topic Re: NFCU CashRewards approval - VERY low SL in Credit Card Approvals

NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 03:30:42 GMT

I just joined NFCU yesterday because everyone always talks about how awesome their SL are. I got approved for a limit of $700. That's it! All of my other CL's are $5000-$10,000 with avg 5-10% util. (I'm at 20% right now, not great but not terrible) Even my Victoria's secret card CL is $5800. I don't have any of the toy limit cards. I was very nice to recon and they denied an increase. I messaged recon again and they denied an increase. They told me the "you need 3 statement cuts for reconsideration". How am I supposed to demostrate I can and DO manage high CL's with that low CL? I also refi'd my car with them today (instant approval, low APR) and made sure to mention that in my message. They won't budge. How does everyone else get these high SL's??

Current scores:

EQ 661

TU 655

EX 666

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 12:27:06 GMT

Like the CSR said, just give it a few months. After 91 days and 3 statements cut apply for a CLI and a new card. Even if the CLI gets denied history shows that approval of the second card is very possible at a much higher SL. Good luck.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 15:09:18 GMT

First, congratulations on your approval OP 👏🏾 You have cleared membership without hiccup which not everyone can do. This your FIRST victory.

To answer your question below:

"How am supposed to demostrate I can and DO manage high CL's with that low CL?"

If a future with Navy is what you desire, you're supposed to utilize the card, via the SL provided, and prove that you can be trusted with the normalities of their products (higher SL). This happens by making on-time payments for at least 91 days / 3 Statements; and using your account responsibility. Your scores and other TL don't carry as much weight with this lender. Navy's a different animal driven by DTI and other internal scoring factors.

I can understand the need for instant gratification. Unfortunately, you won't get that with this lender. Once you've cleared the 91/3 phase, your SECOND victory awaits you!

Best of luck! Let us know what happens down the line.

Re: NFCU CashRewards approval - VERY low SL

AverageJoesCredit — Sat, 02 Feb 2019 15:26:35 GMT

Actual time. Only Navy can you go from $500 to 20k in 3 months. They refinanced your car and approved you for a cc , id say they are doing great by you. Read the Navy thread and youll understand $700 isnt permanent just a stepping stone. Congrats by the way

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 15:28:56 GMT

@Anonymous wrote:
I just joined NFCU yesterday because everyone always talks about how awesome their SL are. I got approved for a limit of $700. That's it! All of my other CL's are $5000-$10,000 with avg 5-10% util. (I'm at 20% right now, not great but not terrible) Even my Victoria's secret card CL is $5800. I don't have any of the toy limit cards. I was very nice to recon and they denied an increase. I messaged recon again and they denied an increase. They told me the "you need 3 statement cuts for reconsideration". How am I supposed to demostrate I can and DO manage high CL's with that low CL? I also refi'd my car with them today (instant approval, low APR) and made sure to mention that in my message. They won't budge. How does everyone else get these high SL's??

Current scores:
EQ 661
TU 655
EX 666

Just wait the 91 days and after a HP that credit limit could be $800! Bad joke and I know you aren't happy about it. This creditor is the most baffling of any others that I can name. After all the things that I have read, I applied for the Platinum in October and was given one of my lowest SLs ever. Of any card that I have, the Platinum is probably the one where I would want the highest CL. I considered closing it but I did get the lowest APR. I also know I'm unfortunately going to add some HPs to EQ to get this where I want. I was upset(still am) and I didn't even bother posting in the approvals.

Yet I see people in the 500s with collections and late payments get approved for $15-$25k that have never had a CL anywhere close to that. For the people who fit this description....I am extremely happy for them. I would have loved to find NFCU when my credit history began. Another guy just a couple of days ago had scores at least close to 800 and never got the lowest rate of the card they applied for. None of this makes sense. I guess it doesn't have to. It's NFCU's money and algorithms and they can do whatever they want.

