topic Re: New To The Game in Credit Cards

New To The Game

Anonymous — Wed, 05 May 2021 22:55:11 GMT

Im currently sitting at 674 EQ 655 EX 680 TU I currently have all my cards at a 0 balance except for NFCU Platnuim 14000 I owe 80% of it.. I have a repo thats a 0 balnance that should be removed any day now(its over 7 years old).. I want to get a credit increase on my platnuim too help out with my utilization (I also have a NFCU amex 3000 and a NFCU for 10k Im AU on) Could some please advise what I should do ,I have been gardening for a year now, I want to help my utilaztion which can rasie my scores as well as continue to pay them down I will be at 9000k this week for the NFCU Platnuim .. I greatly apprciate any advice

Re: New To The Game

Anonymous — Thu, 06 May 2021 00:36:56 GMT

Best bet is just keep paying the Navy card. They work differently than most but even they may be shy on giving an increase when you have 80% usage on it. Worth a try if it's been at least 181 days since your last increase though. Otherwise just keep hammering it and your scores will respond. If they don't increase you now because of the balance, your odds will go up as the balance drops. And welcome to the forums

Re: New To The Game

grower1 — Thu, 06 May 2021 00:41:07 GMT

Welcome to the forums. Continue to bring down your NFCU Platnuim balance and your score will rise.

Aggregate Utilization thresholds:

8.9%, 28.9%, 48.9%, 68.9%, 88.9%

Individual utilization thresholds:

28.9%, 48.9%, 68.9%, 88.9%

For aggregate utilization crossing a threshold 10-15 points per threshold.

For Individual utilization crossing a threshold ~5 points points for individual crossing a threshold.

Re: New To The Game

SouthJamaica — Thu, 06 May 2021 01:21:58 GMT

@Anonymous wrote:
Im currently sitting at 674 EQ 655 EX 680 TU I currently have all my cards at a 0 balance except for NFCU Platnuim 14000 I owe 80% of it.. I have a repo thats a 0 balnance that should be removed any day now(its over 7 years old).. I want to get a credit increase on my platnuim too help out with my utilization (I also have a NFCU amex 3000 and a NFCU for 10k Im AU on) Could some please advise what I should do ,I have been gardening for a year now, I want to help my utilaztion which can rasie my scores as well as continue to pay them down I will be at 9000k this week for the NFCU Platnuim .. I greatly apprciate any advice

I agree with @Anonymous Just keep paying it down. You're doing great. As @grower1 says, your scores will grow. When you get it down below $ 7k you should get a nice bounce in your scores. And when you get it down to $4200 or so you'll be golden.

If you ask for a CLI there's a 50.50 chance it will be a hard pull, which will cost you some points.

Re: New To The Game

Anonymous — Thu, 06 May 2021 01:33:38 GMT

@Anonymous wrote:
Im currently sitting at 674 EQ 655 EX 680 TU I currently have all my cards at a 0 balance except for NFCU Platnuim 14000 I owe 80% of it.. I have a repo thats a 0 balnance that should be removed any day now(its over 7 years old).. I want to get a credit increase on my platnuim too help out with my utilization (I also have a NFCU amex 3000 and a NFCU for 10k Im AU on) Could some please advise what I should do ,I have been gardening for a year now, I want to help my utilaztion which can rasie my scores as well as continue to pay them down I will be at 9000k this week for the NFCU Platnuim .. I greatly apprciate any advice

I would probably bet against them giving you an increase with a balance that high. I would pay it down below 30% then give them a try. But if you pay it down next week don't pull the trigger right then and there. I would at least give it a month before asking. Just me playing it safe

Re: New To The Game

Anonymous — Thu, 06 May 2021 02:19:15 GMT

Thanks for your reply I will definitely let you know the outcome.

Re: New To The Game

Anonymous — Thu, 06 May 2021 05:36:50 GMT

Sounds like you have a good strategy; garden; let derogatory age off; pay down NFCU balance. I'd probably wait but on request for cli, but I think @Anonymous mentioned no harm in applying, which is true unless the 50/50 chance of a hard pull the @SouthJamaica mentuoned happens. FYI- i requested a cli with NFCU and the csr told me I should wait a year between cli and another request and she stated it would be a hard pull. I went ahead and applied, my files are blocked do I should be safe. Gl! Fingers crossed for your success.

Re: New To The Game

okurosetta — Thu, 06 May 2021 16:59:52 GMT

As others have said, keep paying on the Platinum and getting it lower. That is your #1.

You may want to consider posting in the Navy Federal Thread for CLI and Additional Cards. From what I have read it sounds like requesting a CLI online tends to be a soft pull, whereas speaking with a customer service representative is more likely to be a hard pull. If you provide details on that thread (NFCU accounts, balances, when last CLI requested/obtained, etc) you'll likely get some great replies.

If you wanted to, you could freeze your credit reports before trying online, just to be safe. I never did this until this past weekend and was surprised when it only took 5-10 minutes to freeze the big three.

NFCU is a different lender, typically in a good way, and if you have a good relationship with them you may be approved for a CLI, despite your high utilization. Getting under the utilization threshholds will definitely help your score - I had similar debt a few years ago and continually dropping my utilization worked wonders. You'll get there - a CLI would help give you a headstart, but you'll get there.

Re: New To The Game

Anonymous — Thu, 06 May 2021 18:37:27 GMT

Update.... just received and update on my credit 660 EX 674 EQ 680TU This Monday Im paying down my utilization to 30% everything should report on the 27th all accounts are at an zero balance except my platnuim NFCU Visa it will have a balance of 9,909 (15k limit) total amount of credit 30,300 credit score should move... What should I apply for to maximize my credit profile ... I need a line of credit over 25k, I need and AMEX and another major card, I need to let my credit support my business, i get paid once a month 25k... advice please