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What should I do?

Contributor

What should I do?

I went ahead and tried my luck with Navy federal again. Since i recently got upgraded to the Flagship visa signature and found out after the fact that it doesn't offer NPSL I thought I'd ask for a higher limit on the card and at the same time ask for a NavCheck. I was able to get a NavCheck for $10,000 (asked for $12,000) but I was denied for the CLI citing "Excessive credit obligations" what does this mean exactly? I don't think it was refering to my NFCU card. Which was nearly maxed out but paid off. NavyFederal also gave me a $32,000 Auto loan last month (second vehicle) so now I'm wondering if that was the reason. I make $115,000 + a year and the only debt's I have are the two  auto loans totaling $60,000 and the credit cards which are usually paid off in 45 days I wait 45 days because I want the balances to report to show I actually use my credit here and there. Now I also have three collections from cards I don't even remember having that all of a sudden showed up causing my score to tank hard the same day I applied for the above (I didn't know till after I applied so that might also be hurting the increase) should I just chill out for a while and battle off those collections?

NFCU Flagship Rewards Visa Signature $5,000
NFCU NavCheck LOC $10,000
Chase INK Cash $10,000
Chase Freedom $1,500
Bank of America Cash reward 123 $5,000,Barclays Arrival World MC $3,000,Amazon Prime Card $3,500
Message 1 of 5
4 REPLIES
Valued Contributor

Re: What should I do?

They may be taking into account your maxed monthly util% as well as high installment loan balance.

 

You need to get that reported util% down to under 10%

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 2 of 5
Moderator

Re: What should I do?

Fight the collections and chill for a bit like you suggest. You've already got good accounts and relationships established, continue working them and you'll get everywhere you want to be FICO wise for positive tradelines; so go work on your negatives. Smiley Happy
Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 3 of 5
Contributor

Re: What should I do?


jonmartin wrote:

I went ahead and tried my luck with Navy federal again. Since i recently got upgraded to the Flagship visa signature and found out after the fact that it doesn't offer NPSL I thought I'd ask for a higher limit on the card and at the same time ask for a NavCheck. I was able to get a NavCheck for $10,000 (asked for $12,000) but I was denied for the CLI citing "Excessive credit obligations" what does this mean exactly? I don't think it was refering to my NFCU card. Which was nearly maxed out but paid off. NavyFederal also gave me a $32,000 Auto loan last month (second vehicle) so now I'm wondering if that was the reason. I make $115,000 + a year and the only debt's I have are the two  auto loans totaling $60,000 and the credit cards which are usually paid off in 45 days I wait 45 days because I want the balances to report to show I actually use my credit here and there. Now I also have three collections from cards I don't even remember having that all of a sudden showed up causing my score to tank hard the same day I applied for the above (I didn't know till after I applied so that might also be hurting the increase) should I just chill out for a while and battle off those collections?


This is their way of saying "we consider ourself exposed enough with regard to extending you credit. We're not going to go any further at present."

 

 

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Message 4 of 5
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Epic Contributor

Re: What should I do?


Elcid89 wrote:

jonmartin wrote:

I went ahead and tried my luck with Navy federal again. Since i recently got upgraded to the Flagship visa signature and found out after the fact that it doesn't offer NPSL I thought I'd ask for a higher limit on the card and at the same time ask for a NavCheck. I was able to get a NavCheck for $10,000 (asked for $12,000) but I was denied for the CLI citing "Excessive credit obligations" what does this mean exactly? I don't think it was refering to my NFCU card. Which was nearly maxed out but paid off. NavyFederal also gave me a $32,000 Auto loan last month (second vehicle) so now I'm wondering if that was the reason. I make $115,000 + a year and the only debt's I have are the two  auto loans totaling $60,000 and the credit cards which are usually paid off in 45 days I wait 45 days because I want the balances to report to show I actually use my credit here and there. Now I also have three collections from cards I don't even remember having that all of a sudden showed up causing my score to tank hard the same day I applied for the above (I didn't know till after I applied so that might also be hurting the increase) should I just chill out for a while and battle off those collections?


This is their way of saying "we consider ourself exposed enough with regard to extending you credit. We're not going to go any further at present."

 

 

 


I agree if the accounts shown in sigi are all you got... Navy realized oops, we hold this persons ENTIRE credit Profile... BRAKES LOCK!

when you get util down maybe branch out a bit and come back to Navy in 6-12 months if not longer and get the balance down on the cars a bit... then they might feel a bit safer Smiley Happy

Message 5 of 5