Another NFCU Question

[NeverTubetheGoose]

After reading so many posts on here about how great NFCU is, I took the plunge and set up a savings account there yesterday. How long should I wait before applying for a credit card with them and which one should I apply for when it's time?

My current situation:

Student Loans in good standing, never late

Recently paid off a car loan

BK7 filed in May 2019, discharged in Sept 2019

My current cards:

Capital Bank-opened 7/19 and closed 12/19, secured card for $1000

Credit One-opened 10/19 with $500 CL, autoCLI to $700 in 1/20

Ollo-opened 12/19 $1500 CL

Merrick-opened 3/20 $1100 CL

Mercury-opened 3/20 $1500 CL

Total util is under 10%

EX 704

EQ 720

TU 676

[fishbjc]

WARNING!     It would appear that NFCU has begun to 'tighten their belts' during this Pandemic.  I applied for a 5800 loan to pay off their CC and got a denial.  Reason:  One CC with them has a balance over 2499.00 / YMMV / Own home free and clear, $150k income 750 fico which they pulled.  

How long to wait it up to you.  Your starting limit will probably be fairly small, but it can grow.

[Anonymous]

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@fishbjc wrote:

WARNING!     It would appear that NFCU has begun to 'tighten their belts' during this Pandemic.  I applied for a 5800 loan to pay off their CC and got a denial.  Reason:  One CC with them has a balance over 2499.00 / YMMV / Own home free and clear, $150k income 750 fico which they pulled.  

How long to wait it up to you.  Your starting limit will probably be fairly small, but it can grow.

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I don't know of any lender that would approve a loan expressly for the purpose of paying off the balance on a credit card issued by the same lender.

[Anonymous]

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@NeverTubetheGoose wrote:

After reading so many posts on here about how great NFCU is, I took the plunge and set up a savings account there yesterday. How long should I wait before applying for a credit card with them and which one should I apply for when it's time?

My current situation:

Student Loans in good standing, never late

Recently paid off a car loan

BK7 filed in May 2019, discharged in Sept 2019

I've been researching this very question A LOT over the course of the past couple of weeks.

The available DPs with a recent BK still seem to be fairly consistent. You *might* get an approval within the first year post-DC, but you likely will get an auto-decline. Within the second year you'll likely get an approval for a low SL and can grow that card as time goes on with good behavior.

The nRewards (secured) card is available any time post-DC and they do appear to graduate consistently in the 5 - 12 month range (sometimes with a nice little CLI). This is the route that I chose as I figured it would be better to start building the relationship now rather than wait another 6 monts for the 1yr mark to pass. Opened one with a $3K limit last week and am waiting for my card to arrive. Once it graduates I'll figure out when to apply for the 2nd card.

I'm not too concerned about needing to tie up the cash for secured cards right now. We have the liquid cash and I don't really mind locking it away for 6 - 12 months. For me the secured route works well since I can buy myself a useable SL rather than play the charge-n-pay game with a small limit card. Wife and I are sharing a Cap1 card with a $1000SL for daily stuff (groceries, pharmacy, etc) and keeping track of it so that we don't ding the limit is a drag.

I'm also planning to use NFCU as the home for my mad money account(s) so that they can see a little more activity from me as well. We haven't decided if we're going to move our joint accounts there or not. I understand that banking activity isn't taken into account with CC underwriting, but should I go for something bigger in the future (mortgage or auto) a more complete and favorable picture can only help if a manual review is involved.

[Anonymous]

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@fishbjc wrote:

WARNING!     It would appear that NFCU has begun to 'tighten their belts' during this Pandemic.  I applied for a 5800 loan to pay off their CC and got a denial.  Reason:  One CC with them has a balance over 2499.00 / YMMV / Own home free and clear, $150k income 750 fico which they pulled.  

How long to wait it up to you.  Your starting limit will probably be fairly small, but it can grow.

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Hello, I got a question for you. I sent you a PM. 

[Shooting-For-800]

I would ask them about your BK.  

Otherwise, the sooner your start the sooner you get better cards and CLIs.

GL!

[NeverTubetheGoose]

Thanks everyone for the input. @Anonymous that is excalty what I did. I didn't want to run the risk of being turned down and wasting an HP so I got the secured card with $1500 I knew I wouldn't need for a while. I got approved this morning.

[fishbjc]

NFCU doesn't ask the REASON for the loan.  It's a loan.

[Joobie]

When I signed up with Navy Federal in December, a few days later I applied for a secured credit card which I was approved for. 3 months later, I applied for a unsecure Cash Rewards card and got approved for $25,000. So to answer your question, I don't think it's any time period you would have to wait.

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@NeverTubetheGoose wrote:

After reading so many posts on here about how great NFCU is, I took the plunge and set up a savings account there yesterday. How long should I wait before applying for a credit card with them and which one should I apply for when it's time?

My current situation:

Student Loans in good standing, never late

Recently paid off a car loan

BK7 filed in May 2019, discharged in Sept 2019

My current cards:

Capital Bank-opened 7/19 and closed 12/19, secured card for $1000

Credit One-opened 10/19 with $500 CL, autoCLI to $700 in 1/20

Ollo-opened 12/19 $1500 CL

Merrick-opened 3/20 $1100 CL

Mercury-opened 3/20 $1500 CL

Total util is under 10%

EX 704

EQ 720

TU 676

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