Should I app with NFCU? - Update: Approved

[Anonymous]

I joined NFCU because I’ve been reading so many post about the incredibly high SL’s they grant. I’m looking for the highest limit I can get in order the transfer so balances. Here’s my story: I have about 10 inquiries all about a year or more old and five of them are split between mortgage (3) shopping and a car loan (2). My scores are TU 670 EQ 640 EX 650. Low do to utilization being around 40%. No BK, no baddies, perfect Payment history. Do I have a shot?

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

[K-in-Boston]

They typically pull TU for credit card apps these days and it sounds like you'd likely be approved if they did.  No guarantee on an immediate monster limit.  They may have switched to using FICO 09 for lending decisions very recently, though (did we ever get confirmation on this?), so your score could potentially be higher unless you're one of those few unlucky ones like me that has a lower 09 than 08 score.

If you're looking for a balance transfer, Navy may not be your best option.  None of their cards are currently offering an introductory balance transfer rate.

[simplynoir]

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@K-in-Boston wrote:

They typically pull TU for credit card apps these days and it sounds like you'd likely be approved if they did.  No guarantee on an immediate monster limit.  They may have switched to using FICO 09 for lending decisions very recently, though (did we ever get confirmation on this?), so your score could potentially be higher unless you're one of those few unlucky ones like me that has a lower 09 than 08 score.

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Based on my research into it since I've been thinking on which card I want with NFCU the answer is no; still seems to be all over the place on what score they pull for their products which can make it slightly frustrating for those that don't have strong scores.

[Anonymous]

UPDATE: got it! Low limit though, only $4400. I immediately called to see if the would increase the limit to 10k as the balance transfer ate it up the $4400. They said they’d review the increase and the interest rate is WAS 15.99% but they offered 0.00% for 12 months without me asking! As a Navy veteran, I’m embarrassed I didn’t join sooner...bye bye BOA!

[UncleB]

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@Anonymous wrote:
UPDATE: got it! Low limit though, only $4400. I immediately called to see if the would increase the limit to 10k as the balance transfer ate it up the $4400. They said they’d review the increase and the interest rate is WAS 15.99% but they offered 0.00% for 12 months without me asking! As a Navy veteran, I’m embarrassed I didn’t join sooner...bye bye BOA!

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Congrats on the approval! 

[Anonymous]

Congrats! Good to see another great NFCU story. I joined earlier this year and found that they are GREAT to their customers.

I got a credit card that started at only $1500. It got bumped up to $3000 and I got the 2nd card with them at $3000 along with the $15k CLOC.

All in all, great CU to be with and that card will grow with you for sure!

[Anonymous]

Thanks a lot...one question: how does the CLOC work? I read the description on the site and it says it “overdraft protection.” Why would there be a need for $15K for overdrafts?

[Anonymous]

It’s basically just a line of credit to have with NFCU. It’s their way of giving you overdraft protection and will allow up to $15k.

I use it to pay off loans that I have with high interest rates. Then once it’s paid, I move onto the next.

All in all, best way to view it is that you can get a loan without having to apply when you have the CLOC. Nice to know you can borrow the money at any given time.

[jlitnns]

Congrats on the approval. I'm hoping to join NFCU in the next week or so. My grandfather served but passed this year.

[Anonymous]

Thanks!  When is a good time to apply for a 2nd card and thre CLOC?