@travisp33 wrote:
Hey guys - Wanted to check myself before I do something stupid with NFCU.
I became a member last week. In my "offers" page, it said I was pre-approved for their cash rewards card, so I hit the apply button. Instant approval for 25k. If I had thought about this more I might have done it different though.
Now what I really need is the following:
1. BT about 12k of debt from my wife's cards to something with a low interest rate.
2. A rewards card (Flagship?) to handle around 2k of monthly expenses PIF every month.
3. An auto loan hopefully in around 45 days.
So, I called them up and asked for a PC from ncash over to a platinum. There was some sort of glitch in the system, so the rep sent it to be changed manually, but assured me there were no issues. Called to ask about it today (not done yet) and told rep I wanted to split the limit across a low APR card and a Rewards card - but I was a bit nervous since my limit was pretty high on the first card. Rep advised me once the PC to platinum is complete to call up and ask for a Credit Limit decrease (Sacrilege!!) and then to apply for the rewards card - because they couldn't "split" my limit across 2 cards.
The master plan is once all of the debt is off my wifes accounts her utiz will go to zero then as soon as one of her cards offers 0% BT we will send the money back, and then add her as AU on each others cards which will put both of our utiz around 30%, but then pay off asap. At that point we will be in the garden until utilz back down under 10% and I don't foresee needing additional lines during that period.
Would anyone play it differently? Im thinking maybe just apply first then call and do the decrease limit only if denied?
They told me to do the same thing, but like you, the idea of doing a CLD seemed counter-intuitive, so I didn't do it and took my chances with a new app for a CC, which they promptly denied. Probably the $25k is the max they're wiling to extend to you now, so you would need to lower your CL before they will approve you for a new CC. I spoke w/a few different reps and they all said basically the same thing, so I guess that's how they work.
You could app and recon/CLD if denied. However, just know you'll likely get another HP (or 2) if you do this. Some people have reconed w/o another HP, but a lot of people have gotten mulitple HPs when they recon. They seem to hit both EQ and TU, probably to get a better picture of your credit before approving a higher CL.
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+
Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!
