topic Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!! in Credit Card Applications

NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Fri, 02 Nov 2018 01:35:05 GMT

Hi everyone,

I've been with NFCU for over 20 years now, and until today, I've never considered one of their credit cards. I've considered them for an auto loan in the past, but I got a slightly better rate with USAA at the time. In truth, I've been a member of nfcu since 98, but I never used them for primary banking opting for usaa instead during the rate wars.

Fast forward quite a while. I wound up getting into a really rough patch in 2013. My business failed when the oil industry tanked, and shortly after I paid off my business creditors, I wound up going through an even worse patch with a divorce. The financial situation was pretty bad. Lost every possession, and almost every asset (she didnt get the truck, thoigh). Not seeing a clear, quick way out, I filed for Ch. 7 in summer 2016 (discharged Nov 2016). I've been rebuilding very cautiously since then.

Now we're at today. Steady job with above average salary ($140k), Cap1 QS1 and Plat cards with constant usage, and constant paid in full literally every week for a year (no cl increase despite regular requests with progress shown), and $35k auto loan (new car, Cap1) on time every time and always paying 25% more monthly. The cards have been stuck at $500 cl/EA for the 14 months I've had them, the car loan in 9 months old, the job is 16 months. As of 9 am est today myfico read TU 651/EQ 635/and EX hates me at 604. This time 18 months ago they were TU 491/EQ 488/EX 482. I've come a long way.

I've recently started moving my primary banking functions over to NFCU, including my direct deposit, and my monthly Navy retirement payouts, and decided to give it a shot for an NFCU Cash Rewards Visa fully expecting a denial based in every other cc company denying me. Nope- easy approval, but the CL is low. I'm trying to get away from low balance cards where everytime I use one all it really accomplishes is to drag my utilization percentage down, and my scores along with it. I have an itch to use a recon letter to request a higher CL based on the good I've done, and bad I've overcame along with the salary, and low debt to income.

After all that heres the real questions

-Has anyone had the same scenario, requested and gotten a higher CL upon approval before the card was in the mail?
- is it better to call, or send a message/write a letter?
- Am I wasting my time thinking about this?

Advice please!!!

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Anonymous — Fri, 02 Nov 2018 01:51:51 GMT

Sorry about the circumstances and congrats on the recent success.

That limit won’t stay low for long.

Keep doing what you are doing. NFCU can and will be quite generous.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

AverageJoesCredit — Fri, 02 Nov 2018 02:09:43 GMT

Recon may not work but a couple months sure will lol. Navy will eventually show love, especially on your 2nd card and app when its time. With a 140k income, you should eventually get those massive 25k limits plus. Remember the 90 days plus and 3 statement cuts rule for your first cli request and keep up your great work. Best of luck and thanks for your service ( if served)

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Anonymous — Fri, 02 Nov 2018 02:20:34 GMT

@Noximus03 wrote:
Advice please!!!

Mark your calendar for 91/3. Second card will be the charm.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Fri, 02 Nov 2018 02:29:38 GMT

I did serve, and you're welcome. It was my honor.

Forgive me for being new to the boards, and all of your knowledge, but what's the 90/3 rule? I hate admitting this in public, but I'm slightly ignorant, and I get hit in the head a lot....

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Anonymous — Fri, 02 Nov 2018 02:31:58 GMT

@Noximus03 wrote:
I did serve, and you're welcome. It was my honor.

Forgive me for being new to the boards, and all of your knowledge, but what's the 90/3 rule? I hate admitting this in public, but I'm slightly ignorant, and I get hit in the head a lot....

Waiting until a minimum of: 91 days from account opening AND 3 statements have cut. Must be both.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Jnbmom — Fri, 02 Nov 2018 02:36:04 GMT

@Noximus03 wrote:
I did serve, and you're welcome. It was my honor.

Forgive me for being new to the boards, and all of your knowledge, but what's the 90/3 rule? I hate admitting this in public, but I'm slightly ignorant, and I get hit in the head a lot....

First and foremost thank you for your service

What it means is after your first card reaches 91 days and your third statement cuts, you can request a CLI and apply for a second card. You stated your SL is low but I didn't see the amount, but I can almost promise you your second card will be higher Just use your card and PIF and you should have success with your second application.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Fri, 02 Nov 2018 03:05:43 GMT

It was only for a $1k limit. I say "only" because I'm trying to get away from me using the card and it dragging my percentage down. Was hoping for a LOT more....

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Anonymous — Fri, 02 Nov 2018 06:05:01 GMT

@Noximus03 wrote:
It was only for a $1k limit. I say "only" because I'm trying to get away from me using the card and it dragging my percentage down. Was hoping for a LOT more....

