NFCU approved $25,000 CL

[Anonymous]

NFCU approved me this morning for $25,000 cash rewards Visa and are my new favorite CU.   

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My Story:  I had originally app'ed PenFed for a $25k Visa and they countered $10k.  NFCU was my last app (in a somewhat long line).  I determined I am revamping my line up of cards and credit and also the banks I use.  I determined I was more interested in the apparent stability of the CU's and so made them my focus.

I previous app'ed (prior to NFCU):

Pertuity Direct Personal Loan 

Alliant CU Plat Visa  ($10k)

PenFed CU Reward Visa  ($10k)

CapOne MC Reward Ultra  ($3k)

Discover Escape (PC'd to More)  ($2k)

Juniper Business Card (no personal report, just inquiry)  ($15k)

All but Pertuity and Juniper were reporting as new accounts on my CR at the time I made my NFCU app.  So my EQ FICO had fallen from 810 to 780 with 3 inquiries and 4 new accounts (all in previous 4 weeks).

I made a last app decision to go with NFCU because I really wanted to break the $10k CL ceiling that I have been stuck with on personal credit.  Business credit I have higher at $35k. 

I app'ed NFCU for the cash reward Visa last Friday (online).  They called me Tuesday morning and asked for last 2 paystubs.  I faxed paystubs within an hour.  This morning I saw my online status was APPROVED, but no other info.  So I called in and asked, was approved for $25,000. 

Now I am happy and done with apps for at least 2 years.  I am confident that I can grow the CL's and relationships on these accounts and don't really have any desire.  I just wanted at least one card to break $20k.

I'll let you all know what the final fallout on my FICO is once everything is reporting, including NFCU.  I expect I'll be in the 750 range from what I am seeing right now.

Message Edited by txjohn on 05-07-2009 08:06 AM

[score_building]

congrats on the the great starting CL!  once again navy lives up to its reputation of granting higher limits than other issuers.

i noticed that my AAoA has dropped to exactly five years on EQ with my recent CU apps.  i still have two more that are not reporting yet so i think i tanked my AAoA slightly more than i realized (i was trying not to drop below 5 years)  in any case, i too am quite pleased so far with my shift to CUs.  i rest a bit easier too!

[FICOADDICTED]

Congrats txjohn!!!!!  Very nice CL...

[Anonymous]

Thanks.  This was the number I was shooting for, but was a little doubtful since they were so far down the app list.

Makes you wonder:  If I had app'ed them earlier, would the results have been the same, more, or possibly less?  Why less, less larger CL's.  More, less new accounts?  Same, they didn't mind the new accounts?

Things that make you go, hmmmmm

[FocusOnFICO]

txjohn---congratulations on both the credit line with Navy Fed Cred Union and also the way that you have restructured your credit portfolio.

Question---how did you join the NFCU.  I think that they have a one-time $300 fee for non-qualifiers for joining from the other categories?

[Anonymous]

They don't have any backdoor method to qualify that I am aware of for any price.

Originally several CSR's told me that my Army veteran status would qualify, but after joining (telephone sign up) I found from the paper work they sent to me in the mail that unless your veteran status is paid retired or annuitized in some manner, it doesn't qualify.

So, I have active duty father-in-law who joined so that my wife could join so that I did truly qualify. 

There are no organizations you can "join" in order to qualify for fee or otherwise that I am aware of.  For that you go to PenFed, Alliant, etc.

Message Edited by txjohn on 05-07-2009 09:16 AM

[FocusOnFICO]

Thank you for the information.  Your idea about gravitating towards the more stable credit unions and other institutions is a good idea.  I have been extremely pleased with my credit union (Matadors) and my relationship with Simmons First--both were very cooperative when I wanted to double my limits earlier this year and move my MC from Simmons to the Plat Visa.  I also was approved for the Plat Visa from First Command this last Monday and speaking to them was very much like speaking to Simmons---a small, stable bank with good business sense and values.

I've learned a lot from your posts and appreciate your input.

[Anonymous]

I stand upon the shoulders of those who went before me. 

[moondog7324]

Congrats on the 25 Gs. I'm kinda bummed on NFCU right now. I have a 1000 secured nrewards card that hit the 1 year mark on May 1. I called to request in be unsecured and at the same time to bump my credit limit to 5gs. Not only did they deny my CLI, they are still holding my secured funds. I'm waiting to get my denial letter (I found out through phone) so I can write the lending committe for recionsideration. I've used that card alot over the year- built up 6,000+ points and have always paid in full, they also have my car loan that I pay make biweekly payments and a NAVCHECK line of credit for 5Gs that I have never used. The only thing I think might have hurt me is that I opend a Chase card in December and another Chase card in January. I should have waited til they each hit 6 months.

Message Edited by moondog7324 on 05-07-2009 09:24 AM

[Anonymous]

The NavCheck 5k is not too shabby.  Hold off on other apps and let the accounts age.

ALSO:  If you want them to love you more, put your paycheck on direct deposit to them.  I can't say keep tons of cash in savings with them because the returns are not so good.  But, for the day to day checking and cash use, maybe that would help.

Make an occasional use of the NavCheck maybe?  I don't know much about that LOC.  When I called them to ask about my Visa they solicited me to apply for an auto loan.  I said, "don't need one."  So then they brought up NavCheck.  I asked, "what is it for" and they told me overdraft protection.  I laughed and said "I don't overdraw my checking accounts."  He then said, "you can access it as a normal LOC"  So I said, "okay, go for it."  Not sure about what will happen there, and not too concerned either.  I'm not apping anything new for a long while.  If they give that to me, I'm not sure what I would use it for anyway.  Can I pay at the pump with it