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Getting 2nd Navy CC when carrying balance

Senior Contributor

Getting 2nd Navy CC when carrying balance

I currently have their Sig Visa and Navcheck. I'm considering trying for a 2nd CC, for util buffer and also possible 0% BT offers in the future. Earlier this year, they denied me because I had 0% BT balances showing on a couple of CCs from other banks, affecitng my overall util.

 

My total util is lower now and will drop to under 20% after balances update on Nov 1st. So, I am considering trying for their Plat Visa or MC. I am, however, carrying a balance on their Visa, which I'm trying to PIF asap. Right now, my util on that card is approx 30%; however it will get down to 25% next week.

 

I'd appreciate knowing how others have done getting a 2nd CC w/them when you are carrying a bal on their CC. (I do know the magic formula of under 9% on a single card, but that's not possible right now. So, I'd like to know how people have done when your util is a bit higher.)

 

Thanks! Smiley Happy

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

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4 REPLIES
Epic Contributor

Re: Getting 2nd Navy CC when carrying balance

Navy is usually looking at total credit line to income that they will lend out on the credit cards (but that number does change constantly!)

 

What is your current limit?

 

They made some changes so unclear if you can still do it but my partner used $5k from his current Cashrewards to open a Sigi card because they wouldn't grant anymore credit at the time.

Fast forward just 3 months and Sigi got a counter instant CLI all the way to $20k (That's why I say the internal max limit raises all the time, we hear this with chase too)

 

Message 2 of 5
Senior Contributor

Re: Getting 2nd Navy CC when carrying balance


Creditaddict wrote:

Navy is usually looking at total credit line to income that they will lend out on the credit cards (but that number does change constantly!)

 

What is your current limit?

 

They made some changes so unclear if you can still do it but my partner used $5k from his current Cashrewards to open a Sigi card because they wouldn't grant anymore credit at the time.

Fast forward just 3 months and Sigi got a counter instant CLI all the way to $20k (That's why I say the internal max limit raises all the time, we hear this with chase too)

 


That's a great idea. I tried to do that back when I apped for the 2nd card. They said that I needed to CLD my Visa and then app for the 2nd card, but there was no guarantee that I'd get the 2nd card. So that seemed like a not-so-great thing to do, and then they denied my app. Maybe they've changed their policies if your partner was able to use $5k from his current CC to open a 2nd card. That *is* what I was willing to do earlier this year! Smiley Frustrated It sounds like you guys were able to do this, but they don't offer the option any longer.

 

Maybe I need to CLD my visa and see what happens. I just hate the idea of losing that CL and not getting the new card, either.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 3 of 5
Regular Contributor

Re: Getting 2nd Navy CC when carrying balance

Don't cld, call and ask if they can use xxx amount of the current cc to open second.


Eq 675
TU 681
Ex your guess is as goodas mine!

Nfcu Cash Rewards 15000, Nfcu nRewards Mc 15000, Walmart 600, Target 400, VS 650,Capital one 3750, Us Bank 300, Discover 4500,Citi DP 1500, Chase Freedom 2000. And I'm done...... no more cards just going to tend my garden
Message 4 of 5
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Contributor

Re: Getting 2nd Navy CC when carrying balance

In March of 2012 my CashRewards card had a $14,000 CL of which $8,000 was being used because of BT's I did for the 0% promotion.  At that time I also had a $5,000 NavChek which had a $0 balance.  My overall UTL was like 20% on all of my cc's.   I applied for and was approved for a Platinum Card, but they only gave me a $1,000 CL on this 2nd credit card.  That June, 3 months later I tried for a CLI and they bumped the CL on my 2nd card up to $5,000. 

 

Fast forward a year and my CashRewards card has grown to a $20,000 CL, my Platinum card has a $14,000 CL, and my NavChek has $15,000 CL.  So even if they approve you for a small CL on the 2nd card, it will grow over time. 

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