NFCU Credit Card Approvals: What does the SL amount say about your NFCU Relationship?

[Anonymous]

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@Anonymous wrote:

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@W261w261 wrote:

This is slightly off-topic, but I was just approved for the Sig Visa, 5k.  Been a Navy member for about 8 mos, have a SS Loan, plus a 30k savings account.  The interest rate on the card is 9.99%, right at the bottom.  My Amex's are around 20%.  I don't care about the rate, as I don't carry balances, but it seems obvious to me that the 30k in the savings account brought down the rate on the card.

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It may not have mattered as much as you think. My TU was 647 when I applied for my cashRewards in 2018 and it was still right around there when I got my Platinum 3 months later and I got the lowDo est APR on both with no money in my NFCU accounts. 

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Do you think your income had something to do with the lower interest rate since you did not have any money in their accounts? How long had you been a member when you applied for your cards in 2018? How much credit did you have available to you at the time? What was  your utilization?

[joltdude]

Think they were referring to having a BT or 0% apr offer on purchases and not paying it off before the terms end,., Still making the required payments but not paying it off early.. 

[Anonymous]

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@joltdude wrote:

Think they were referring to having a BT or 0% apr offer on purchases and not paying it off before the terms end,., Still making the required payments but not paying it off early.. 

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Thank you, that makes since. Wow, I thought it was good for you to take advantage of the 0% balances transfers. I thought it shows that you are a responsible borrower. Why would they penalize you for doing the full term?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@W261w261 wrote:

This is slightly off-topic, but I was just approved for the Sig Visa, 5k.  Been a Navy member for about 8 mos, have a SS Loan, plus a 30k savings account.  The interest rate on the card is 9.99%, right at the bottom.  My Amex's are around 20%.  I don't care about the rate, as I don't carry balances, but it seems obvious to me that the 30k in the savings account brought down the rate on the card.

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It may not have mattered as much as you think. My TU was 647 when I applied for my cashRewards in 2018 and it was still right around there when I got my Platinum 3 months later and I got the lowDo est APR on both with no money in my NFCU accounts. 

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Do you think your income had something to do with the lower interest rate since you did not have any money in their accounts? How long had you been a member when you applied for your cards in 2018? How much credit did you have available to you at the time? What was  your utilization?

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My income was only like $18K because I'm disabled so I doubt that's the reason why. I had just joined and applied for the card same day. Existing cards totaled $20,750 when I joined, utilization was less than 1%. 

[Anonymous]

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@Anonymous wrote:

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@joltdude wrote:

Think they were referring to having a BT or 0% apr offer on purchases and not paying it off before the terms end,., Still making the required payments but not paying it off early.. 

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Thank you, that makes since. Wow, I thought it was good for you to take advantage of the 0% balances transfers. I thought it shows that you are a responsible borrower. Why would they penalize you for doing the full term?

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They can't see that the balance is from a BT, just that there's a balance. Carrying a balance month to month shows the opposite. 

[joltdude]

@Anonymous  The problem is twofold.. 0% offers cause a utilization hit..... which affects your fico score.. and oftentimes other banks wont know that its a 0% offer, just that your utilizing more of your card.... but im still a believer in finances over fico but this could be the issue... it (appears) as if they have a high utilization on the card. This is the gotcha with 0% offers.. 

-J

[Anonymous]

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@joltdude wrote:

@Anonymous  The problem is twofold.. 0% offers cause a utilization hit..... which affects your fico score.. and oftentimes other banks wont know that its a 0% offer, just that your utilizing more of your card.... but im still a believer in finances over fico but this could be the issue... it (appears) as if they have a high utilization on the card. This is the gotcha with 0% offers.. 

-J

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At some point we will all carry a balance transfer. I see it as a plus especially if you have large purchases and you take advantage of the extra warranties that come with your credit cards. Then you just pay them down based on the term allowed. But, I do see that catch 22 that can alter additional credit apps for that time periord. So when you take advantage of the 0% BT's you must plan very well and return to the garden in most cases. Just my thoughts.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@W261w261 wrote:

This is slightly off-topic, but I was just approved for the Sig Visa, 5k.  Been a Navy member for about 8 mos, have a SS Loan, plus a 30k savings account.  The interest rate on the card is 9.99%, right at the bottom.  My Amex's are around 20%.  I don't care about the rate, as I don't carry balances, but it seems obvious to me that the 30k in the savings account brought down the rate on the card.

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It may not have mattered as much as you think. My TU was 647 when I applied for my cashRewards in 2018 and it was still right around there when I got my Platinum 3 months later and I got the lowDo est APR on both with no money in my NFCU accounts. 

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Do you think your income had something to do with the lower interest rate since you did not have any money in their accounts? How long had you been a member when you applied for your cards in 2018? How much credit did you have available to you at the time? What was  your utilization?

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My income was only like $18K because I'm disabled so I doubt that's the reason why. I had just joined and applied for the card same day. Existing cards totaled $20,750 when I joined, utilization was less than 1%. 

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That is good news and hope for most that is not based on income. But it is preplexed out and whom gets lower interest rates. But nonetheless very happy for you. Good job.

[FinStar]

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@Anonymous wrote:

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@joltdude wrote:

@Anonymous  The problem is twofold.. 0% offers cause a utilization hit..... which affects your fico score.. and oftentimes other banks wont know that its a 0% offer, just that your utilizing more of your card.... but im still a believer in finances over fico but this could be the issue... it (appears) as if they have a high utilization on the card. This is the gotcha with 0% offers.. 

-J

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At some point we will all carry a balance transfer. I see it as a plus especially if you have large purchases and you take advantage of the extra warranties that come with your credit cards. Then you just pay them down based on the term allowed. But, I do see that catch 22 that can alter additional credit apps for that time periord. So when you take advantage of the 0% BT's you must plan very well and return to the garden in most cases. Just my thoughts.

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I would disagree with the bolded statement.  A variety of individuals use them, yes - but not everyone does (nor will).  That said, BTs can be great financial tools and can be lucrative opportunities such as consolidating debts, investments (provided the ROI is higher than the BT fee, if applicable), large purchases or financing projects (especially is there is a SUB on an intro purchase promotion), etc.  Just keep in mind such a broad statement doesn't apply to everyone.

[Remedios]

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@Anonymous wrote:

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@Anonymous wrote:

I think like other lenders, their ultimate assessment will be some unknown melánge of internal and FICO scores, and overall major profile characteristics (like the BTs you mention @Brian_Earl_Spilner ). I know, groundbreaking deduction there lol. Navy just seems to stir the soup differently than the rest with overall tolerance for profile imperfections.

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I also believe NFCU responds well when you trust them. They value those that are truly seeking to build a solid foundation with them.

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How does one "trust" lender?  

They aren't borrowing money from you, you're borrowing money from them.

"The trust" part is established by payments and broken first time there is a snag. 

"The trust"  isn't trust, it's the contract you both entered into, and under normal circumstances, both sides keep their end of the bargain. If you want to call that trust, that's fine, but they aren't a puppy.