Another NFCU Question...

UncleB · ‎11-12-2015

I finally got my USAF brother to join NFCU a few weeks ago, so I should be good to go for joining myself when the time is right. Like most folks on here, my primary reason for joining is to get one of their credit cards.

I know when I apply for membership there will be a TU inquiry, and that there is an additional inquiry on EX if/when I apply for a credit product. I am tentatively planning on apping for their 'Platinum MasterCard' next fall once my last baddie drops off. Would I be better off to get my membership now (so the TU inquiry can start aging) or would it be better if I waited until I was ready to app for the credit card, i.e. get my membership and credit card at the same time?

I currently have three inquiries on each bureau, so the additional inquiry on TU to get the membership won't hurt too much (I don't think). Other than NFCU and possibly the Amazon Store card, there's nothing currently new on my radar at this time. Credit-wise, it's been a good year!

Also, the NFCU website states that the 'Platinum' MasterCard (and I think they recently added Visa) is the lowest APR card they offer. For the folks who have both the Platinum and one of the rewards cards, how much lower is the APR of the Platinum? If we're just talking 1% I would likely just get the rewards card, but if the difference is significant I would prefer a lower APR.

Their CashRewards and GoRewards cards both look really good, but with my Quicksilver and Sam's Club MasterCard I pretty much have those categories covered. What I'm currently lacking is a low APR card for those times when carrying a balance is preferable. I could likely get approved now, but I believe they would likely assign me a better APR without that last charge-off... and getting a low APR is the entire reason for the app.

Thanks in advance!

Rebuilding69 · ‎11-12-2015

I dont see your current inquiries mattering to NFCU unless it somehow affects your score to the point they care, ut the chances of that happening...

They are HP happy, especially with EQ for me. My EQ HP's are literally 3x more than the other bureaus thanks to NFCU, and they haven't stopped giving me CLI's(haven't apped for a new product in 1.5 years with them). Got 3 CLI's in the last 1.5 months for them(1 huge CLOC CLI & 2 CLI's on my CC).

JagerBombs89 · ‎11-12-2015

@UncleB wrote:
I finally got my USAF brother to join NFCU a few weeks ago, so I should be good to go for joining myself when the time is right. Like most folks on here, my primary reason for joining is to get one of their credit cards.

I know when I apply for membership there will be a TU inquiry, and that there is an additional inquiry on EX if/when I apply for a credit product. I am tentatively planning on apping for their 'Platinum MasterCard' next fall once my last baddie drops off. Would I be better off to get my membership now (so the TU inquiry can start aging) or would it be better if I waited until I was ready to app for the credit card, i.e. get my membership and credit card at the same time?

I currently have three inquiries on each bureau, so the additional inquiry on TU to get the membership won't hurt too much (I don't think). Other than NFCU and possibly the Amazon Store card, there's nothing currently new on my radar at this time. Credit-wise, it's been a good year!

Also, the NFCU website states that the 'Platinum' MasterCard (and I think they recently added Visa) is the lowest APR card they offer. For the folks who have both the Platinum and one of the rewards cards, how much lower is the APR of the Platinum? If we're just talking 1% I would likely just get the rewards card, but if the difference is significant I would prefer a lower APR.

Their CashRewards and GoRewards cards both look really good, but with my Quicksilver and Sam's Club MasterCard I pretty much have those categories covered. What I'm currently lacking is a low APR card for those times when carrying a balance is preferable. I could likely get approved now, but I believe they would likely assign me a better APR without that last charge-off... and getting a low APR is the entire reason for the app.

Thanks in advance!

NFCU pulled TU for both my membership and for the CC application. Of course, I did not apply for both at the same time and this was a few years ago, so YMMV. As far as APR goes, NFCU website lists the platinum at 7.99% (lowest) while the cash rewards at 9.65% (lowest). When I app'd for the CashRewards, my FICO was 755 and I got 10.65% APR.

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Anonymous · ‎11-12-2015

They recently pulled TU for the membership and then 2x EQ for the cc and car refi as they are all separate depts. On EQ they used my mortgage score, which just happened to be my absolute lowest of all 16 or so versions lol. I got a cash rewards and a flagship, both 15.49% apr due to my scores. I did not app for the plat though. But my mortgage score was 598 on the letter they sent me. Blah.

baller4life · ‎11-12-2015

It really doesn't matter either way. You could get the Platinum now and request an apr reduction once your Co falls off. You can request those once a year. They pulled TU for membership and cards because my EQ stays frozen. I have 15.65% on Cash rewards and 10.99% on Platinum. I had a couple baddies still when I joined. Once my EQ is clean since that's who they pull for AR then I will request reductions.

UncleB · ‎11-12-2015

@baller4life wrote:
It really doesn't matter either way. You could get the Platinum now and request an apr reduction once your Co falls off. You can request those once a year. They pulled TU for membership and cards because my EQ stays frozen. I have 15.65% on Cash rewards and 10.99% on Platinum. I had a couple baddies still when I joined. Once my EQ is clean since that's who they pull for AR then I will request reductions.

They do APR reductions after the account is established? If so that's excellent to know!

That's quite a spread in rates between the Platinum and the CashRewards, so it appears that (for me) it's definitely worth foregoing the rewards to get the lower APR.

From what I understand it apparently doesn't matter about the membership and credit app being close together... so I could join now then app later on for the card. Even though I'm not planning on any other accounts, since I know the TU pull is 'inevitible' to establish membership I might as well get it over with now so it can be aging.

Now I just need to make myself a note to give my brother a call to get his membership number... I'm assuming it'll be required when I apply for my own online (?).

baller4life · ‎11-12-2015

Yes you will definitely need his member number to join online. They ask for your sponsor's #. You can certainly join then app later on or whenever you want. Glad to see you taking the plunge. Navy Fed is the best!

Anonymous · ‎11-12-2015

they do annual APR reductions. each birthday of your card call and ask.

takeshi74 · ‎11-12-2015

@UncleB wrote:
I'm currently lacking is a low APR card for those times when carrying a balance is preferable.

If you find yourself routinely carrying balances then you'll want to look into why that's the case and address that issue. I know it's easier to say than do but credit is not a substitute for a liquid reserve.

Creditaddict · ‎11-12-2015

Navy pulls EQ or TU not EX.

It is usually just a difference of 1% or so on rewards vs platinum.

You can product change between Navy cards whenever you want though so unless your intention is just to use the card for BT, I would get a rewards card like the GoRewards now that they made Restaurants 3%!

You can ask for an APR reduction 1 per year. or product change and sometimes that comes with a lower apr automatically!

Apply for the checking loc for $15k right after you apply for the credit card also!