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Established Member
Posts: 20
Registered: ‎03-22-2010
0

NFCU CLI Insanity

So today I decided to do my first round of CLI's with NFCU.  I was amazed at the results.

 

Background Info:

 

- I've been with them for about 25 years, though I've only actively held accounts for about 4 years.  (granddad opened an account for me when I was 8)

- current debt/credit ration is 7%

- started with bad credit 6 years ago and got an auto loan at a stupidly crazy APR to build credit (23.5%, and I don't recommend this method).

- Have NEVER (yes I do mean never) missed a payment on anything.  If I didn't have enough money for a bill, I'd hop on a certain site and look in the gigs section (computers section mostly) to find side work.

- Realized that I hate having to find side work all the time (in addition to my F/T job), and started saying no to myself and others. (this cut down on spending enough to stop living check to check).

- AAoA is 2.6 years

 

Limits before CLIs:

 

- MC Platinum - 2k

- nRewards Visa 12k

- NAVCheck LOC - 500

 

EQ FICO 716

 

Limits After CLIs:

 

- MC Platinum 15k

- NRewards Visa 22k

- NAVCheck LOC 15k (their maximum)

 

Things which were done prior to CLI request (the previous day):

- Updated my income with them (got a 5k salary increase from last years update, so no huge changes).  

- Updated job title with them as well since I got a promotion in December, and have "Manager" in my title now. (emailed them a business card.  I normally do this when I change jobs or get a promotion so they spell everything correctly)

- Made sure they had the correct amount of time with my current employer (3.5 years)

 

What I believe was looked at by NFCU for the decisions:

- Job Title and time at employer.  I've yet to receive an auto cli increase from NFCU with my previous job title, but when I updated all of the info on the phone with the rep I was asked if I wanted to apply for a CLI on one of my accounts (this was before I updated my salary info).  This leads me to believe that they actually factor this info in to their decision making formula.

- Salary.  This is obvious, though I have yet to fully understand their formulas for this.

- Credit Score.  They did pull this for the NavCheck.  I did that one first online, and it took a few hours for them to approve.  The other two were instant decisions over the phone (assuming they used the previously pulled scores).

 

Can anyone confirm my theories?



In the garden until they run out of veggie burgers.
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: NFCU CLI Insanity

Congrats on your progress!

 

I do think that job and job title may play a big factor with them... I sent in pay stubs, bank statements, and retirement account statments when i refied my truck with them...

 

Applied for the cash rewards card three days later and approved for 22k initial starting limit.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Epic Contributor
Posts: 25,819
Registered: ‎10-23-2007
0

Re: NFCU CLI Insanity


DontEatMyFriends wrote:

So today I decided to do my first round of CLI's with NFCU.  I was amazed at the results.

 

Background Info:

 

- I've been with them for about 25 years, though I've only actively held accounts for about 4 years.  (granddad opened an account for me when I was 8)

- current debt/credit ration is 7%

- started with bad credit 6 years ago and got an auto loan at a stupidly crazy APR to build credit (23.5%, and I don't recommend this method).

- Have NEVER (yes I do mean never) missed a payment on anything.  If I didn't have enough money for a bill, I'd hop on a certain site and look in the gigs section (computers section mostly) to find side work.

- Realized that I hate having to find side work all the time (in addition to my F/T job), and started saying no to myself and others. (this cut down on spending enough to stop living check to check).

- AAoA is 2.6 years

 

Limits before CLIs:

 

- MC Platinum - 2k

- nRewards Visa 12k

- NAVCheck LOC - 500

 

EQ FICO 716

 

Limits After CLIs:

 

- MC Platinum 15k

- NRewards Visa 22k

- NAVCheck LOC 15k (their maximum)

 

Things which were done prior to CLI request (the previous day):

- Updated my income with them (got a 5k salary increase from last years update, so no huge changes).  