In June, my first card Cash Rewards was only $1k. They told me to wait 6 months to ask for a CLI. After 92 days, I applied and was approved for $15k for the Flagship. I was declined for a CLI on my $1k Cash Rewards the same day. Should have waited 6 months. lol

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

AverageJoesCredit — Fri, 02 Nov 2018 12:09:17 GMT

Op, its ok to use your card and make payments throughout the month. It would probably build more internal history with Navy anyway. . Please read some if the big Navy thread here in applications. Good stuff. With a low income i went from $500 to $5000 on my first cli request so as you can see only a matter of months with Navy unlike other institutions that can take forever.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Fri, 02 Nov 2018 20:45:09 GMT

@AverageJoesCredit wrote:
Op, its ok to use your card and make payments throughout the month. It would probably build more internal history with Navy anyway. . Please read some if the big Navy thread here in applications. Good stuff. With a low income i went from $500 to $5000 on my first cli request so as you can see only a matter of months with Navy unlike other institutions that can take forever.

I get it, tons of great advice and hard core answers in the replies, and I thank each of you for taking the time.

Joe- I tried getting through the mega thread.....my ptsd kicked in on page 5.........

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Fri, 02 Nov 2018 20:47:16 GMT

I guess one tandem question to ask is whether or not to kill my $500 QS1. Not really a fan of it, and despite my consistent usage and PIF early, they wont give me a CLI. I think they may have blacklisted me on this one.......

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

UncleB — Sat, 03 Nov 2018 08:08:10 GMT

@Noximus03 wrote:
@AverageJoesCredit wrote:
Op, its ok to use your card and make payments throughout the month. It would probably build more internal history with Navy anyway. . Please read some if the big Navy thread here in applications. Good stuff. With a low income i went from $500 to $5000 on my first cli request so as you can see only a matter of months with Navy unlike other institutions that can take forever.
I get it, tons of great advice and hard core answers in the replies, and I thank each of you for taking the time.

Joe- I tried getting through the mega thread.....my ptsd kicked in on page 5.........

For ease-of-reading, when starting on the NFCU 'mega' thread go by dates... skip ahead to around the middle of October or so. This way you won't have to wade through info that might be outdated.

If what you're looking for isn't in the last few week's posts, feel free to ask... if someone new is unable to find the info they are looking for the folks who regularly hang around don't mind helping out.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

joltdude — Sat, 03 Nov 2018 14:52:00 GMT

Cap One has a tendency to "bucket" cards not blacklist...which means some cards will get little to no CLIs

-J

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

AverageJoesCredit — Sat, 03 Nov 2018 15:25:18 GMT

Plus one on what UncleB says. Usually the last few pages are most relevant. Keeping it simple, every 6 months might be best for cli after initial requests and approvals. Time it near Account Reviews, AR, to have best shot at sp cli, though this is becoming rarer. Look forward to your future success

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

CreditInspired — Sun, 04 Nov 2018 11:18:55 GMT

Absolutely all good advice here.

IMHO, if it were me, I would still send NFCU a “secure” message and cut and paste exactly what you typed here—showing that you have learned your lesson and have changed. I feel you have nothing to lose. They will reply w/in 48hrs.

Then, like AJC said. Wait 90 days, 3 statement cuts, around AR (account review) time and apply for a CLI.

And, rest assured, the NFCU CLI will come in time and they’re usually pretty substantial as long as your scores have not taken a dive.

GL2U

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

jcalvert86 — Mon, 05 Nov 2018 02:02:45 GMT

Additional data point - I joined NFCU a few years ago with a mid 600s score and 50k income, opened the cashrewards card with 7k limit.

Currently high 700s score with income a bit less than yours and limit is 28.5k. Keep hitting that CLI button every six months.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

CreditInspired — Mon, 05 Nov 2018 06:54:54 GMT

Just a caveat. NFCU loves—and I mean absolutely loves—to HP. Sometimes, there is a SP if one requests a CLI right after AR time, but that’s not a guarantee. IMHO, do not hit the CLI button unless you’re ok with a HP.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

Noximus03 — Mon, 05 Nov 2018 11:05:49 GMT

The HO doesnt bother me if theres a good result with it, but random HP's is not a habit I have regardless of outcome.

I'm still debating closing one of my Cap1 cards just to be rid of them. They wont give a CLI on either card, nor will they combine them.

Re: NFCU Visa approval but low CL, reconsideration? Advice, please!!!

UncleB — Mon, 05 Nov 2018 11:14:49 GMT

@Noximus03 wrote:
The HO doesnt bother me if theres a good result with it, but random HP's is not a habit I have regardless of outcome.

I'm still debating closing one of my Cap1 cards just to be rid of them. They wont give a CLI on either card, nor will they combine them.

LOL... as much as we joke about NFCU doing a HP just for opening their app (haha), it's truly not random... they will only do a HP when you apply for a new credit account and (often but not always) for CLIs.

What can be a bit random is what bureau they use... some people try to game the system by having certain bureaus locked (something we can't discuss doing on myFICO, business partners and all) and NFCU is known to be able to pull a different bureau if the one they "usually" pull is not available, which has annoyed some people. This is really as close to 'random' as they get.