NFCU... do you need an in?

[Repairman]

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@Anonymous wrote:

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@McNugget wrote:
Thank you, @Saeren.

My father-in-law is a (deceased) Army veteran so maybe that would meet the qualifications, but I don't think my husband and I will open an account with FNCU anyway. It doesn't feel right with him having passed.

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In just over 3 months of membership, they extended me $15,200 in unsecured credit at their lowest APR on the two credit cards which is amazing for my low $18K disability income and since then my Discover crossed $10K in response and I am now primed for any card I want when my BK falls next year plus I have a $12,700 card with an 8.24% interest rate for any unexpected emergencies in a sea of 21+% APR cards. 

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COuld you elaborate a little more on this. My scores are pretty similiar to yours that are in your footer. The 8.4% APR cc they offer is of high interest to me, but I assumed I would have to get my scores up way higher to qualify for that card. Is that not the case? What was your experience/journey in getting those low interest cards from them in just 3 months? Any tips for others to do the same? What activities could help me in achieving the same success with them?

[Anonymous]

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@Repairman wrote:

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@Anonymous wrote:

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@McNugget wrote:
Thank you, @Saeren.

My father-in-law is a (deceased) Army veteran so maybe that would meet the qualifications, but I don't think my husband and I will open an account with FNCU anyway. It doesn't feel right with him having passed.

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In just over 3 months of membership, they extended me $15,200 in unsecured credit at their lowest APR on the two credit cards which is amazing for my low $18K disability income and since then my Discover crossed $10K in response and I am now primed for any card I want when my BK falls next year plus I have a $12,700 card with an 8.24% interest rate for any unexpected emergencies in a sea of 21+% APR cards. 

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COuld you elaborate a little more on this. My scores are pretty similiar to yours that are in your footer. The 8.4% APR cc they offer is of high interest to me, but I assumed I would have to get my scores up way higher to qualify for that card. Is that not the case? What was your experience/journey in getting those low interest cards from them in just 3 months? Any tips for others to do the same? What activities could help me in achieving the same success with them?

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I wish I knew their formula honestly. I broke a lot of well-established rules with NFCU. I started off with a $3K cashRewards at 11.4% then I requested a CLI to $7500 after 91 days and 3 statements which was granted in full and then a few days later I asked for the Platinum which they approved at $7200 at 7.99% as well as a $500 CLOC at 15.9%. 

Conventional NFCU wisdom says that you need to have high income and good scores to get a CLI and second card at 91/3 and quite often they don’t even give people who have excellent credit CLIs at 91/3, just large second cards. 

They let me shuffle my limits around last month when I PC’d my cashRewards to a More Rewards which is how I ended up with the $12,700 Platinum and a $2000 More Rewards. They did hike the interest to 17.24% on the PC’d More Rewards but I don’t really mind that on a grocery spend card that will always be PIF. 

[McNugget]

If my husband does decide to join, how would he go about sponsoring our daughter? Is it a simple online process once you're a member with access?

[UncleB]

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@McNugget wrote:
If my husband does decide to join, how would he go about sponsoring our daughter? Is it a simple online process once you're a member with access?

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Yep, it's easy peasy. 

My brother who was in the USAF joined first, then I joined online with no trouble at all.  I just had to have his access number, and the computer did the rest.  (I think you can use the last four of the existing member's SS# online if the access number isn't available, but in my case I had it.)

[McNugget]

Thank you!

[Anonymous]

One of the factors they use in their internal scoring is previous experience with credit products from credit unions.  So perhaps Saeren had previous CU CCs? Just throwing that out there because my lack of such (even though I have a closed positive car loan from a credit union, just no previous cards from a CU) was listed as a negative on my NFCU score.  But while I didn't get their best interest rate on my Cash Rewards the one I got is WAY better than any of my other CCs.

*Edited as I left a word out the first time.*

[Anonymous]

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@Anonymous wrote:

One of the factors they use in their internal scoring is previous experience with credit products from credit unions.  So perhaps Saeren had previous CU CCs? Just throwing that out there because my lack of such (even though I have a closed positive car loan from a credit union, just no previous cards from a CU) was listed as a negative on my NFCU score.  But while I didn't get their best interest rate on my Cash Rewards the one I got is WAY better than any of my other CCs.

*Edited as I left a word out the first time.*

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Interesting, I didn’t know that was a factor. 

I actually had an auto loan from SSFCU in 2009 that I totaled a month later so when the insurance paid it shows as two months paid in full for a $22000 loan with an original 72 month term. I also joined SSFCU March of last year and did indeed get a credit card with them about 5 1/2 months before joining NFCU. 

I have never seen my reputation score because both cards I applied for I qualified for the lowest APR and they didn’t use the score for my CLOC. 

[Anonymous]

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@Anonymous wrote:

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this is a benefit they left behind for their family.

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Could not agree more with this comment.

DW's father passed away in his early 40s of natural causes, when she was 6. All she had were scant memories, faded photos and stories. From all accounts he was a good man, and had served honorably in the U.S. Navy.

We'd never even heard of Navy Federal CU until reading threads on this site. She is now an NFCU member, and will be applying for a credit card soon. Passing on the benefit of his service to lift her prosperity is a wonderful gift. I can't wait to watch her reach for her NFCU card, knowing the legacy behind it.