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What is up with NAVY giving low CL CC these days?

Regular Contributor

Re: What is up with NAVY giving low CL CC these days?


donny10 wrote:

kilroy8 wrote:

I have to say that Navy Federal is a financial institution that I find way too scary to do business with. I see the crazy high limits posted for people with average income and low credit scores, along with some of the BK hits posted on them around here - and I wonder how they pass their Federal audits. I think they are at a high risk of insolvency, based on what I have seen. They need to tighten up a whole lot, and do some balance chasing on some folks. Just my thoughts.


How many times has NFCU declined you?


I have never applied for anything with NFCU, although I am a veteran and could easily.

Message 21 of 44
Established Member

Re: What is up with NAVY giving low CL CC these days?

I'm so glad i squeezed in when i did. I opened a $5. savings account, waited a few weeks then applied for Platinum. I GOT $18K! I'm Tickled! Told my Hubby, he applies and gets $24K!! Waiting for MY bump. Turns out I STILL have (3) 4-year old lates and a 3-year old baddie that has come back to haunt me that I now have my lawyer on! LOVE NFCU!




,


FICO 8 09/15/2017 TU 701, EQ 686, EXP 675 AAoA 1.3 years
World's Worst Gardener
Message 22 of 44
Valued Contributor

Re: What is up with NAVY giving low CL CC these days?

Navy isn't anywhere near, insolvency 😒

They are the biggest CU in the world, by far....

Ppl sometimes hear the term Credit Union and they only invasion the 'cute' local place
Message 23 of 44
Valued Contributor

Re: What is up with NAVY giving low CL CC these days?

Sorry envision the decent size couple million dollar CU or a regional few Billion dollar joint but NFCU can fund a few small countries, their pockets are ok....

Especially, when one considers their consumer base minus the huge brick n mortar NON investment to reach that size and have the loan portfolio etc they have compared to what banks and other institutions had to spent just on rent & mortgages, let along advertising and labor....

Again Navy didn't need or have to build credibility, they had built in credibility and trust from Day one, when bled into the private sector no fuss no muss....and boom never looked back
Message 24 of 44
Contributor

Re: What is up with NAVY giving low CL CC these days?

Kiljoy-
I applied for CC's at NFCU and Penfed in July. Penfed approved me for 2k and Navy declined me. I have had a Cap1 QS with a 15k limit since April. My TU FICO score was about 705 at the time I think. Bk dc 7/2015. I applied and got NFCU's securred card instead. So based on my experience NFCU is no pushover.
Message 25 of 44
Frequent Contributor

Re: What is up with NAVY giving low CL CC these days?

NFCU has been around since the 1930's.

Message 26 of 44
Valued Contributor

Re: What is up with NAVY giving low CL CC these days?

If you ask me to borrow money, i will only let you borrow a small amount until i get to know you, specially if you have a not so good record.  If your record shows otherwise, i might let you borrow a bit more. 

 

CLs are given based on your credit profile and internal scoring. I'm sure your friend will get nice CLIs if he/she shows responsability with the card Smiley Happy

Message 27 of 44
Frequent Contributor

Re: What is up with NAVY giving low CL CC these days?

The positive thing about NFCU, even if they give you low SL, you can get good amount of CLI after 90 days as long as your reports look good like low utilization etc.
FICO 8: TU-787 EX-768 EQ-757 Total Credit Limit: $647,750
Message 28 of 44
Valued Member

Re: What is up with NAVY giving low CL CC these days?

I'm not sure that's necessarily true.  I've been with NFCU for less than a year, and I just opened a second card with them today and they gave me a 20K SL on instant approval.  That's in addition to my other 2 lines in my info below.  Data points below as well.

EQ-679 TU-712 EX 654 // Barclay Apple Rewards Visa - $1150 / BOA Platinum MC Secured - $500 / Chase Southwest Platinum Visa - $4000 / Overstock - $3800 (SCT) / Wayfair - $2800 (SCT) / PenFed Plat Cash Rewards Visa - $5000 / NFCU cashRewards Visa Signature- $22000 / NFCU CLOC - $15000 / Citi Secured - $300 / AMEX BCE - $2000 / AMEX ED - $2800 / Chase Amazon VS - $4000
Message 29 of 44
Valued Contributor

Re: What is up with NAVY giving low CL CC these days?


maestro07 wrote:
The positive thing about NFCU, even if they give you low SL, you can get good amount of CLI after 90 days as long as your reports look good like low utilization etc.

That's what I'm hoping for--I just got approved early this morning for $5K--I'm hoping I can at least get it up to $15K when I'm eligible for my first CLI.

Message 30 of 44