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

[Anonymous]

Nfcu is interesting.  I think their system is having its own mind.i was first approved for nfcu cashrewards with 14300Sl @15.65% .Asked for 24000 limit after 3 months but only got 1500 increase.

When i applied for platinum the same month i was denied and was told that i reached their internal limit.

This morning ,a month later i applied for Nfcu more rewards amex and approved for 9700@ 15.99% instantly. Lol

[Gmood1]

Their approval or denial system is all over the map. That is certain! 😀

[iowe]

If you keep using it and pif every month, I would bet that within 6 to 12 months that card will have a credit limit > 20k. That isn't necessarily a bad starting limit, but for some it just takes a few months.

[CreditInspired]

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@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.

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With over 7 million members and the majority of those military-related, I seriously doubt that NFCU will risk becoming insolvent. I think I just might bet my life on it! I think this is why people like credit unions versus the big banks, they are more in tuned with the people instead of profit hungry, like Wells Fargo, for instance. 

Nope, I don't think you should be scard of the way NFCU does business. I would worry more about how the big banks do business.

Of course, this is just my 2 cents.

[CreditInspired]

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@Anonymous wrote:

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@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.

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NFCU is the largest credit union in the country and has over $82 billion in assets.  I think you don't have much to worry about them becoming insolvent.

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+100

[CreditInspired]

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@AverageJoesCredit wrote:
Big limits dont necessarily have to only go to those with high incomes imo. I often see many who have gone bk come from backgrounds with high income. In my humble opinion its how anyone manages the credit they are given responsibly that can often be rewarded with a higher limit. Sure i know high income is great and i wish i could have it but i for one am glad to see Navy give the opportunities to us lower income earners and those whove made mistakes. In the end, we hang our own noose if we dont pay

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+100 AJC. And thank goodness for a credit union like NFCU.

[CreditInspired]

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@Anonymous wrote:

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@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.

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How many times has NFCU declined you?

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[Anonymous]

When I applied to NFC for the Flagship Rewards card I was approved for 24k, this was only a couple months ago. I do not know how much truth there is to this but the lady I spoke with on the phone said that there are many other factors besides your score that goes into the decision process. She emphasized banking history with NFCU as being one of the key factors. I have been a member since 1988, while not always my primary bank I think it definately helped with approval as my scores were in the low 600's at the time.

[AverageJoesCredit]

For some history can be super important. I for one enjoy Navy Fed whereas my Penfed experience hasnt been the same . I just think Navy was the best flavor to see come around here and stick since ive been a member of myFico and hopefully one day some myficoer will find another loophole so all can enjoy

[Anonymous]

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@CreditInspired wrote:

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@AverageJoesCredit wrote:
Big limits dont necessarily have to only go to those with high incomes imo. I often see many who have gone bk come from backgrounds with high income. In my humble opinion its how anyone manages the credit they are given responsibly that can often be rewarded with a higher limit. Sure i know high income is great and i wish i could have it but i for one am glad to see Navy give the opportunities to us lower income earners and those whove made mistakes. In the end, we hang our own noose if we dont pay

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+100 AJC. And thank goodness for a credit union like NFCU.

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Hear, hear I totally agree!