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NFCU and CapOne Approvals, Now A Few Questions

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After reading around the forum for a bit, I realize I've been very conservative in my timetable to improve my credit. So I decided to try for a couple of cards, either Visa or MC.

 

This past Wednesday, i joined credit sesame and was recommended to go for a couple of cards, but chose the Capital One for Newcomers MC and got an instant $1000 approval. Yay!

 

Then I read more on here only to learn that my husband does not need to be an NFCU member in order for me to join. He is an Army reservist currently, but has refused to join NFCU (can't get past the Navy name, I guess). I've wanted to join a while ago since I am a USAA member and wanted to compare being a member of both since I want to buy a car some time next year.

 

Anyway, after reading here, I called in to NFCU on Friday morning and was indeed able to join without him being a member. I also applied for the goRewards Visa card while on the same phone call. I was told that they would need to review and it could take 3-5 days. Well, I log in the account Saturday and see a new account next to the savings I opened (did not open checking), and I see an nRewards Visa card. I click on it and it shows a limit of $5000... Whoo hooo!

 

Thing is, I asked for a different card, so I'm wondering if it was a mistake and if I should give a call in to see what the reason is for the different card. At the very least, I would want the Cash rewards card.

 

Additionally, I didn't open a checking account with them since I just opened an account with PNC recently and also have a checking,savings, and CD with USAA. Now that NFCU has given me so much love, I am thinking of moving much the money I have in USAA to NFCU. I am also considering going to USAA and asking them what the deal is with not giving me more than secured card offers since other companies are seeing me as a good risk now.

 

I have a Ch 7 BK discharged Jan 09 so this could possibly be seen as a negative despite scores being in the 663-690 range and utilization is 13% (before the new approvals).

 

So my questions:

 

1) Should I keep the CapOne card for utilization, if nothing else? Or simply say thanks, but I got a better offer and close it.

 

2) I plan on calling NFCU tomorrow to ask why I didn't get the card I asked for. I will also see about opening a checking account and at the same time ask if it will make a difference in the card I get and if a better initial limit goes along with it. Is there any way to approach this conversation or do I simply speak matter-of-factly in the manner of which I opened the account? Is this considered a recon?

 

3) Would it be worth it to ask USAA what's going on with being moved out of a secured card into a regular card? I know there will be a pull on the credit and I don't think I want another now unless a benefit came out of it.

 

Any other thoughts here?

 

Again, thanks for the help!

Edited by businessfox

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So my questions:

1) Should I keep the CapOne card for utilization, if nothing else? Or simply say thanks, but I got a better offer and close it. If there is no AF, keep it open.

2) I plan on calling NFCU tomorrow to ask why I didn't get the card I asked for. I will also see about opening a checking account and at the same time ask if it will make a difference in the card I get and if a better initial limit goes along with it. Is there any way to approach this conversation or do I simply speak matter-of-factly in the manner of which I opened the account? Is this considered a recon? They will happily PC your nRewards to a cashRewards...the PC to cashRewards will net you a visa signature version since your limit is 5k. No recon involved...you've already been approved. Just explain what happened and request PC. They are really easy to work with...IME anyway.

3) Would it be worth it to ask USAA what's going on with being moved out of a secured card into a regular card? I know there will be a pull on the credit and I don't think I want another now unless a benefit came out of it. The answer to this one really depends on how much you value your banking relationship with USAA. However, it never hurts to ask. The worst they can say is no. If you don't want the HP now, perhaps wait a while and request down the road after your new cards have aged a bit.

Any other thoughts here?

Again, thanks for the help!

Edited by BamaInvestor

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2) I plan on calling NFCU tomorrow to ask why I didn't get the card I asked for.

 

I applied for the nRewards in April and was approved for $10,000. I called the next day and asked to be switched to Flagship rewards.

