Your Advice: Best Credit Card

[Harvey26]

@credit8502020 any updates?

[credit8502020]

Hi @Harvey26 Thanks for checking in. So this week, she was approved for a $3,000 Limit for a 2% Cash Back card with Signal Financial. She requested $10,000, so we will talk with the bank next week to see if they will reconsider. They pulled her Equifax report. 

If I recall correctly, I read that NFCU pulls Transunion for credit cards. Does that depend on where you live? 

Also a few more questions:

How long after being a member with NFCU do you suggest waiting before applying? 

Should I get the inquiry removed from Equifax before having her apply for NFCU's 1.5% cc or should I not be concerned about it since they pull from different bureaus? She has one inquiry from TU that will fall off August 2021. 

While I wanted her to have the 2% card, I still value having NFCU's products and then maybe we'll consider SDFCU or PenFed 6 months down the road. I think NFCU will be more generous than Signal. She is not a big spender, but I know she wanted to do some home updates and since she'll be spending the funds anyway, I figured it would be great for her to get cash back while doing so! 

I decided to not have her apply with Chase because of reading about them appearing to be stricter on approvals and the only reason would have been to get the SUB, etc.  

[Harvey26]

@credit8502020 NFCU will always pull TU for new cards. NFCU will be much better limit. Even if she got flagship which is 2% with annual fee which is $49 a year. Im sure she will make that up. I would app for an NFCU card and if its better than Signal just tell them no thanks. 

[credit8502020]

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@Harvey26 wrote:

@credit8502020 NFCU will always pull TU for new cards. NFCU will be much better limit. Even if she got flagship which is 2% with annual fee which is $49 a year. Im sure she will make that up. I would app for an NFCU card and if its better than Signal just tell them no thanks. 

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Ok. 

1. She just joined NFCU this week. Are you suggesting to apply next week or do you think it’ll be helpful to wait to be a member a little longer?

2. So don’t be concerned about trying to get the Equifax inquiry from Signal correct? Asking because I thought I recall reading to be careful and avoid too many inquiries, even if it’s not the same bureau. Is it true that credit card companies look at inquiries from other bureaus sometimes to determine if someone is on a card spree or is it just for the bureau that they pull?

Thank you! 

[coldfusion]

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@credit8502020 wrote:

Hi @Harvey26 Thanks for checking in. So this week, she was approved for a $3,000 Limit for a 2% Cash Back card with Signal Financial. She requested $10,000, so we will talk with the bank next week to see if they will reconsider. They pulled her Equifax report. 

If I recall correctly, I read that NFCU pulls Transunion for credit cards. Does that depend on where you live? 

Also a few more questions:

How long after being a member with NFCU do you suggest waiting before applying? 

Should I get the inquiry removed from Equifax before having her apply for NFCU's 1.5% cc or should I not be concerned about it since they pull from different bureaus? She has one inquiry from TU that will fall off August 2021. 

While I wanted her to have the 2% card, I still value having NFCU's products and then maybe we'll consider SDFCU or PenFed 6 months down the road. I think NFCU will be more generous than Signal. She is not a big spender, but I know she wanted to do some home updates and since she'll be spending the funds anyway, I figured it would be great for her to get cash back while doing so! 

I decided to not have her apply with Chase because of reading about them appearing to be stricter on approvals and the only reason would have been to get the SUB, etc.  

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NFCU pulls TU regardless of which state you live in.  No significant advantage IMO in waiting to apply for one of their cards.

On what basis would you be trying to get that Equifax inquiry removed? Applying for credit gives permissible purpose for the hard pull and you not being satisfied with the outcome provides no legitimate reason for it to be withdrawn. 

[Harvey26]

@credit8502020I would have her app as soon as possible. and the Equifax inquiry will stay you will not get the removed due to the fact that she did request for the account. I would app for NFCU and get the results and then if its good which i am 100% it will be. I would reach out to Signal and cancel that app out if they havent already finalized it.

[credit8502020]

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@coldfusion wrote:

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@credit8502020 wrote:

Hi @Harvey26 Thanks for checking in. So this week, she was approved for a $3,000 Limit for a 2% Cash Back card with Signal Financial. She requested $10,000, so we will talk with the bank next week to see if they will reconsider. They pulled her Equifax report. 

If I recall correctly, I read that NFCU pulls Transunion for credit cards. Does that depend on where you live? 

Also a few more questions:

How long after being a member with NFCU do you suggest waiting before applying? 

Should I get the inquiry removed from Equifax before having her apply for NFCU's 1.5% cc or should I not be concerned about it since they pull from different bureaus? She has one inquiry from TU that will fall off August 2021. 

While I wanted her to have the 2% card, I still value having NFCU's products and then maybe we'll consider SDFCU or PenFed 6 months down the road. I think NFCU will be more generous than Signal. She is not a big spender, but I know she wanted to do some home updates and since she'll be spending the funds anyway, I figured it would be great for her to get cash back while doing so! 

I decided to not have her apply with Chase because of reading about them appearing to be stricter on approvals and the only reason would have been to get the SUB, etc.  

---

NFCU pulls TU regardless of which state you live in.  No significant advantage IMO in waiting to apply for one of their cards.

On what basis would you be trying to get that Equifax inquiry removed? Applying for credit gives permissible purpose for the hard pull and you not being satisfied with the outcome provides no legitimate reason for it to be withdrawn. 

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Thank you for your feedback. 

[credit8502020]

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@Harvey26 wrote:

@credit8502020I would have her app as soon as possible. and the Equifax inquiry will stay you will not get the removed due to the fact that she did request for the account. I would app for NFCU and get the results and then if its good which i am 100% it will be. I would reach out to Signal and cancel that app out if they havent already finalized it.

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Ok. Thank you. I appreciate your feedback. 

[credit8502020]

@Harvey26 

@credit8502020I would have her app as soon as possible. and the Equifax inquiry will stay you will not get the removed due to the fact that she did request for the account. I would app for NFCU and get the results and then if its good which i am 100% it will be. I would reach out to Signal and cancel that app out if they havent already finalized it.

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Hi! I know you mentioned having my Mother app for NFCU as soon as possible. Can you provide more clarity of why you're suggested this? I just want to understand the overall reasoning regarding the pace at which you suggest applying. Signal already said they declined and countered the application. However, they are reconsidering it and will have a response no later than Thursday morning. 

Do you know if having a certain amount of funds in the NFCU account(s), help with the credit decision? Thanks! 

[Harvey26]

@credit8502020 no my mom had 0 in share savings and got approved for 25K @ 11.49 on the flagship which was the lowest at the time