After reading great reviews here on NFCU I decided to open an account. The guy in the branch who opened my acct was really selling me on the Platinum Balance Transfer card. I have a Discover card with a $9000 limit and a balance of $1900. I have a Chase Sapphire with an $8000 limit and $1900 balance. I have an Amex $3k limit $0 balance. I have a Credit One card $1k limit with $0 balance. I have the regular store cards, Target, Kohls, Victoria Secret with $500 to $1k limits with no balances. Average age of credit is 3 1/2 years. Utilization I believe was at 17% when they pulled my reports. Reading online I am seeing people with 650 ficos getting $25k cards and $15k cloc with NFCU. I had a 710 fico with 0 negs. 98% on time payment history with 4 inquiries (home lender). I open my account and follow the guys advice on the Platinum BT card. Then I apply for the cloc. Like everyone else I ask for the $15k on the cloc. This raggedy cu hit me with 3 hard pulls. 2 on Transunion and 1 on Equifax. They then give me the lowest amount of credit possible with $500 for the cc and $500 for the cloc. My score dropped 14 points on Transunion and 6 points on Equifax. Now my Transunion is in the 600's. High 600's but still what a waste! What card am I going to transfer to the BT card? Lol! I just really feel disrespected. Ok... I know the accounts will mature and my score will bounce back into the 700's in a few months but I really feel like they have a bizarre system on how, who, and amount they approve people for their lines of credit. I wish I had stayed away from them and just opened another Discover or Chase card in 6 months. I know I went on a rant but hopefully this will help others on making a decision on whether to try their luck with NFCU.
My belief now... If you have horrible credit then this is the place for you. If you have excellent credit then this is the place for you. If you're average in the middle then they will pull your credit enough times to keep you average. Lol!
P.S. Yes I understand that the CC dept and loan dept is completely different with different underwriting but I still believe they should be able to use the same credit reports if pulled on the same day. CC dept pulled my TransUnion immediately. Loan dept pulled my Equifax immediately then about 4 hours later they pulled my Transunion.
I don't know if this is true today but the credit bureaus use to have a policy that they would remove 'duplicate' inquiries if they show from the same creditor on the same day. Might be worthwhile to check out.
I called the loans dept and the guy was rude when I asked him why they couldn't just use my TransUnion from 10 mins prior. LOL!!!! He lectured me for 5 mins about how they are different depts (which I already knew from reading here) and the loan process is completely different. I told him I am well aware of that but just because the uw is different doesnt mean the credit reports are different. I was just being jerk because I was already irritated. So... I did follow up with emails to both depts. I sent my wells fargo bank statements showing over $20k in funds available. I sent my 1099's showing earnings over $220k last year. And in 2015 I purchased a home on an owner carry contract. I bought at $280k with $30k down. Last week I closed escrow with bank financing for the remainder of the $250k. When they appraised the property it was $400k giving me $150k in equity. I sent all that paperwork too. They responded saying...
NFCU is a great CU. I think maybe you missed a bit of reading that the people that are getting the high limit approvals have established themselves with the CU first. While low 700's is a good score, it's not excellent credit. I think your disappointment in not seeing the higher approvals is unwarranted. Had you given the CU a few months your limits might have met your expectations.
My husband has crappy credit scores but he established himself with NFCU first thus meeting their internal scoring criteria. I hope you have a successful recon with them, but realistically, you should have done a bit more research/reading.
Sorry hasslefree but I have to disagree with you on this one. First you assumed I didn't read or research but trust me I read thousands of comments from this site and others before opening the acct. From my pov nfcu will give you luv if you have crappy or excellent credit but us in the middle not so much. And I never said 700 was excellent but what I did say was its average in the middle. From the majority of comments I read most people app'd same day or next day after opening their accts. Yea some wait until the acct relationship matures but that is not "most". If you read/research you will see what I am saying.
I actually did my research and reading and thus went the route of building a relationship with NFCU first as that was the best route to go for people with less than excellent credit/assets. I even called NFCU and spoke with several reps and also asked a lot of questions on here before I applied for a CC- which yielded me my 25k SL on my first CC with NFCU. It is also why my husband with his credit and NO CC's (AU only) was also able to get a 25k SL with the lowest APR. But hey, I just did a lot of reading and asking questions before jumping in the deep end.
I just want a hassle free post. Ok... You win. I won't argue with you. You have your opinion and I have mine. Take it care.
This was a good discussion on credit approvals and one that has always mystified me. From the outside applying one can find similar backgrounds for something and the end result comes out so different. In my reading around sometimes I have to believe credit is like pin ball and you never know where the ball will go. In the last couple of years it seems a couple of the lenders come in low and then really high and I go "what the h***" so it is a wonder. It does seem Navy is good at keeping an eye on accounts and as a track record of performance is established they open up to the customer. I would suspect with the high income and other credit to look at, Navy would work with a person? Of course, I think lenders can be fickle?
"I had a 710 fico with 0 negs. 98% on time payment history with 4 inquiries (home lender). "
Its impossible to have 98% on-time payments and zero derogatories. Your on-time payment percentage suggests that at least one of your accounts has one or more late payment(s), which depending on the amount of time late can be either a minor delinquency or major derogatory. How long ago did this late payment occur?
Have you opened multiple credit accounts recently?
Also what is the source of your credit scores, or in other words, where are you pulling these scores from?