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With changes to NFCU and Chase, if I were to start (re)building today...

The last post in this topic was posted 1163 days ago. 

 

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With the NL method of qualification for NFCU membership and the Chase 5/24 rule, if I were to start rebuilding today, I would do things much differently. I figured I would throw this out there as something for people just getting started to think about, and others can also add their opinions and advice as well.

 

Ideally, you would want 3+ revolving lines reporting for FICO scoring purposes, but I think I can make the case for starting with only 2 and taking things more slowly. First of all, if you open too many cards, you will disqualify yourself from applying for Chase cards with their 5/24 rule. Chase has a good percentage of the best travel rewards cards, and it would be a shame to have to wait 2 years to apply for any Chase card. The other point is that higher limits beget higher limits. While many prime lenders will ignore CU limits, if all you have is CU tradelines reporting and they are fairly high, it certainly looks better than several $300 Crap1 cards. NFCU is also known to be generous with limits, so even if you start out with a secured card at $500, it could be unsecured and have a $20K+ limit in a year.

 

So if I were to start (re)building today, I would start only with a single NFCU CC and CLOC. If I only qualified for the secured card, I would take it. If denied the CLOC, I would reapply until approved. I would stick with only these 2 tradelines until they each had at least a $10K limit.

 

Step 2 would be Chase. Since there are only the 2 new NFCU accounts reporting, there is room for 3 Chase cards. I would go for the Freedom 5x first. If denied, you know you need to wait a little longer. If approved for the Freedom, go for the CSP. Assuming those are both approvals, in 6 months go for the Ink Plus. You can always PC one of these cards to the Freedom Unlimited in the future.

 

That's pretty much it. I was just pondering how things have changed and how someone might leverage NFCU and also approach Chase approvals before moving on to other issuers.

I wish I had seen this in my first few months.

 

I think the key to this strategy is taking it slow and letting NFCU act as the pry bar for others.

 

Going on an app spree the same day as getting NFCU is not implementing this strategy.

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With the NL method of qualification for NFCU membership and the Chase 5/24 rule, if I were to start rebuilding today, I would do things much differently. I figured I would throw this out there as something for people just getting started to think about, and others can also add their opinions and advice as well.

 

Ideally, you would want 3+ revolving lines reporting for FICO scoring purposes, but I think I can make the case for starting with only 2 and taking things more slowly. First of all, if you open too many cards, you will disqualify yourself from applying for Chase cards with their 5/24 rule. Chase has a good percentage of the best travel rewards cards, and it would be a shame to have to wait 2 years to apply for any Chase card. The other point is that higher limits beget higher limits. While many prime lenders will ignore CU limits, if all you have is CU tradelines reporting and they are fairly high, it certainly looks better than several $300 Crap1 cards. NFCU is also known to be generous with limits, so even if you start out with a secured card at $500, it could be unsecured and have a $20K+ limit in a year.

 

So if I were to start (re)building today, I would start only with a single NFCU CC and CLOC. If I only qualified for the secured card, I would take it. If denied the CLOC, I would reapply until approved. I would stick with only these 2 tradelines until they each had at least a $10K limit.

 

Step 2 would be Chase. Since there are only the 2 new NFCU accounts reporting, there is room for 3 Chase cards. I would go for the Freedom 5x first. If denied, you know you need to wait a little longer. If approved for the Freedom, go for the CSP. Assuming those are both approvals, in 6 months go for the Ink Plus. You can always PC one of these cards to the Freedom Unlimited in the future.

 

That's pretty much it. I was just pondering how things have changed and how someone might leverage NFCU and also approach Chase approvals before moving on to other issuers.

I wish I had seen this in my first few months.

 

I think the key to this strategy is taking it slow and letting NFCU act as the pry bar for others.

 

Going on an app spree the same day as getting NFCU is not implementing this strategy.

 

Noted.

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Well, as a general strategy this is now dead. I hope this thread helped a few people here.

 

If you have family members eligible for NFCU (easier now that veterans can join), you can still join through them and follow this strategy.

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Well, as a general strategy this is now dead. I hope this thread helped a few people here.

 

If you have family members eligible for NFCU (easier now that veterans can join), you can still join through them and follow this strategy.

This definitely has gotten lost in the panic- a lot of people are eligible through family members who served, are active duty, or are government workers. Someone on FB said they got in through the DoE (not sure if that's cromulent.

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So , I'm beginning my rebuild Journey at this point.. I was able to get into NFCU and was denied for the nRewards (scores around the middle 500's , 191 NFCU score) did a recon , and again denied. Decided not to try for a CLOC now since it will prob be denied as well.

 

The only current card I have is a secured Cap1 (200 CL) that is less than a month old.

 

So far this week. I've opted out , and Froze my LN. and disputed my former addresses on EX, TU and EQ

 

guess I'm gonna wait for a bit and see where I can go from there. Soon as I has some better Cash flow i'll be getting the secured card from NFCU that will hopefully graduate to unsecured in a few months

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So , I'm beginning my rebuild Journey at this point.. I was able to get into NFCU and was denied for the nRewards (scores around the middle 500's , 191 NFCU score) did a recon , and again denied. Decided not to try for a CLOC now since it will prob be denied as well.

