NFCU Approved - Low Limit

[buildingcreditfromnothing]

After getting my membership issues resolved with NFCU, they finally processed my cash rewards app, after asking for pay stubs, photo id and more.  Mind you, my last two pay stubs demonstrated a YTD income of over 230k.  Got my approval message this morning.  Approved...... for $6,000 (at 15% APR).  SMH!

I am on track to make over 400k this year and they give me a $6,000 limit?  What is their policy on CLI's after approval?  I was expecting $25,000 or above!  Creditaddict, what is your take on this?

My TU was pulled and it showed a 690ish FICO because of statement balances reporting (which will be paid off) with no inquiries in the last year and AAoA of 3 yrs. Any idea why they would give me such a low limit compared to income?

Thanks!

[Scupra]

Are you self employed by any chance?

[buildingcreditfromnothing]

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@Scupra wrote:

Are you self employed by any chance?

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Nope. They did give me a hard time about pay stubs, however. The first rep I spoke with only requested one and then I never heard from them again. Fast forward to a week later, I called and they said I needed to submit two. The next morning (today) I saw the approval text and the card is not showing in my online banking as of yet.

[Scupra]

Try sending a secured message explaining that the limit is low for your spending patterns. Point out some high limit cards and explain this card wouldn't get much use without a decent limit.

[buildingcreditfromnothing]

Will do

[Anonymous]

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@buildingcreditfromnothing wrote:

After getting my membership issues resolved with NFCU, they finally processed my cash rewards app, after asking for pay stubs, photo id and more.  Mind you, my last two pay stubs demonstrated a YTD income of over 230k.  Got my approval message this morning.  Approved...... for $6,000 (at 15% APR).  SMH!

I am on track to make over 400k this year and they give me a $6,000 limit?  What is their policy on CLI's after approval?  I was expecting $25,000 or above!  Creditaddict, what is your take on this?

My TU was pulled and it showed a 690ish FICO because of statement balances reporting (which will be paid off) with no inquiries in the last year and AAoA of 3 yrs. Any idea why they would give me such a low limit compared to income?

Thanks!

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Hi there buildingcreditfromnothing,

Sorry to hear of the $6,000 limit with NFCU.  I do see where you indicated you have made $230K this year, and went on to state that you are on track to make $400K.  Did I read this wrong?  If my math is right, that is saying you will make +- $170K in one month.  Without being too nosey, what kind of business are you in?  That really is impressive, and you are right $6K is also considered super low in my mind for the income.  *YIKES*

[buildingcreditfromnothing]

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@Anonymous wrote:

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@buildingcreditfromnothing wrote:

After getting my membership issues resolved with NFCU, they finally processed my cash rewards app, after asking for pay stubs, photo id and more.  Mind you, my last two pay stubs demonstrated a YTD income of over 230k.  Got my approval message this morning.  Approved...... for $6,000 (at 15% APR).  SMH!

I am on track to make over 400k this year and they give me a $6,000 limit?  What is their policy on CLI's after approval?  I was expecting $25,000 or above!  Creditaddict, what is your take on this?

My TU was pulled and it showed a 690ish FICO because of statement balances reporting (which will be paid off) with no inquiries in the last year and AAoA of 3 yrs. Any idea why they would give me such a low limit compared to income?

Thanks!

---

Hi there buildingcreditfromnothing,

Sorry to hear of the $6,000 limit with NFCU.  I do see where you indicated you have made $230K this year, and went on to state that you are on track to make $400K.  Did I read this wrong?  If my math is right, that is saying you will make +- $170K in one month.  Without being too nosey, what kind of business are you in?  That really is impressive, and you are right $6K is also considered super low in my mind for the income.  *YIKES*

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Expecting a large Christmas bonus split into two installments by the 31st    Work in a private merchant bank after leaving my previous career about three years ago.

[Anonymous]

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@buildingcreditfromnothing wrote:

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@Anonymous wrote:

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@buildingcreditfromnothing wrote:

After getting my membership issues resolved with NFCU, they finally processed my cash rewards app, after asking for pay stubs, photo id and more.  Mind you, my last two pay stubs demonstrated a YTD income of over 230k.  Got my approval message this morning.  Approved...... for $6,000 (at 15% APR).  SMH!

I am on track to make over 400k this year and they give me a $6,000 limit?  What is their policy on CLI's after approval?  I was expecting $25,000 or above!  Creditaddict, what is your take on this?

My TU was pulled and it showed a 690ish FICO because of statement balances reporting (which will be paid off) with no inquiries in the last year and AAoA of 3 yrs. Any idea why they would give me such a low limit compared to income?

Thanks!

---

Hi there buildingcreditfromnothing,

Sorry to hear of the $6,000 limit with NFCU.  I do see where you indicated you have made $230K this year, and went on to state that you are on track to make $400K.  Did I read this wrong?  If my math is right, that is saying you will make +- $170K in one month.  Without being too nosey, what kind of business are you in?  That really is impressive, and you are right $6K is also considered super low in my mind for the income.  *YIKES*

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Expecting a large Christmas bonus split into two installments by the 31st    Work in a private merchant bank after leaving my previous career about three years ago.

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Does that merchant bank happen to want to employ a social worker making nowhere near that right now  

Aside from that defeintely recon that limit!

[buildingcreditfromnothing]

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@Anonymous wrote:

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@buildingcreditfromnothing wrote:

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@Anonymous wrote:

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@buildingcreditfromnothing wrote:

After getting my membership issues resolved with NFCU, they finally processed my cash rewards app, after asking for pay stubs, photo id and more.  Mind you, my last two pay stubs demonstrated a YTD income of over 230k.  Got my approval message this morning.  Approved...... for $6,000 (at 15% APR).  SMH!

I am on track to make over 400k this year and they give me a $6,000 limit?  What is their policy on CLI's after approval?  I was expecting $25,000 or above!  Creditaddict, what is your take on this?

My TU was pulled and it showed a 690ish FICO because of statement balances reporting (which will be paid off) with no inquiries in the last year and AAoA of 3 yrs. Any idea why they would give me such a low limit compared to income?

Thanks!

---

Hi there buildingcreditfromnothing,

Sorry to hear of the $6,000 limit with NFCU.  I do see where you indicated you have made $230K this year, and went on to state that you are on track to make $400K.  Did I read this wrong?  If my math is right, that is saying you will make +- $170K in one month.  Without being too nosey, what kind of business are you in?  That really is impressive, and you are right $6K is also considered super low in my mind for the income.  *YIKES*

---

Expecting a large Christmas bonus split into two installments by the 31st    Work in a private merchant bank after leaving my previous career about three years ago.

---

Does that merchant bank happen to want to employ a social worker making nowhere near that right now  

Aside from that defeintely recon that limit!

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Sorry, I don't make the hiring decisions Haha

[Anonymous]

I wouldn't sweat this at all. 6K SL seems pretty much in line with a 690 for them. 3 statements and an AR, you'll most likely have that 25K with no problem. For a lot of lenders, it seems low income justifies a low SL, but high income does not always justify a high SL. If you don't get it in recon, you'll get there in a blink.