My question is this: With my NFCU internal score at 314 as of my Last HP, would taking out a secured $1K pledge loan do much to help raise my internal score with NFCU?
I am working to build my relationship with NFCU, as I plan to ask for more of their credit products in the future. Specifically the Flagship Rewards and MoreRewards cards. I want to increase the CL on these steadily over time to their maximums.
My credit scores are decent and I have a relatively thick file and excellent credit mix, and when my BK drops off in August my score should jump significantly if I maintain perfect payment history. I am not looking at this product as a way to raise my Fico, but only my internal relationship score with NFCU.
Under what circumstances would a Pledge Loan be useful and able to help raise my internal score significantly?
My DP’s are as follows
Current accounts with NFCU: Checking, Savings, NFCU CashRewards w/18K CL
Internal Score at Last HP in 2/2022 - 314
Credit Mix: Personal Loan, Mortgage, Auto Loan, 8 cards, student loans.
Fico 8: Eq 723 - TU 739 - EX 703
Baddies: Bankrupcy Ch7 August 2012 (falls off this year), no collections
Payment history: perfect for nearly 10 years on all accounts.
Total Available CL: $64.6K
CC Utllization: 5%
DTI: 17%
AAoA: 8 years 2 Months
AoYA: 1 month
I've no idea if a loan will help but your scores and stats are good. Why don't you just apply for the more rewards card now? (You could try for the flagship but it's not always easy to get as first card, but it has been done.) Plus opening a loan with bring down your AOA, and if you really don't need it, there's no point in opening it.
I see a lot of similarities between our profiles especially back when I got my first Navy Federal card, the More Rewards. Although I didn't have any bankruptcies on my profile, I had a student loan in default at the time I was approved for the More Rewards and Flagship (it's since been rehabbed). I believe my internal score at the time was 304 out of 450. So you're already ahead of me in that. I ended up doing a $250 pledge loan for 6 months and when I finished my internal score was 402 out of 450.
I applied for the Flagship card and was given a $5200 starting limit. So while the pledge loan did improve my internal score with them it's not a guarantee to get you high starting limits. When my score was 304 they gave me a higher starting limit. My More Rewards card started at $9300.
It might be worth just going for the card you want to apply for right now and then routinely ask for limit increases. In less than 2 years my More Rewards reached $33K and my Flagship reached $21K through limit increases first 1 at 91/3 and then the rest every 6 months. Best wishes to you with whatever you decide to do!
@Adkins wrote:I've no idea if a loan will help but your scores and stats are good. Why don't you just apply for the more rewards card now? (You could try for the flagship but it's not always easy to get as first card, but it has been done.) Plus opening a loan with bring down your AOA, and if you really don't need it, there's no point in opening it.
Im holding out applying for new cards until October so I can get below 5/24. I am late to the game with Chase cards.
@HeavyResist wrote:
@Adkins wrote:I've no idea if a loan will help but your scores and stats are good. Why don't you just apply for the more rewards card now? (You could try for the flagship but it's not always easy to get as first card, but it has been done.) Plus opening a loan with bring down your AOA, and if you really don't need it, there's no point in opening it.
Im holding out applying for new cards until October so I can get below 5/24. I am late to the game with Chase cards.
Understood.
@Jordan23ww wrote:I see a lot of similarities between our profiles especially back when I got my first Navy Federal card, the More Rewards. Although I didn't have any bankruptcies on my profile, I had a student loan in default at the time I was approved for the More Rewards and Flagship (it's since been rehabbed). I believe my internal score at the time was 304 out of 450. So you're already ahead of me in that. I ended up doing a $250 pledge loan for 6 months and when I finished my internal score was 402 out of 450.
I applied for the Flagship card and was given a $5200 starting limit. So while the pledge loan did improve my internal score with them it's not a guarantee to get you high starting limits. When my score was 304 they gave me a higher starting limit. My More Rewards card started at $9300.It might be worth just going for the card you want to apply for right now and then routinely ask for limit increases. In less than 2 years my More Rewards reached $33K and my Flagship reached $21K through limit increases first 1 at 91/3 and then the rest every 6 months. Best wishes to you with whatever you decide to do!
Thanks @Jordan23ww ! I appreciate the detailed feedback and DP's. I am waiting on applying for another card until I get under 5/24 to get into chase as I am
behind on that one. After that I'll proabably go for my next NFCU card.
@HeavyResist wrote:
@Jordan23ww wrote:I see a lot of similarities between our profiles especially back when I got my first Navy Federal card, the More Rewards. Although I didn't have any bankruptcies on my profile, I had a student loan in default at the time I was approved for the More Rewards and Flagship (it's since been rehabbed). I believe my internal score at the time was 304 out of 450. So you're already ahead of me in that. I ended up doing a $250 pledge loan for 6 months and when I finished my internal score was 402 out of 450.
I applied for the Flagship card and was given a $5200 starting limit. So while the pledge loan did improve my internal score with them it's not a guarantee to get you high starting limits. When my score was 304 they gave me a higher starting limit. My More Rewards card started at $9300.It might be worth just going for the card you want to apply for right now and then routinely ask for limit increases. In less than 2 years my More Rewards reached $33K and my Flagship reached $21K through limit increases first 1 at 91/3 and then the rest every 6 months. Best wishes to you with whatever you decide to do!
Thanks @Jordan23ww ! I appreciate the detailed feedback and DP's. I am waiting on applying for another card until I get under 5/24 to get into chase as I am
behind on that one. After that I'll proabably go for my next NFCU card.
@HeavyResist you're welcome! Best wishes to you whenever you do end up applying!