 

Actually, the representative accidentally converted it to Cash Rewards, and said the system wouldn't allow a second product change in the same day, so had to call the next day to request Flagship Rewards. So in 48 hours, I went from nRewards-->Cash Rewards--->Flagship Rewards.

 

So yeah, they are very flexible!

 

As BamaInvestor said, as long as the Capital One card has no annual fee, keep it open. It's already on your credit report and will factor into your Average Age of Accounts (AAOA), open or closed, so you may as well keep it open and build a longer history with it.

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Thank you BamaInvestor and jonson for the replies!

 

There is no AF on that particular CapOne card, so I will go ahead and keep it, but rarely use it.

 

I called into NFCU and explained what happened. They apologized for the error and was told I could move to whichever card I wanted, so I chose the Flagship Rewards. I also asked to see if I could get more -- just because, I'm actually happy with the $5000 -- and they told me they will review to call back in a couple of days. NFCU showed me they were the real deal, so I went ahead and opened a checking account with them as well.

 

The USAA card is my oldest active CC, so I will leave it as is for now and see what the future brings. I was (still am) a big USAA fan, but NFCU just destroyed them on the credit side for me.

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Wow, I'm surprised you went with Flagship rewards! I thought I was the only person who went with that card, since it carries a big annual fee. I chose it because a.) I'm OCD and really like the design of that card, and b.) I definitely have a use for the travel rewards. If you use the rewards for plane tickets, it's equivalent to 2% cashback.

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I would have asked for the Flagship card initially, but didn't think I would get high enough starting limit. Its only $49 a year and I get the travel rewards, plus Visa Signature perks out the gate. Cash back is fine, but I like to travel and will take that over cash rewards. Yes, the black card is sexy also. The frequent vacation travelers I know told me their secret to their big travel adventures and it was in the rewards. I was not missing this opportunity over $49 a year.

 

The green cashRewards is hideous. They could as least do a shimmery, varying shade design like the nRewards has. I chose the goRewards at first, just because I couldn't get past the green card.

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I would have asked for the Flagship card initially, but didn't think I would get high enough starting limit. Its only $49 a year and I get the travel rewards, plus Visa Signature perks out the gate. Cash back is fine, but I like to travel and will take that over cash rewards. Yes, the black card is sexy also. The frequent vacation travelers I know told me their secret to their big travel adventures and it was in the rewards. I was not missing this opportunity over $49 a year.

 

The green cashRewards is hideous. They could as least do a shimmery, varying shade design like the nRewards has. I chose the goRewards at first, just because I couldn't get past the green card.

 

I was going to convert to goRewards because I liked the card design (at the time, it has changed since then), but the annual fee was only slightly higher on the Flagship and it provided better travel rewards (plus the sexy black card!)

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Update - I downloaded the NFCU app for my phone and checked the accounts. My new card limit is $7000! Its funny, but the woman I spoke with over the phone had asked me about how much more I would need. It caught me off guard and I said "another $2000 to be safe". My mouth is just gapped right now. Very, very happy. It's still showing as an nRewards card, so if it doesn't update tomorrow, I will call in again to make sure the card is indeed the Flagship.

 

Will update the credit approval and creditpull database. Thanks CB!

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Hello All,

 

I just wanted to come back and update that I received my Visa Flagship Card yesterday. Its nice! I used it in Target and the cashier was trying to see what kind of card it was, lol.

 

Also, I went ahead and applied for the NavCheck at $15K and was approved! They first did a conditional approval pending my 2 paystubs and a bank statement being received. I faxed those in to satisfy the conditions and now my promissary note and other paperwork is on its way! I am very thankful for those who contribute their experiences here. I would have never thought to seek credit with NFCU otherwise. This has really boosted my timetable.

 

Of course, now I wonder if I should get an MC with them later..... I can wait for sure though.

 

Either way, I love NFCU and I am going to convince my DH to join so he can get the benefits also.

 

Oh, yeah, CapOne arrived, too.... yay <_< I guess I'll use it every now and again...

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