NFCU cc questions

[Anonymous]

I know there are several threads about Navy Federal and I have read through alot of them, which is why I wanted to become a member to begin with. My sister is a member, has been for 20 yrs. I signed up yesterday for a savings and a checking. Yay!

How long should I wait to app for the cashrewards card? 

I recently started restablishing and this forum has been a tremndous fountain of information! Thank you all! 

My scores are all in the mid 640's up from the 560's in March, when I discovered Myfico! I have 2 Cap One cards, 6 months old, credit limits are $1200 & $2000. A few department store cards. An auto loan thru Ford Motor Credit at 1.9% APR. All new credit since March. 

What are your thoughts on my chances of getting approved for a card?

What is the difference between a PLOC and a CLOC? Is one better than the other? How long should I wait until I apply for one of those lines?

Any and all advice is appreciated! Thanks in advance!

[Gmood1]

Your chances are very good from the info you've posted! You can app now if you want to. It's your choice. Navy seems to be in a giving mood lately.

[Anonymous]

1) Congratulations and welcome aboard

2) I agree with @Gmood1 based on the info listed can't see why you wouldn't be approved...
I LOVE Navy just 3 minutes ago got a text from my 18 Y.O. baby girl that I convinced to join via Dad over the Labor Day WE ...she had issues with the online whatever anyway now she got her approval notice.
Proud Poos😂

3)
PLOC and CLOC are essentially the same thing they are both LOC or lines of credit
The P for personal or C for checking just means one is tied to a checking account and the other isn't other than that there is zero difference as far as anything meaningful.

Kinda like a Big Mac and a Whopper are both still hamburgers (ok now I'm hungry) neither
PLOC nor CLOC is better it's just that some places offer one but not the other but push come to shove just like the Whopper or the Big Mac, there both just Lines of credit no matter what there called by the company.

4) I agree, you took a HP to join Navy, so IMO you may as well take the 2nd one to app up right now grab your card and allow the HP' affects to age out together vs waiting thus pushing the drop offs further from each other.

5) As for the CLOC (a great product btw) it's a little trickier IMO
If you have no plans on any other loan for a while, it's ok to app now
But if you're thinking of maybe a car or PL in the near future you'd want to double up the app IMO

This is because with Navy the loan department vets the CLOC and they run a different type of HP ( not the bankcard pull done for CCs) anyway I like the Gemini way (2 birds 1 pull) if at all possible

Ex: I waited til I was ready to Car shop in February...then I apped for auto preapproval and WITH that HP I asked and received my Navy CLOC
See 1 HP 2 products
( Same thing with USAA...1 pull 3 cards)

Point is IF you have designs on another product just consider your full game plan ( don't buy a car just because of course...just saw you have a fresh auto loan with a great rate so you're good there)

Lastly I say remember the HP' neg value drops after 12 months and Navy isn't very inquiry sensitive anyway. Based upon your goal of rebuilding and the fact that you have got your auto already and assuming your Navy CC approval... I would love to add a LOC to your portfolio and then chill and let everything age together...by next time this year you'd have beast credit....thick and aged.

Best of luck.... let us know what you decide and your results.

[BIGSTARXXX1]

My wife was denied with a TU of 703 - denied for both cash rewards CC and CLOC

TU had a discharged Ch 13 on it (filed 2010, discharged 9/2015), and paid Fed Tax lien from 2012. NO other baddies/lates, just the PR's

Reason Given for Denial: Bankruptcy

6 new positive trade-lines since discharge - limits ranging from about 3K to 10K (Venture One). 3  positive closed accounts

Income of 62.5K per annum.

Had 5 inquiries on TU.

Just a data point .. but, yea, I see a lot of folks gettig approved with much lower FICO's

[Creditplz]

I was approved for 13.3k flagship and 5k CashRewards, EQ was 680 at the time and I applied that same day that membership was approved

[Gmood1]

My GF was approved several weeks ago with a 604 TU along with a bunch of CO's. It was a instant approval $17.3k at 9.9℅ and her first non secured card.

[Anonymous]

I app'd last night and was declined

It said I did not meet their minimum credit requirments and that I would receive a letter in the mail. I can't imagine why. My income is 8k/monthly and I have been at my job 4 yrs!

Can we rehash with NFCU?

[Anonymous]

Thank you, Gemini for the detailed info and everyone for the input.