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I just opened a savings account with NFCU, I want to apply for a personal loan but I would also like to apply for the cashrewards card but I am scared to. My fico is 715 with EQ I just checked it today. My credit history says 2 years. I have 6 accts, 2 accts with balances, 4 opened in past year 1 recent inq (total of 2), no baddies, what are my chances. I've seen people on here get high limits with scores lower than mine. I don't want to ruin my chances at the personal loan with them if I apply for a CC. Should I wait til after i apply for the loan?
@mnegron1969 wrote:I just opened a savings account with NFCU, I want to apply for a personal loan but I would also like to apply for the cashrewards card but I am scared to. My fico is 715 with EQ I just checked it today. My credit history says 2 years. I have 6 accts, 2 accts with balances, 4 opened in past year 1 recent inq (total of 2), no baddies, what are my chances. I've seen people on here get high limits with scores lower than mine. I don't want to ruin my chances at the personal loan with them if I apply for a CC. Should I wait til after i apply for the loan?
You want to wait until you get your715 FICO score higher. A new tradeline and inquiry can dip your 715 score below 700 if your AAoA's cannot handle it.
Your score is high enough for NFCU....and you would probably be approved. However, depending on what your current balances are and how many new accounts you have will have an impact on your CL.
I would apply first for the item you want/need most. Then call in and ask if they will consider you for the other product using the same pull. If you do apps online, every app pulls CR. If you call in and talk to somebody, you most likely can get both on a single pull.
NFCU is by far your best chance with any lender.
IMO IME
Many people have gone to NFCU with a builder card and CL of $1k or less as best cc and received $7.5k to $20k.
NFCU is the exception to the rule on higher CL's for newer credit, rebuilding credit or credit without previous higher CL's.
I can't tell you how many people have gone from a CapOne or Orchard of $750 CL up to an NFCU $10k plus.
I'm not guaranteeing that result (will also depend on your income), but you definitely have the best chances with NFCU.
IME IMO
FaircreditguyFL wrote:
You want to pay off an installment loan with a credit card?
mnegron1969 wrote:
I only have a bal on my installment loan ($7400) & mortgage (1 yr old $80,000), my walmart has $0 bal I pay it off ea mo, same with Orchard but that one hasn't appeared yet on my reports. One CC from 2007 is closed. I wanna be able to get a home improvement loan & also to pay off the installment loan I have already.
@Anonymous wrote:
You want to pay off an installment loan with a credit card?
The OP also said they wanted to open a personal loan and was wondering whether to app for that or for a cc first.
I assume they may be talking about paying off the installment loan with the personal loan they wants to app for. Not sure...but that's how I took it.