NFCU Approved - Low Limit

[Anonymous]

I believe the factors are way more difficult, than just flashing income and expecting more consideration based solely on income

The formulas used take into account scores, debt load, overall profile etc.... too often the general public SWEARS that the higher income= better debt management .....
Don't believe the hype!

My 21 y.o. join Navy and apped this week
1st non AU solo card mind you
College student, B.S. part time gig (delivery app thingy)

Cash Rewards 11,200 9.9%
2 minutes later
USAA 6k

17,200 in CLs
3 weeks past 21, with basically no income

It's not as attached to income as many think,
there is a point of diminishing returns where income becomes less important...

Remember the higher the income the more difficult to replace if there is a problem, especially when there is a history of debt usage.

Again no absolutes but 80k incomes are safer than 300-400k income profiles, especially considering debt load and management of said debt...

This is one reason I tamp down income on apps, many times high incomes beg for higher scrutiny and more concern...not saying it's right but absolutely can see how it could be considered.

[CreditInspired]

Gemini,

I agree with you based on my experience. In May, I applied for NFCU Sig and almost fell out of my chair when I was instantly approved for $15K at 12.9%. My scores at the time were 640 EX, 647 TU & 642 EQ, 1 inq in 2015. UT 26%. 6yo tax lien. No lates ever.

Data points: $35K salary, NFCU Platinum $4K & NFCU PLOC $1K.

Caveat: I have been with NFCU since 2002 and I also have direct deposit.

Since I learned so much from MyFICO Family, my scores today are EX 681, TU 697, EQ 696 & 13% UT, which when scores update, UT will be 8%.

[buildingcreditfromnothing]

Well they denied my CLI recon... Said I should wait six months and then ask again. Not loving NFCU so far.

[Scupra]

Show them some usage and ask for a CLI in 3-4 months, $6k may not be the best but it isn't the worst right?

[Anonymous]

Just got my welcome email now the impatient part waiting on the membership pacage happy I'm in though

[awp317]

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@buildingcreditfromnothing wrote:

Well they denied my CLI recon... Said I should wait six months and then ask again. Not loving NFCU so far.

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**bleep** I dont blame you. I have ran 20k through my card in the last 6 weeks. If its not raised its getting chopped. I would rather have 5 or 6 cards with large limits than 20 cards with low limits. 

[Anonymous]

I know many ppl swear by it, and perhaps some UW might go ahead and open up the cookie jar a bit wider a bit quicker....

However for the most part, sane responsible UW shouldn't be emotionally MOVED because an account slammed 20k through during a 6 week period.

It shows ZERO in terms of debt management nor does it demonstrate debt repayment over 'time'...
will some fall for the banana in the tailpipe ... I guess

But as an UWer, I can't see how such action would all of a sudden make it clear that a 10k CL @ 12.99%... Really should be a 50k CL @ 8.99 ...'because' 6 weeks of run and ONE billing period cleared it all up?
I don't think so.

Rewards points and debit cards have changed by ppl spend money but UWers would be foolish IMO to confuse 'spend' with legit 'debt' repayment.

Putting 'spend' THROUGH a CC can be a form of video game but it doesn't necessarily mean one should have or can handle a larger CL (As a matter of fact, it may indicate that the account holder may seem too dependant on CLs to function...which could spook the lender into being MORE careful with the account)

Point being there are no absolutes and the theory or logic can absolutely spin either way and both have decent cases, many consumers only want to pay attention to the spin as they see it but it's just as easy to see the other side of a coin.

Just sharing how some UWers might not 'see' it the way you want and why...not defending the position, just sharing the info.

Best of Luck

Btw Navy generally opens the flood gates within an AR or 2 if you ask AND it's within their comfort level for said profile.

We've seen them OPEN WIDE for profiles with very modest incomes and usage, so again there is another fly in the ointment vs just big check and 'spend' slamming.

[awp317]

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@Anonymous wrote:
I know many ppl swear by it, and perhaps some UW might go ahead and open up the cookie jar a bit wider a bit quicker....

However for the most part, sane responsible UW shouldn't be emotionally MOVED because an account slammed 20k through during a 6 week period.

It shows ZERO in terms of debt management nor does it demonstrate debt repayment over 'time'...
will some fall for the banana in the tailpipe ... I guess

@But as an UWer, I can't see how such action would all of a sudden make it clear that a 10k CL @ 12.99%... Really should be a 50k CL @ 8.99 ...'because' 6 weeks of run and ONE billing period cleared it all up?
I don't think so.

Rewards points and debit cards have changed by ppl spend money but UWers would be foolish IMO to confuse 'spend' with legit 'debt' repayment.

Putting 'spend' THROUGH a CC can be a form of video game but it doesn't necessarily mean one should have or can handle a larger CL (As a matter of fact, it may indicate that the account holder may seem too dependant on CLs to function...which could spook the lender into being MORE careful with the account)

Point being there are no absolutes and the theory or logic can absolutely spin either way and both have decent cases, many consumers only want to pay attention to the spin as they see it but it's just as easy to see the other side of a coin.

Just sharing how some UWers might not 'see' it the way you want and why...not defending the position, just sharing the info.

Best of Luck

Btw Navy generally opens the flood gates within an AR or 2 if you ask AND it's within their comfort level for said profile.

We've seen them OPEN WIDE for profiles with very modest incomes and usage, so again there is another fly in the ointment vs just big check and 'spend' slamming.

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The way I argue is I make a good salary, I spend more, and most of my shopping is eaten up by a tiny 5k limit. For instance DW just got back from new york for christmas shopping and charged alot to the CSR. To do the same to the NFCU card would require 4 payments. Another example is I tried to get a CLI on my B of A card back when it was at 20k and they said no and the main reason was they said the limit was sufficent for usage. I used for it two months and they upped the limit to 30k no problem. So not trying to "humble brag" but in all seriousness a card with a low limit, is absolutly useless to me as each month it would appear maxed out, just from normal montly expendetures, much less any larger purchases. edit- also I really couldnt care less about the APR honesly they could give me a 40% apr and a 40k limit and that would be fine. I havent carried a balance in years other than 0% sign up bonus just because rather use their money for free and let mine work.