NFCU - Chicken or the Egg

[satio]

After reading all the positive feedback of others and given that I am eligible with my father having served in the Air Force I recently opened checking/saving accounts with NFCU.

I want to build a longer term banking relationship with them given the positive stories I have read.

My intent is to seek an SSL with at least 60 months term which I believe will require > $3,000 deposit/loan. No problem. I have the intent to fund it and then pay it down to < 9% so it will age out as I have seen from others.

I also want to open seek a CC with them as I have only a single active revolver account right now with USAA.

My thinking is to make some utilization of the accounts, then do the SSL, pay that down, and then seek CC account.

Do you think this makes sense in terms of establishing a banking relationship before I seek a CC app?

My scores are currently

EX 609 (Not yet updated for recent COs accounts paid off).

EQ 677

TU 665

[Anonymous]

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@satio wrote:

After reading all the positive feedback of others and given that I am eligible with my father having served in the Air Force I recently opened checking/saving accounts with NFCU.

I want to build a longer term banking relationship with them given the positive stories I have read.

My intent is to seek an SSL with at least 60 months term which I believe will require > $3,000 deposit/loan. No problem. I have the intent to fund it and then pay it down to < 9% so it will age out as I have seen from others.

I also want to open seek a CC with them as I have only a single active revolver account right now with USAA.

My thinking is to make some utilization of the accounts, then do the SSL, pay that down, and then seek CC account.

Do you think this makes sense in terms of establishing a banking relationship before I seek a CC app?

My scores are currently

EX 609 (Not yet updated for recent COs accounts paid off).

EQ 677

TU 665

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Get the update on EX first. I will make a huge difference. I think they pull EX but can't recall.  

[SouthJamaica]

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@satio wrote:

After reading all the positive feedback of others and given that I am eligible with my father having served in the Air Force I recently opened checking/saving accounts with NFCU.

I want to build a longer term banking relationship with them given the positive stories I have read.

My intent is to seek an SSL with at least 60 months term which I believe will require > $3,000 deposit/loan. No problem. I have the intent to fund it and then pay it down to < 9% so it will age out as I have seen from others.

I also want to open seek a CC with them as I have only a single active revolver account right now with USAA.

My thinking is to make some utilization of the accounts, then do the SSL, pay that down, and then seek CC account.

Do you think this makes sense in terms of establishing a banking relationship before I seek a CC app?

My scores are currently

EX 609 (Not yet updated for recent COs accounts paid off).

EQ 677

TU 665

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@Anonymous   is right.

Also, if you currently have no installment loans, and you do an SSL and pay it down to 9%, you could wind up with a 30-point boost in your FICO 8 and FICO 9 scores. It would be nice to have that boost in your pocket before applying for the credit card, for both acceptance and interest rate purposes.

[satio]

Yes, definitely being patient till EX updates both for paid COs as well as a 30 day late that is supposed to age off in 30 days being > 24 months.   I saw a 35+ point boost when TU and EQ updated.

Have no installment currently so was unsure of the boost that might give. Appreciate the insight to score uptick potential as that looks like the best route to ensure CC success and perhaps higher SL to begin with.

[M_Smart007]

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@satio wrote:

After reading all the positive feedback of others and given that I am eligible with my father having served in the Air Force I recently opened checking/saving accounts with NFCU.

I want to build a longer term banking relationship with them given the positive stories I have read.

My intent is to seek an SSL with at least 60 months term which I believe will require > $3,000 deposit/loan. No problem. I have the intent to fund it and then pay it down to < 9% so it will age out as I have seen from others.

I also want to open seek a CC with them as I have only a single active revolver account right now with USAA.

My thinking is to make some utilization of the accounts, then do the SSL, pay that down, and then seek CC account.

Do you think this makes sense in terms of establishing a banking relationship before I seek a CC app?

My scores are currently

EX 609 (Not yet updated for recent COs accounts paid off).

EQ 677

TU 665

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You will need $3001.00 to get a 5 year SSL, I went with $3010. I seen +30 FICO Score Gain on Experian, I have not Pulled TU and EQ yet.

I paid mine down under 8.5% as I did not want to flirt with the magic 8.9% Threshold.

They Usually Pull TU for New CC accounts. (My Cash Rewards) and usually EQ for CLI's

I think you could get a CC with 665 TU, it most likely wont be a high limit, but they are known to surprise.

Get Your first card and show responsible use, your 2nd CC with them @ 91/3 is where you'll most likely see a Very Nice SL.

I think they kinda Focus on DTI (Debt to Income)

GL2U

[SouthJamaica]

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@satio wrote:

Yes, definitely being patient till EX updates both for paid COs as well as a 30 day late that is supposed to age off in 30 days being > 24 months.   I saw a 35+ point boost when TU and EQ updated.

Have no installment currently so was unsure of the boost that might give. Appreciate the insight to score uptick potential as that looks like the best route to ensure CC success and perhaps higher SL to begin with.

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The boost will come when the loan reports with the paid down balance.

[satio]

Just to confirm, there is no HP for opening SSL with NFCU correct?

[Anonymous]

Correct

[M_Smart007]

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@satio wrote:

Just to confirm, there is no HP for opening SSL with NFCU correct?

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I did not get a HP,  opened on 6/20

https://ficoforums.myfico.com/t5/Personal-Finance/NFCU-SSL/m-p/5653849#M100731