NFCU - Optimizing everything before applying for Cash Rewards card

[gamegrrl]

I opened my NFCU savings and checking accounts just over a year ago. I had to make several inquiries during the process, but finally was approved. This had to do with my military status: Medically Retired, but receiving pension through VA instead of DOD. Frankly, I figured I would be booted out should I do anything to draw attention to myself, so I've just been letting it sit there with $5 in the savings account and nothing in checking.

My nephew (my brother's son) is Army National Guard. He recently returned home from deployment and has opened a NFCU account. Today, his dad (my brother) is opening a NFCU account based upon his relationship with his son. As soon as he does that, I will be talking to NFCU to associate my account with my brother's eligibility. That will make me more comfortable regarding my status.

Now, on to the big reason for my post...

I have been working on tidying up my credit for the past several years. I know that NFCU only pulls EQ for credit card apps. My EQ score per MyFICO is 778. My utilization hovers around 1%. Credit history is 14 years, and AAOC is 7 years. I have zero inquiries. I have one negative indicator on my Equifax report: A status of "30 days late" on a closed, paid-off, zero balance auto loan through Ford Motor Credit. All I can figure is that my final payment back in January 2007 was late. That baddie drops off in January, obviously. My income is around $60K. I have no auto loans or anything. Just two student loans in good standing, totalling $18K, and a HELOC that is $4k shy of being maxed out (live in a paid-off historic home and had to make repairs).

My goal is to have a cash rewards card with a substantial CL that I can use for paying all of my bills and expenses, and paying it off every month.

My Questions:

• Should I wait until that Ford account falls off in January before applying for the NFCU Cash Rewards card?
• Should I move money to my NFCU savings account before applying for the card?
• When I apply for the card, will they ask me how much money I have socked away in other banking institutions? (This would be a good thing)

I have been gardening for so long, I find that the thought of pushing the button actually makes me want to throw up a little.

Thanks for any input!

[Creditaddict]

I woudn't call navy about your membership at all if you have had the accounts for a year!

2. what are you waiting for... apply now... im surprised you don't have offers when you sign on or click "offers" page

I would apply for 1 or 2 credit cards and navcheck all at once... today.

[Creditaddict]

oh....

1. don't wait for ford

2. don't need to move money

3. they ask income... not sure about anything else... the credit score is going to fly you through the system though I bet.

[09Lexie]

1. You do not have to wait until Ford falls off. Your CS is more than sufficient IMO.

2. Also, having funds in the account is not a requirement, so I wouldn't worry about that either.

3. I agree with CreditAddict , I'm surprised that you haven't received any offers

Take a swig of Pepto and report back with your approval!

[Rikku]

I wouldn't worry about your membership eligibility unless you lied about your status, which it doesn't sound like.

I don't think you need to worry about getting approved, and I wouldn't worry about letting the one late payment fall off. I was approved for a NFCU Flagship Rewards card with a $25K CL when my score was around 730. My income is higher than yours, however, and I do all of my banking at NFCU, so they probably view me as an excellent customer. But with your score, I'm sure you'll be approved with a decent CL. There's a slight chance that you might be overthinking this.

[gamegrrl]

You guys are really helping to bolster my courage! Thanks!

Of course now I, too, am wondering why I haven't gotten any offers. I just recently (over the past few days) opted back in on all three reports, so maybe that's it. I know the Discover IT pre-approval soft pull could never find me, either. 

I think that MAYBE I will push the button on the NFCU card later today when my brother gets his account set up.

I sure have gotten cautious in my old age. That, plus the very fresh memory of working so hard on my credit scores for the past several years makes me so reluctant to be brave.

And yeah... I have been known to overthink things. *sigh*

[travisp33]

I joined last week and immediatly applied for a CC and was instantly approved for the cash rewards card with a 25k limit. This is with fico's probably in the 635-650 range, and a (barely) 5 figure charge off from early 2012. I applied for a car loan today and was approved for their lowest rate.

Fortune favors the bold!

[gamegrrl]

I *love* that saying! "Fortune favors the bold!" Now, if I could just live by it! LOL!

I actually had them on the phone and ended up asking them something else. Yeah. I chickened out. Crap.

[KoolDev]

I just joined NFCU today.  $25 bucks in the savings.  linked the card payment to the savings.  sent in the app and got approved for a cash rewards card with a 17.5 limit with in 20 seconds of hitting the accept button.

I dont think you have anything to worry about............

[KoolDev]

Oh i did transfer 300 from a credit one thats getting closedddddddddd in 3 weeks LOL