cancel
Showing results for 
Search instead for 
Did you mean: 

Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Highlighted

Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Wow! Beyond stoked!!! Received my largest Credit Card Limit to date $8600 (in the same day that I joined Navy Federal Credit Union.) My first post on the forum. You guys were so right. The card was the NFCU Cash Rewards Visa. 

 

It was really nerve-racking to apply. Carrying high balances on my USAA cards I've been declined CLI's in the past, (years prior) and was also recently declined a Barclay's Hawaiian Air Miles Card, maybe 6 months ago. USAA even decreased my credit limit by $2500 on one of the two cards in 17' when I made an "unusually large" payment of 2,000 or something like that. It was really disheartening after getting the money together to see my score actually decreased by paying a balance down.

 

My score just increased by nearly 29 points after paying down two balances to just under 20% utilization,  I also received an atrocious auto financing offer from USAA at over 17% and kind of felt like I had nothing to lose,...in joining NFCU today I just decided I was feeling lucky and gave the credit card application a shot in the hopes of decreasing my existing utilization. The new $8600 card puts me just a hair over 30% utilization. I racked up large balances in '17 charging flights when my mom had a terminal illness, don't regret it but I'm definitely feeling it still, years later.  Can't wait to see how the hard pull and increase in credit affects my score. I included some background at the end of this post and have a few questions.

 

1.) I understand like inquiries are lumped together by type, since I applied for this card and ran a hard pull today should I go ahead and try for a CLI again with USAA, (NFCU said it would be Monday that this new card would show up in their computers or however they described it.)

2.) Is there anything else I should apply for at NFCU now too? I understand their is some kind of checking credit that insures against overdraft. Not sure on the verbiage.  

3.) I'm in the market for an Auto Loan too, (Toyota Truck) how long should I wait before I ask NFCU and is their anyone else I should run an application with? (I have a close friend who is a dealer who said I was getting robbed by USAA and that their had to be something better, willing to help when he gets back from his trip on the 17th.)

4.) Should I transfer some or all of the 90% utilized USAA Card to the NFCU card? It's something like 17 or 18 percent and NFCU is 11%

 

USAA Visa $5000 Limit (Nearly maxed at $4800)

USAA Amex  $2500 Limit ($499 Balance)

HawaiiUSAFCU $2000 Limit ($400 Balance)

             New NFCU (as of today) $8600 

TransUnion 649

Equifax 651

Approximately 29k in Student Loan Debt

81k Annual Income


Starting Score: 555
Current Score: 649
Goal Score: 750

Take the myFICO Fitness Challenge!
Message 1 of 15
14 REPLIES 14
Highlighted
Established Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Congrats! Also curious to hear responses.
Garden Gnome
11 CC | 1 PLOC | 0 MTG | 0 AUTO
Youngest account: 2020-01
Freshest inquiry: 2019-11
Under 5/24: 2021-05
Message 2 of 15
Highlighted
Community Leader
Super Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post


 

1.) I understand like inquiries are lumped together by type, since I applied for this card and ran a hard pull today should I go ahead and try for a CLI again with USAA, (NFCU said it would be Monday that this new card would show up in their computers or however they described it.)   Not with Navy, While they make it worth it and give so much more than anyone else, they 99.9% of the time will do a new hardpull.   With NFCU, expect the HP and be happy if it's not (CLI's only and its still rare)

2.) Is there anything else I should apply for at NFCU now too? I understand their is some kind of checking credit that insures against overdraft. Not sure on the verbiage.   Navcheck also commonly refered to as a CLOC.  It is an overdraft protection, it is more like a loan so it will require an EQ9 pull to get it. (cards are usually TU9)  Max you can ask is 15k and they will counter if they don't want to give that much, but could be denied as well.  

3.) I'm in the market for an Auto Loan too, (Toyota Truck) how long should I wait before I ask NFCU and is their anyone else I should run an application with? (I have a close friend who is a dealer who said I was getting robbed by USAA and that their had to be something better, willing to help when he gets back from his trip on the 17th.) I have NFCU and PF (Pentagon Federal CU)  They have great rates, and love to get refi's as well.   Can check with both but usually a better rate than most. 

4.) Should I transfer some or all of the 90% utilized USAA Card to the NFCU card? It's something like 17 or 18 percent and NFCU is 11%     You can do that, esp if it will save you money.   Larger payments on the card will help build with them faster and History with NFCU goes a long long way. 