I know the data has shown that if you apply for a 2nd card, the SL is typically much better but I have zero intention of applying for anything else because I don't want any of the other cards there. I certainly don't need the CL buffer either and I don't apply for something that I feel that I will not use. Hopefully the pep talk here helps because you're not alone.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 18:48:04 GMT

I honestly don't even feel like using this card. It's just one more bill I have to pay. Or maybe I'll put my car insurance on it or something and pay it off the next day. Who knows. But I was fully expecting to be able to make it my main card.

I'm not going to rack up $700 in random spending just because they "might" give me a high CL in the future. I can't be the only one that balks at this kind of stuff once you have multiple cards with high CL's, so that's what you're used to. Huge let down to see that SL from them.

I kind of argued over the messages a couple times trying to recon, I hope they didn't flag my file as "this girl is rude" lol

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 19:26:29 GMT

Congrats on your approval !!!

Re: NFCU CashRewards approval - VERY low SL

Flex1 — Sat, 02 Feb 2019 19:39:43 GMT

I understand how you feel. I was lucky to get a nice SL from navy the other day. But I also just closed a cc from USAA because the limit was very close to the one you just received. I couldn't stomach the low SL, a few people tried to tell me to stick it out. I'm glad I closed it, as personally, I don't want any low credit lines on my reports. Some analysts see a low line and match it. Some analysts see high line and match or beat it. I agree with you when you expressed concerned about showing you can manage your credit with low a SL .
On another note, I don't think Navy is going to keep giving out High SL's all the time. This thought prompted me to apply immediately, before the joy ride is over.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 19:40:32 GMT

Looks like the joy ride ended with me yesterday lol.

I was so disappointed.

Big congrats on your approval though!

Re: NFCU CashRewards approval - VERY low SL

AverageJoesCredit — Sat, 02 Feb 2019 19:53:08 GMT

I understand that everyone feels differently with their credit and more power to you. However, it should be clear that its not a guarantee high limits will beget high limits. Each lender has different underwriting and requirements for their products. The good thing here is even by just putting a recurring charge on your low limit card, you will be creating history with your card and account. I myself started with a $500 sl , even after hearing of all the monster limits. But eventually i got more as Navy got to know my profile. In my humble opinion, waiting 3 months doesnt seem too long to wait for the next possible increase. Ive been rejected from Penfed with 790-810 fico 9 so i know the feeling of wth? we just have to keep climbing those rungs til we get where we wanna be

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 20:04:25 GMT

After my disappointment subsided this morning, I went through my other cc's for the normal recurring bills i.e. car insurance, cell phone, internet, electric and a couple other small random expenses like netflix that total to about $500/mo. They've been kinda spread across the other cc's, so I'll just lop all them on to NFCU when I get the card.

I was mad yesterday, but now I'm just going to accept this SL and put these monthly expenses on it and see what they say in 3 months....

Re: NFCU CashRewards approval - VERY low SL

crys12065 — Sat, 02 Feb 2019 20:21:02 GMT

Congrats on your approval!

I completely understand your disappointment. My first NFCU card was a $500SL. But I used it regularly and paid on time. 6 Months later I apped for an increase (didn't know I could do it at 3 months) and they only bumped me up to $1500 on the card. But a few days later I applied for a second NFCU card and was instantly approved for $15K my highest limit ever. Now my TU report is a lot cleaner than my EQ report so that may have helped. But history with NFCU goes a long way. They have internal scoring system that I think they use more than the FICO though that is just my opinion. And also from what I have read they are big on DTI.

But the hard part is done you are in with them and my experience has been great with Navy. I use them as my main checking account as well.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 20:24:24 GMT

@Anonymous wrote:
After my disappointment subsided this morning, I went through my other cc's for the normal recurring bills i.e. car insurance, cell phone, internet, electric and a couple other small random expenses like netflix that total to about $500/mo. They've been kinda spread across the other cc's, so I'll just lop all them on to NFCU when I get the card.