- Updated job title with them as well since I got a promotion in December, and have "Manager" in my title now. (emailed them a business card.  I normally do this when I change jobs or get a promotion so they spell everything correctly)

- Made sure they had the correct amount of time with my current employer (3.5 years)

 

What I believe was looked at by NFCU for the decisions:

- Job Title and time at employer.  I've yet to receive an auto cli increase from NFCU with my previous job title, but when I updated all of the info on the phone with the rep I was asked if I wanted to apply for a CLI on one of my accounts (this was before I updated my salary info).  This leads me to believe that they actually factor this info in to their decision making formula.

- Salary.  This is obvious, though I have yet to fully understand their formulas for this.

- Credit Score.  They did pull this for the NavCheck.  I did that one first online, and it took a few hours for them to approve.  The other two were instant decisions over the phone (assuming they used the previously pulled scores).

 

Can anyone confirm my theories?


Did you ask for the $15 and the $22k or did you ask for $25k on both and get the counter?

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Established Member
Posts: 20
Registered: ‎03-22-2010
0

Re: NFCU CLI Insanity

You can use your 401k as liquid funds for loan consideration?  I'm new to the game, and had never though they'd look at that just because of the taxation rate fluctuation for early withdrawal.  Heck if they'll take that into consideration, it might be worth a look to trade in my current car for a modestly priced new one considering their current auto loan rates.



In the garden until they run out of veggie burgers.
Established Member
Posts: 20
Registered: ‎03-22-2010
0

Re: NFCU CLI Insanity

[ Edited ]

I asked for the 15k for the MC (was done online).  I didn't ask for the 22k the operator did not ask me what I wanted it increased to, she just put me on hold for about 30 seconds and said "You've been approved for 22k would you like to accept".  Also I believe the limit for those two are 50k not 25k.



In the garden until they run out of veggie burgers.
Epic Contributor
Posts: 25,819
Registered: ‎10-23-2007
0

Re: NFCU CLI Insanity


DontEatMyFriends wrote:

I asked for the 15k for the MC (was done online).  I didn't ask for the 22k the operator did not ask me what I wanted it increased to, she just put me on hold for about 30 seconds and said "You've been approved for 22k would you like to accept".  Also I believe the limit for those two are 50k not 25k.


Not Max limit - they are like $75k

I mean you can ask for $25k and if SP is available on the account the system will grant it or counter. Since you asked for the $15k, you should go back and ask for $25k... I bet the rep did it for you when you got the $22k

Anything over $25k will be HP no matter what (well if you are at $25k or higher already, new CLI will be HP)

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Established Member
Posts: 20
Registered: ‎03-22-2010
0

Re: NFCU CLI Insanity

You were correct in that I would be approved for a higher limit with only a SP.  They approved 20k.  Though looking at the form, it says for all cards except flagship values must be from 100-50000, and for flagship values must be from 100-80000.  I'm assuming these are the hard limits for the cards.



In the garden until they run out of veggie burgers.
Epic Contributor
Posts: 25,819
Registered: ‎10-23-2007
0

Re: NFCU CLI Insanity


DontEatMyFriends wrote:

You were correct in that I would be approved for a higher limit with only a SP.  They approved 20k.  Though looking at the form, it says for all cards except flagship values must be from 100-50000, and for flagship values must be from 100-80000.  I'm assuming these are the hard limits for the cards.


okay, I stand corrected... thank you... was thinking somewhere in that 75-80 but didn't realize it was only flagship that went over the $50k

Fico Scores 8: EX 694. TU 689. EQ 658. 05/26/2015
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: NFCU CLI Insanity


DontEatMyFriends wrote:

You can use your 401k as liquid funds for loan consideration?  I'm new to the game, and had never though they'd look at that just because of the taxation rate fluctuation for early withdrawal.  Heck if they'll take that into consideration, it might be worth a look to trade in my current car for a modestly priced new one considering their current auto loan rates.


Its not necessary to buy a new car to take advantage of their loan rates... if your current car is less than 5 years old you can do a refinance to NFCU... its a relatively painless process


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: NFCU CLI Insanity

Wow!!!! Congrats! That is crazy! I love days like that when I add 20-30k in new cred!!! Success!!!!! Wait until those new limits report, I'd bet you get to 750!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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