My Alliant/NFCU Strategy

[Anonymous]

Background: Lost most everything in the Florida construction depression of 2007-12. Had no credit of any kind. Since 2012 we have come back and my small company has done very well. Only used cash and saved as much as possible. 

Just started rebuilding and I have a VERY THIN file. One active account. Secured Discover, 2 MO. Two 30 yo closed accounts. One collection. 

I have many hours reading as much as I could. It seems that the recovery path usually involves getting CC's w/ low limits and very high interest rates.  I became very impressed with Alliant and NFCU. These are the type companies I want to start off with if I can.

My FICO 08's are. EQ - 659; EX - 654; TU 696 It is clear I need a thicker file.Here is my plan.

1. Join Alliant and NFCU.

2. Deposit a significant amount (30k) in both places.

3. Open a 10k SSL with Alliant.

4. Open a 2k SSL with NFCU.

5. Get a $450 advance from the NFCU LOC.

6. Get NFCU Secured CC.

Wait for the scores to go up, hopefully 30 points as most people have been getting.

My strategy is to establish a relationship, show that I have assets and may be someone that they want as a customer, establish four more accounts (all UTI's will be below 9% within 1 month)  and do business with them. If the computer turns me down I hope to be able to make a good impression with the recon guy. . . . .

Good plan, bad plan???? What would you suggest??

Thanks

cfrepro

[rmduhon]

You'll only need 1 loan for scoring purposes. Are you eligible for NFCU? If so I'd apply for an unsecured card first. Scorewise you could be approved for one, but I can't guarantee that.

[jdxprs1]

With your profile, I think you can get a nfcu unsecured. Starting limit will be around 20k.

[rmduhon]

The starting limit won't necessarily be that high. Our scores were about the same and we only got 2k. But 3 months later we got a 15k CLI.

[Anonymous]

My son had only 10 months of history and an income of only $1,300 per month when he was approved for $8,300 with NFCU, but he had a score of 700+ at the time. I do think you could get approved now, but I'm not sure for how much.

[jdxprs1]

If he deposits 30k, they WILL NOT give him a 2k card. It will be around 20k, a popular number right now is 24k for some reason

[Anonymous]

Based on my own experience and reading myfico posts, nfcus internal scoring model for CCs is heavily weighed toward monthly income and utilization. I had a score below but near 600 in april from a missed student loan payment i wasnt monitoring that went 90 days and from not really using credit for anything else. I found myfico, got my uti around 1% on the roughly $2k in revolving accounts, and nfcu approved me for the platinum and a 24k SL. When the card came my internal score was only 50 points from the max. Only way that makes sense is that my decent income and low uti pushed it that high.

as others have said, if you have a low uti with your scores, nfcu should treat you well. Good Luck!

[rmduhon]

Depositing 30k will definitely look good, but it's not a guarantee that it will give him a 20k SL. No one can say for sure what it might be.

[Anonymous]

I have already joined both.

after reading hundreds of NFCU posts I found it is not near as hard as you might think. If any member of your immediate family (parents, grandparents, siblings, children and I believe their spouses) has served in the military you are eligible. My Grandfther erred briefly at the very end of WWl and he passed 40 years ago and I was eligible. No proof required It was VERY EASY. The CSR had to check with supervisor but in 10 minutes I was a member.

[Anonymous]

---

@Anonymous wrote:

I have already joined both.

after reading hundreds of NFCU posts I found it is not near as hard as you might think. If any member of your immediate family (parents, grandparents, siblings, children and I believe their spouses) has served in the military you are eligible. My Grandfther erred briefly at the very end of WWl and he passed 40 years ago and I was eligible. No proof required It was VERY EASY. The CSR had to check with supervisor but in 10 minutes I was a member.

---

Have you applied for any of their products yet? I suspect that you won't have to go the secured route, and that you may be pleasantly surprised by your starting limit. Even if your SL isn't fabulous, I'd bet dollars to doughnuts that'll be so in 3 months.

Hurry up and apply, the suspense is killing me!!