I was mad yesterday, but now I'm just going to accept this SL and put these monthly expenses on it and see what they say in 3 months....

If you let $500 report on a $700 CL, you'll be at 71% UTI. Yo FICO won't like o.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 20:38:48 GMT

I should've elaborated. I was going to let those few bills charge and pay each one off as they post throughout the month, so that way I'm at least showing several payments through the cycle. Not carry a balance.

Re: NFCU CashRewards approval - VERY low SL

CreditInspired — Sat, 02 Feb 2019 23:37:38 GMT

I’m so happy at @mmccor2 you waited a day and thought about it. Putting your recurring bills on the card is an excellent plan.

When I read your first post bemoaning how others were getting large limits, my first thought was “oh no, OP is making comparisons.” I honestly think what happens is we hear all the crowing when someone hits the NFCU jackpot but we don’t hear about the every day janes and Joes who get average starting limits.

I don’t know this for a fact but I believe when NFCU sees other big limit CCs, they are worried if you’ll really use their card so they start one out with a smaller limit to see if you really will use the card over the next 3 months. Then, when they see a lot of activity, thats when they open up the floodgates—if not with a CLI, most definitely with a second card.

So again, I am so happy you had a change of heart. The fact that NFCU refinanced your car is a big whoop-de-doo. Believe us when we say at 91 days 3 statement cuts you will be a happy camper. You will have forgotten all about yesterday. And for all of us who says NFCU rocks, you will be singing the same song.

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sat, 02 Feb 2019 23:59:45 GMT

Thank you! Yes, you hit the nail on the head. I was fully prepared for a large SL and saw the $700 and was like womp womp. Soooo disappointed after everything I read about the jackpot SL's for NFCU.

But I woke up this morning, licked my wounds from being mad (lol) and went through my other cc's and wrote down the list of recurring "household" expenses like I mentioned earlier. So for now I'll keep all my large business expenses on my other cc's and put the "household" expenses on this one and pay throughout the month when they post and and hopefully NFCU will love me in 3 months.

I'm still happy that they refi'd my car after being a member for one day though. Cut my payment and interest rate in half. But I'm serious when I say I hope they didn't flag my profile for being argumentative to recon yesterday. I'm really worried! I legit sent an apology message earlier thanking them for the car refi and that I look forward to building a strong relationship with NFCU.

What's weird is that when I was talking to the lady who refi'd my car yesterday I mentioned my low SL and she was asking me some questions like how much do I make (plenty for a low DTI), what my other limits are (high), UTIL (low) etc. And she goes hmmmmm.... I've heard that NFCU doesn't like to see all those large limits out there not being used. JUST like you said!

Re: NFCU CashRewards approval - VERY low SL

Anonymous — Sun, 03 Feb 2019 00:41:30 GMT

@Anonymous wrote:
I just joined NFCU yesterday because everyone always talks about how awesome their SL are. I got approved for a limit of $700. That's it! All of my other CL's are $5000-$10,000 with avg 5-10% util. (I'm at 20% right now, not great but not terrible) Even my Victoria's secret card CL is $5800. I don't have any of the toy limit cards. I was very nice to recon and they denied an increase. I messaged recon again and they denied an increase. They told me the "you need 3 statement cuts for reconsideration". How am I supposed to demostrate I can and DO manage high CL's with that low CL? I also refi'd my car with them today (instant approval, low APR) and made sure to mention that in my message. They won't budge. How does everyone else get these high SL's??

Current scores:
EQ 661
TU 655
EX 666

OP > My take on this > the keyword.. "Approved"! Congrats and give it some time then tag them again.

Re: NFCU CashRewards approval - VERY low SL

SFLSpotter9210 — Sun, 03 Feb 2019 01:49:21 GMT

Congratulations on your approvals. In time it will pay off. Good luck for your bright future with NFCU 😎.