 

 


@HappyInHawaii 





Message 3 of 15
Highlighted
Valued Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

YEP!  That's NFCU!

Congrats!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 4 of 15
Highlighted

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Thanks so much for your thoughtful reply. It's genuiniely appreciated. @jago22

 

I just wanted to clarify my first question regarding further credit inquiries. As I've made a Hard Pull today with NFCU for a Credit Card, am I best off to go ahead and get another Hard Pull with USAA or maybe better yet, PenFed today as well, as it is a similar type of inquiry? 

 

Maybe I'm incorrect in my understanding, I was under the impression that having multiple pulls for similar products (auto loans, credit cards, mortgages) provided that they are within a limited timeframe, would less drastically effect my score versus say waiting a month from now.

 

You had mentioned PenFed for example and I had totally forgot until now that I joined that credit union with just a checking/savings account about two years ago. Would it be a good idea for me to go ahead and apply for a PenFed card as well today? Since I already have one HP and kind of get the most bang for my buck (dinged score in this case)  by scouting out one more potential creditor? I realize this will decrease my overall account history, though, right now I believe utilization is the biggest issue. 

 

***UPDATE

I just called Pentagon Federal Credit Union and got straight up denied on the Power Cash Card. Oh well, all in all it was still a really good day. Not sure if I want to risk getting shut down by USAA too,...or does it even make a difference at this point to have one more inquiry in like a "shopping period?"


Starting Score: 555
Current Score: 649
Goal Score: 750

Take the myFICO Fitness Challenge!
Message 5 of 15
Highlighted
Epic Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

"Wow! Beyond stoked!!! Received my largest Credit Card Limit to date $8600"

 

Congrats on The Approval!!!

Message 6 of 15
Highlighted
New Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Congrats on the approval and if I were you I wouldn’t apply for any more credit cards. If you need the car definitely app through Navy and maybe also get the CLOC to help with utilization. Since both products require an EQ pull they may just use the same one if you do it same day. I would also hold off on another inq because you can apply for a 2nd card in 91 days and 3 statements later and USUALLY can get a high limit (15-25k) if you are responsible with the first card.

Also keep in mind there is no “shopping period” for credit cards. Each app is usually a hard pull especially when you’re going to different lenders.
Message 7 of 15
Highlighted
Valued Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Congrats on the new Navy card and SL!




Message 8 of 15
Highlighted
Community Leader
Super Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post


@HappyInHawaii wrote:

Thanks so much for your thoughtful reply. It's genuiniely appreciated. @jago22

 

I just wanted to clarify my first question regarding further credit inquiries. As I've made a Hard Pull today with NFCU for a Credit Card, am I best off to go ahead and get another Hard Pull with USAA or maybe better yet, PenFed today as well, as it is a similar type of inquiry?   

 

Maybe I'm incorrect in my understanding, I was under the impression that having multiple pulls for similar products (auto loans, credit cards, mortgages) provided that they are within a limited timeframe, would less drastically effect my score versus say waiting a month from now.

 

You had mentioned PenFed for example and I had totally forgot until now that I joined that credit union with just a checking/savings account about two years ago. Would it be a good idea for me to go ahead and apply for a PenFed card as well today? Since I already have one HP and kind of get the most bang for my buck (dinged score in this case)  by scouting out one more potential creditor? I realize this will decrease my overall account history, though, right now I believe utilization is the biggest issue. 

 

***UPDATE

I just called Pentagon Federal Credit Union and got straight up denied on the Power Cash Card. Oh well, all in all it was still a really good day. Not sure if I want to risk getting shut down by USAA too,...or does it even make a difference at this point to have one more inquiry in like a "shopping period?"


Sorry forgot to mention in the first post.  Congrats and welcome to the NFCU family.    

 

Grouping them together, only works for rate shopping with cars maybe mortgage (not sure on that one).  I do believe PF is an SP for membership now, but PF is alot more strict for cards than NFCU.  You have to be over EQ9 650 before they will sort of consider it.  I was a PF member 8 months beofre i could get a card with them.  Car/Loan rates however, PF is hard to beat as is NFCU most times. 





Message 9 of 15
Senior Contributor

Re: Seeking Advice - New to NFCU and Cash Rewards Approval with 650 Score! - First Post

Congrats on your NFCU CashRewards approval! Smiley Happy




Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.