topic Re: Clarification Needed: NFCU in Credit Cards

Clarification Needed: NFCU

Anonymous — Sun, 26 Apr 2020 21:56:43 GMT

Okay, so heres what I gathered from what I've been reading:

Navy Federal credit line increases usually end with a hard pull, BUT right now it seems to be that if you request a large increase, and they approve you for less than requested, its a soft pull. Last week I spoke with a CSR who confirmed that all increases are hard pulls now matter what so I am hesistant to try it.

Now, IF you do decide to pull the trigger, it makes sense to apply for a second card FIRST and then request the CLI on the existing card but only after having it for more than 90 days. This is where I get confused. Is this because if you poke the bear you may as well get the best bang for your proverbial buck? Would the new account request and the CLI inquiry fall under one hard pull?

Thanks in advance for helping me out. Trying to make sure that my next move is my best move.

Additional Info: In October I applied and was approved for the NFCU Visa Signature Cash Rewards card. I was given the "we need more information" email at first. Checked my accounts the next day and lo and behold, a new credit card account with a $10k credit limit, trying to figure out where to go with them next.

Re: Clarification Needed: NFCU

recoveringfrombk7 — Sun, 26 Apr 2020 22:05:46 GMT

This thread is really helpful, a lot of these questions have been recently asked so you can skip to the end.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-Cards/td-p/3419729

Re: Clarification Needed: NFCU

Anonymous — Sun, 26 Apr 2020 22:20:03 GMT

The csrs have never acknowledged the soft pull it's always "will be a hard pull" if asked they have been doing all soft pulls since late fall/early winter.

I say 2nd card first then cli you should get more on a second line then if you want to try for the cli you might still get it, even if it's denied nothing precludes you from trying it again the next month or two down the line

Re: Clarification Needed: NFCU

M_Smart007 — Sun, 26 Apr 2020 22:23:58 GMT

RE: NFCU CLI's .. Yep, The CSR's have been claiming HP .. while all the DP's in approvals are ALL SP !!!

Re: Clarification Needed: NFCU

Anonymous — Sun, 26 Apr 2020 22:41:07 GMT

@recoveringfrombk7 wrote:
This thread is really helpful, a lot of these questions have been recently asked so you can skip to the end.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-Cards/td-p/3419729

Thanks, lol! Thats were I started. Maybe I need to go back further...

Re: Clarification Needed: NFCU

Anonymous — Sun, 26 Apr 2020 22:46:12 GMT

@Anonymous wrote:
The csrs have never acknowledged the soft pull it's always "will be a hard pull" if asked they have been doing all soft pulls since late fall/early winter.

I say 2nd card first then cli you should get more on a second line then if you want to try for the cli you might still get it, even if it's denied nothing precludes you from trying it again the next month or two down the line

Thank you. Will applying for a second card result in another inquiry?

Re: Clarification Needed: NFCU

M_Smart007 — Sun, 26 Apr 2020 22:48:32 GMT

@Anonymous wrote:
@Anonymous wrote:
The csrs have never acknowledged the soft pull it's always "will be a hard pull" if asked they have been doing all soft pulls since late fall/early winter.

I say 2nd card first then cli you should get more on a second line then if you want to try for the cli you might still get it, even if it's denied nothing precludes you from trying it again the next month or two down the line
Thank you. Will applying for a second card result in another inquiry?

Absolutely!

Only CLI request are SP.

Re: Clarification Needed: NFCU

Anonymous — Sun, 26 Apr 2020 23:41:15 GMT

@Anonymous

Super Congrats on your Navy Fed VS Cash Rewards $10,000 approval!

I'm in agreement that you should attempt to maximize your limits

and grow your business relationship with Navy Federal as quickly

as possible by applying for a 2nd card first and then going for a CLI.

All things being equal, seizing the moment as much as you can

always takes precedence over worrying about a hard pull/soft pull.

I'll give you a quick example, and I'll caveat what I'm about to say with

"your mileage may vary:" Suppose you want the Amex More Rewards

as a 2nd card. Navy Fed approves you for a $25,000 SL and they hard pull

your TU9 for the approval. That's a much better outcome than, say, apping for

and receiving a $5,000 CLI on your Cash Rewards card with an EQ9 soft pull.

Once again, your mileage may vary. But I'm sure you're well aware of

post after post of Navy Fed members touting their 2nd card approvals.

So Yes, I would absolutely recommend going after the 2nd card first.

Congrats again on your success. Please keep us

posted on what you decide to do. Thanks for sharing!

Re: Clarification Needed: NFCU

Anonymous — Mon, 27 Apr 2020 00:21:41 GMT

@Anonymous wrote:
@Anonymous

Super Congrats on your Navy Fed VS Cash Rewards $10,000 approval!

I'm in agreement that you should attempt to maximize your limits
and grow your business relationship with Navy Federal as quickly
as possible by applying for a 2nd card first and then going for a CLI.
All things being equal, seizing the moment as much as you can
always takes precedence over worrying about a hard pull/soft pull.

I'll give you a quick example, and I'll caveat what I'm about to say with
"your mileage may vary:" Suppose you want the Amex More Rewards
as a 2nd card. Navy Fed approves you for a $25,000 SL and they hard pull
your TU9 for the approval. That's a much better outcome than, say, apping for
and receiving a $5,000 CLI on your Cash Rewards card with an EQ9 soft pull.

Once again, your mileage may vary. But I'm sure you're well aware of
post after post of Navy Fed members touting their 2nd card approvals.
So Yes, I would absolutely recommend going after the 2nd card first.

Congrats again on your success. Please keep us
posted on what you decide to do. Thanks for sharing!

So much awesome info, thank you!

If I may...my current score with them is 661 and isnt reflecting the significant reduction in utilization I reently had. Scores should update by the 3rd...should I go for it now or wait until after the FICO updates on their site?

Re: Clarification Needed: NFCU

Anonymous — Mon, 27 Apr 2020 00:49:01 GMT

@Anonymous I'm glad you found the information helpful.

May 3rd is exactly one week from today. So Yes, if it were me

I'd wait until my scores rise in order to maximize my chances

for approval. And once again, please keep us posted on what

you decide to do. Good luck to you!!!

Re: Clarification Needed: NFCU

Anonymous — Mon, 27 Apr 2020 01:48:43 GMT

@Anonymous wrote:
@Anonymous I'm glad you found the information helpful.

May 3rd is exactly one week from today. So Yes, if it were me
I'd wait until my scores rise in order to maximize my chances
for approval. And once again, please keep us posted on what
you decide to do. Good luck to you!!!

Ill be back with an update next week! Thank you again!

Re: Clarification Needed: NFCU

K-in-Boston — Fri, 08 May 2020 00:07:28 GMT

As OP has been approved for the CLI and a new card, posts in this thread have been moved to a new thread and this one is locked to further replies.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/NFCU-Approval-and-CLI/m-p/6013302#M678568