncleB wrote:I know it might not seem like it, but not getting the CLOC could be a blessing in disguise.
It's likely if approved it would have been at the 17.9% APR, and they would have never adjusted it - you would have been stuck with that rate for life (unless you decided to close it and re-apply, of course). In any case, it would have been a 'ding' to your AAoA for no reason.
With the platinum, even if the limit is less than you were hoping for you know it will grow quickly, and the rate will get lower with time as well.
How quickly?
I know it's hard to see now, from from my viewpoint things actually turned out quite well!
Side note: If you want the CLOC for overdraft protection there's an excellent chance you can reapply in a few months and get approved... that's actually quite common as well (especially if you went for the full $15k today).
Thanks UncleB.
Honestly, I was more interested in the installment loan, but the rate wasn't terrific either. You've mentioned a possible rate reduction in 12 months, and that IS something to look forward to. How long do I need to wait before requesting a CLI?
May or may not reapply for the CLOC next year... we shall see.
For the CLI you'll want to wait until 91 days and the third statement... if it were me I would wait until the AR following both of these for the best shot at a SP, but of course a HP is always possible (my one and only CLI with them was after an AR and was a HP so YMMV). There's some talk of six months, but that seems to be between CLIs (at least for most).
If you plan to do a significant BT before then the results might be a bit more unpredictable, but many have received CLIs while carrying a balance so YMMV there as well... for the nuts-and-bolts check out the mega thread... you'll also be able to get a feel for the latest 'trends'.
As for the CLOC, at one time the 'rule' was aim high and let them counter, but that seems to be hit-and-miss these days. There's multiple reports of people getting a decline with no counter and reapplying for a lower amount and being approved, and there's also more than a couple of reports of just waiting a few months and reapplying for the full $15k and getting it.
In any case you have your foot in the door now, so it's only up from here!