 

The only current card I have is a secured Cap1 (200 CL) that is less than a month old.

 

So far this week. I've opted out , and Froze my LN. and disputed my former addresses on EX, TU and EQ

 

guess I'm gonna wait for a bit and see where I can go from there. Soon as I has some better Cash flow i'll be getting the secured card from NFCU that will hopefully graduate to unsecured in a few months

Get their secured card for sure.

 

I've seen someone go from $500 to $20K with a CLI after it unsecured. You aren't going to make that jump with other issuers.

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Mendelssohn: I just received a NFCU with 16.1K line and a PennFed with 15K line. Do you suggest I apply for Chase even though I burned them for 45K 6 years ago? Thanks.

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Mendelssohn: I just received a NFCU with 16.1K line and a PennFed with 15K line. Do you suggest I apply for Chase even though I burned them for 45K 6 years ago? That CO is not showing on any reports. Thanks.

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Mendelssohn: I just received a NFCU with 16.1K line and a PennFed with 15K line. Do you suggest I apply for Chase even though I burned them for 45K 6 years ago? That CO is not showing on any reports. Thanks.

I just got approved this week for the Sapphire $7,500 CL and I burned 6 years ago too but for a MUCH smaller amount. They have been off my reports for awhile too, disputed and they deleted. Did you try to pre-qualify on their website? I was pre qulalifed for other cards but took the chance on the Sapphire and got it. I am also a long term checking account holder back to the Bank One days but not sure that mattered. TU Score was 690

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Mendelssohn thank you for putting this together as even at a year or so ago now is perfect timing for me.

 

A little on me before I get onto to my questions.

 

I have 4 or so Baddies in the form of CA's. They are in the process of being taken care of. One account reporting late and Charged off to go with it.

 

A Chapter7 that is over 7 years old.

 

My FIFO 08's not FACO's are between 630 and 650 give or take a point.

 

I have 2 Major CC and 2 Store cards all with low limits combined of 2700.

 

I have under 9% Utilization reporting and actually only 2 bucks on one card when it hits.

 

 

Now for NFCU my questions are?

 

1. Do you have to have a checking account NFCU?

 

2. If so I know to apply for CLOC. Does the CLOC report regularly like a line of credit to all 3 bureas? As Revolving?

 

3. When applying for a card does it make a difference for getting approved if you try for MC or VISA?

 

4. With my scores and history is there a card I should try for? I would prefer to skip the Secured if possible? If not I will start there.

 

 

Thank you

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Mendelssohn: I just received a NFCU with 16.1K line and a PennFed with 15K line. Do you suggest I apply for Chase even though I burned them for 45K 6 years ago? Thanks.

 

The idea is to let the limits report for 6 months at least before applying for Chase. In some cases, you may want to wait 12 months. Are those your only 2 cards? Are your reports clean? If not, why did you apply for PenFed?

 

Mendelssohn thank you for putting this together as even at a year or so ago now is perfect timing for me.

 

A little on me before I get onto to my questions.

 

I have 4 or so Baddies in the form of CA's. They are in the process of being taken care of. One account reporting late and Charged off to go with it.

 

A Chapter7 that is over 7 years old.

 

My FIFO 08's not FACO's are between 630 and 650 give or take a point.

 

I have 2 Major CC and 2 Store cards all with low limits combined of 2700.

 

I have under 9% Utilization reporting and actually only 2 bucks on one card when it hits.

 

 

Now for NFCU my questions are?

 

1. Do you have to have a checking account NFCU?

 

2. If so I know to apply for CLOC. Does the CLOC report regularly like a line of credit to all 3 bureas? As Revolving?

 

3. When applying for a card does it make a difference for getting approved if you try for MC or VISA?

 

4. With my scores and history is there a card I should try for? I would prefer to skip the Secured if possible? If not I will start there.

 

 

Thank you

 

1. No.

 

2. You need checking for the CLOC and it reports as revolving.

 

3. No.

 

4. You can try for any of their cards. If denied, get the secured card. My FICOs were in that range and lower when I was approved for $10K on both a CC and CLOC, but they used FICO 04 scores, not FICO 8 scores.

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Chase Amazon isn't under 5/24... so just wait a few months. It will still be there.

 

I can confirm this. Had 9 new accounts less than 7 months old and was approved for the Prime Visa Signature with Chase.

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I would wait until your profile makes a noticed improvement, not a set period of time. Notice that I said profile, not FICO scores.

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Thanks Mendelssohn... I got in with CC unsecured but low starting limit, denied cloc on first try both personal and business accounts. So profile as in with NFCU? or otherwise? I have had a late pay updated to paid as agreed never late and reduction in usage% of about 60% since approval but I am only two months into my cc account and 3 mos. with nfcu..

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