topic Re: What is the max limit for the navy federal cash rewards visa? in Credit Cards

What is the max limit for the navy federal cash rewards visa?

povertybro — Mon, 09 May 2022 18:09:42 GMT

I had a 300 secured card for 14 months and it graduated to unsecured 2k limit. Hit the 2 year mark a month ago and requested an increase to 5k. Got a denial letter saying I reached navy ferdals maximum unsecured credit limit.

Anyone got similar experience?

I also have a 20k more rewards and I requested a increase and got the same denial, but they said they'll go ahead and bump it up to 21k.

Re: What is the max limit for the navy federal cash rewards visa?

coldfusion — Mon, 09 May 2022 18:16:01 GMT

The Flagship has a maxinum CL of $80K; all their other cards including the Cash Rewards has a maxinum CL of $50K.

There is also a $80K general maximum across all cards (unless you happened to be a whale they consider worthy of a special accomodation).

Re: What is the max limit for the navy federal cash rewards visa?

povertybro — Mon, 09 May 2022 18:33:44 GMT

Why would they put that I reached max limit in the denial?

Re: What is the max limit for the navy federal cash rewards visa?

FinStar — Mon, 09 May 2022 18:54:54 GMT

@povertybro wrote:
Why would they put that I reached max limit in the denial?

It is likely based on your reported income, DTI and other factors. Not every profile will reach $80K unsecured with NFCU. More or less, based on creditworthiness, they feel that you have sufficient unsecured exposure with them at this point.

Re: What is the max limit for the navy federal cash rewards visa?

K-in-Boston — Mon, 09 May 2022 19:33:27 GMT

Navy does use "maximum unsecured credit limit" in a manner synonymous to "we aren't comfortable granting you additional unsecured credit right now" and that can be confusing. IIRC PenFed also does the same.

Re: What is the max limit for the navy federal cash rewards visa?

Aim_High — Mon, 09 May 2022 20:36:59 GMT

@K-in-Boston wrote:
Navy does use "maximum unsecured credit limit" in a manner synonymous to "we aren't comfortable granting you additional unsecured credit right now" and that can be confusing. IIRC PenFed also does the same.

+1 ^ ^ ^ Exactly. That doesn't mean you'll never get another nickel from them. It just means that as of the date of that letter, that's the most they are comfortable lending.

Navy is very much a "relationship" lender and will often warm up slowly over time. So even without significant positive changes to your FICO or income, you may find they will approve more credit as relationship ages. But the verbiage is a little confusing.

Re: What is the max limit for the navy federal cash rewards visa?

Cr9107 — Tue, 31 Oct 2023 00:06:59 GMT

You requested more than your current account allows. (Call them to increase your limit = no credit ding along with a more ideal credit limit increase = online requests are an automatic credit ding)

secured account to standard "unsecured" credit. (credit line increase = request no more than $1000 at a time per year. Unless your income is high)

Jumping too quickly. (NFCU will automatically increase limits at/above $5000 = just keep spending. If maintained and near maximum it's an automatic increase)

- - - - -

Myself = they increase my account

3x in a year ($2k to over $8k = just kept spending. Paying weekly. Using 3x limits but reporting 10% on bills)

____

(Regular) credit card limits are $4999 and under

(Premium = flagship) starts at $5000. newer type of credit. Different qualifications. 720+ credit score with higher income

_____

NFCU ALLOWS maximum $80K in credit across all accounts (maximum of 3 unsecured accounts)

Re: What is the max limit for the navy federal cash rewards visa?

pizza1 — Tue, 31 Oct 2023 01:50:17 GMT

@povertybro wrote:
Why would they put that I reached max limit in the denial?

With Navy, either your income and/or credit score needs to improve. I got that alot during my rebuilding stages years ago with them. My income has only slightly increased over the years, but my FICO scores greatly improved. Now, my income is the same, but my scores are good, and Im maxxed on lending with them

Re: What is the max limit for the navy federal cash rewards visa?

Aim_High — Tue, 31 Oct 2023 01:51:46 GMT

@Cr9107 wrote:
... (Call them to increase your limit = no credit ding along with a more ideal credit limit increase = online requests are an automatic credit ding)

Actually, this is backwards, @Cr9107. Online requests are a soft pull and will yield the maximum increase available on the account. There's no advantage to calling and data points indicate that is where they will do a hard pull. I never called NFCU and yet got their maximum increases with soft pulls so far, all the way up to $75K TCL, just by using mobile app or website.

@Cr9107 wrote:

... NFCU will automatically increase limits at/above $5000 = just keep spending

. If maintained and near maximum it's an automatic increase) ... ($2k to over $8k = just kept spending

My experience and community data points is that NFCU is very lenient about the spending on an account before approving a CLI. They are very unlike some other lenders such as Capital One that want to see moderate to heavy usage most of the time. Most of my increases were on my Platinum card before I closed it to combine with Flagship Rewards. The card got very little spend (if any spend at all!) most periods but still got a CLI. The main way I used it was to push some balance transfers through it just to show a payment history but I'm confident they would have approved without those.

Re: What is the max limit for the navy federal cash rewards visa?

Aim_High — Tue, 31 Oct 2023 01:54:34 GMT

@pizza1 wrote:
@povertybro wrote:
Why would they put that I reached max limit in the denial?
With Navy, either your income and/or credit score needs to improve. I got that alot during my rebuilding stages years ago with them. My income has only slightly increased over the years, but my FICO scores greatly improved. Now, my income is the same, but my scores are good, and Im maxxed on lending with them

^ These factors may be the case sometimes. But NFCU uses the "max limit" language even with high incomes and high FICOs if they just aren't ready to extend more credit at that time. I ran into that, but that changed with giving it time and patience. Navy is very relationship-focused.

Re: What is the max limit for the navy federal cash rewards visa?

K-in-Boston — Tue, 31 Oct 2023 01:59:22 GMT

@Cr9107 wrote:

(Regular) credit card limits are $4999 and under

(Premium = flagship) starts at $5000. newer type of credit. Different qualifications. 720+ credit score with higher income

@Aim_High already addressed a few other corrections, but it's quite common for non-Flagship cards to start much higher. Flagship was my first card, but when I applied for More Rewards my starting limit was $25k which was $1k higher than my original starting line with Flagship. As a very forgiving lender, it's not unusual to see much higher than $5k starting lines from NFCU even with blemished credit below 720s.

This is a rather old thread, but the data points are still valid.