$5000 Credit Limits

[Themanwhocan]

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@creditconcept wrote:
In you all's opinion, is a $5000 CL the demarcation point between a "toy limit" and a "respectable" limit? I'm not talking about for the MyFico community, because I know we never stop there, But just curious as both Capital One and BoA websites say that $5000 CL makes you a made man.

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$1500 is the point between Toy limits and respectable limits. But, you need $10,000+ limits on a Bankcard before FICO starts to respect you.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Funny-synch-bank-cli-reject-letter/m-p/3847...

[TRC_WA]

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@Anonymous wrote:
Lol.

So what's wrong with NFCU again?

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Nothing's "wrong" with them.... as mentioned by someone else in this thread they have probably the most lax underwriting of any big bank/CU in the country.

$15k-$25k cards and LOC's to people with BK's on file and a profile that doesn't support such limits isn't something I've seen anywhere... other than NFCU.

AmEx may be a close 2nd with their 3x CLI's but you aren't getting in with AmEx 2 months out of a BK7 so that doesn't really qualify.

[Anonymous]

If their membership criteria was not so stringent I would agree more with you.

The market they typically serve has jobs that are more secure than most.

BK7 or not, most everyone that will qualify has bills to pay.

[TRC_WA]

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@Anonymous wrote:
If their membership criteria was not so stringent I would agree more with you.

The market they typically serve has jobs that are more secure than most.

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What criteria?  Active duty military or retired?  DoD employee?

I have no doubt I'd be approved for a $15k card... but I'm not going to join the Navy to get it.

Yeah a job in the military may be more secure than most... but what's the guy's excuse that filed BK7? 

[msbia]

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@Anonymous wrote:
If their membership criteria was not so stringent I would agree more with you.

The market they typically serve has jobs that are more secure than most.

BK7 or not, most everyone that will qualify has bills to pay.

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B.i.n.g.o! Membership criteria AND security department. I have seen more accounts get taken down by their security team than any other issuer. They do not play and with good reason. NFCU is not the largest credit union in the world for no reason,and their portfolio can support the limits they give out. 

[MarineVietVet]

We're getting off topic.

The thread is about CC's with $5,000 limits; not how good or bad NFCU is.

[TRC_WA]

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@MarineVietVet wrote:

We're getting off topic.

The thread is about CC's with $5,000 limits; not how good or bad NFCU is.

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You're right....

I'll sum it up by saying if you want a $5k account, NFCU is your best bet regardless of your credit history.

If you qualify for membership and have a heartbeat you'll get your card... maybe 2... and a LOC.

[Anonymous]

Well..
They're pretty awesome regardless.

$5,000 CL being the end all be all is really subjective. Someone who spends 40K/mo on CC 5K could and probably is next to useless.

[Open123]

Well, being a CU for mostly active military, my understanding is that if a person doesn't pay his/her debts, his commanding Office can order him to pay.  This is certainy different from other commercial lenders and CUs open to the general public.

I know it's off topic, but if there's one group I don't have issues with receiving "special" or even "entitled" treatment, it's the military and those who have served and sacrificed to ensure that I enjoy the freedom I take for granted everyday.

[barbaralee]

You can become an NFCU member just by having a roommate who is a member. I don't think that is overly strict.