topic Re: Advice Needed - New NFCU Platinum card in Credit Cards

Advice Needed - New NFCU Platinum card

ronaldc33 — Wed, 27 Jul 2022 03:36:10 GMT

So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

Re: Advice Needed - New NFCU Platinum card

Anonymous — Wed, 27 Jul 2022 04:21:06 GMT

@ronaldc33 Excellent, you are in. Navy Federal is widely regarded as the best credit union that exists. My advice is the following:

1. Do not apply for any new cards.

2. Do not close any current cards.

3. Pay all cards to zero, except keep a tiny balance on only one card.

4. If you don't have an installment loan, open a small share secured loan at the credit union.

5. Now, just wait for as long as you can before requesting a credit line increase.

As your credit scores continue to rise in time, you will be approved again and again for future credit line increases.

Re: Advice Needed - New NFCU Platinum card

OmarGB9 — Wed, 27 Jul 2022 05:04:32 GMT

I would suggest getting that utilization down significantly before anything else. Then, I'd address any baddies on your reports (with scores that low, I'm assuming you have negative items to address).

Next, just use this card responsibly and after 91 days and 3 full statements (full being 25 days+ in a billing cycle), you can try for a SP CLI online or via the app (just don't call, or else you'll incur a HP that way).

Re: Advice Needed - New NFCU Platinum card

keekers — Wed, 27 Jul 2022 14:03:45 GMT

This. The only other thing I'd mention would be to also deepen the relationship with them (i.e. direct deposit).

@OmarGB9 wrote:
I would suggest getting that utilization down significantly before anything else. Then, I'd address any baddies on your reports (with scores that low, I'm assuming you have negative items to address).

Next, just use this card responsibly and after 91 days and 3 full statements (full being 25 days+ in a billing cycle), you can try for a SP CLI online or via the app (just don't call, or else you'll incur a HP that way).

Re: Advice Needed - New NFCU Platinum card

mfinsmi1 — Wed, 27 Jul 2022 14:22:44 GMT

@keekers to further add to this - add a CD account and add a pledge loan - combine those with the DD mentioned and your interenal score is going to shoot up giving you a better chance for a CLI in 91/3

Re: Advice Needed - New NFCU Platinum card

ronaldc33 — Wed, 27 Jul 2022 14:47:06 GMT

Forgive my ignorance but what's CD account? I assume Certificate? Also does pledge loan = personal loan?

Re: Advice Needed - New NFCU Platinum card

W261w261 — Wed, 27 Jul 2022 14:59:54 GMT

You have a high utilization, but what is the actual amount you owe? What is the nature of your history that has resulted in your current low credit score? Is your high income a month or two that you have extrapolated? There's a huge Navy Federal thread on here that is roughly equivalent to reading "War and Peace." It's long, long, but you'll be much better versed on Navy after you read through it.

Re: Advice Needed - New NFCU Platinum card

ronaldc33 — Wed, 27 Jul 2022 15:21:55 GMT

31k of 51k. No other major baddies outside of recent inquiries. 3 months into new job.

Re: Advice Needed - New NFCU Platinum card

keekers — Wed, 27 Jul 2022 15:36:53 GMT

CD = Certificate of Deposit. Pledge loan is a Shared Secured Loan...it's basically a secured loan. The technique is to open it, pay back 90%+ (you will get your funding back in a couple days). Details here: https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

@ronaldc33 wrote:
Forgive my ignorance but what's CD account? I assume Certificate? Also does pledge loan = personal loan?

Re: Advice Needed - New NFCU Platinum card

arifjk — Wed, 27 Jul 2022 15:40:08 GMT

@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

1. Use your income to pay down your cards. Goal: Each individual card is to be max 28% UTIL ratio, and aggragate to be less than 8%

2. At 91 days after 3 full statements, ask for 3x CLI for your Platinum card. At 183 days, ask for another 3x CLI.

3. If you INQ in the last 6 months are over 10, then it won't reduce anymore of your FICO points (this is from what I have read) since it won't matter anymore, but for sure Lenders/CC Issuers who are INQ sensitive are not going to extend any credits, but if you only have 1, don't add anymore until it passes 12 months, which then the score will go up since it will not count the previous 12 months.

4. Don't open any new accounts, since it will lower your AAoA, and this will lower your score as well.

The main thing that you can grow your score right now and very soon is your UTIL ratio, and since your income is high, you should be able to do this.

Re: Advice Needed - New NFCU Platinum card

SouthJamaica — Wed, 27 Jul 2022 15:44:38 GMT

@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

1. Congratulations on your NFCU membership and on the Platinum card, a great card.

2. Use that 200k+ income to pay down all your existing revolving accounts.

3. After 3 months statements and at least 91 days have passed, wait until your EQ FICO 9 score on the NFCU website resets, and when it does apply for a CLI.

BTW it is common for NFCU to start you off on your first card with a low SL. So don't think you're alone in this.

Re: Advice Needed - New NFCU Platinum card

OmarGB9 — Wed, 27 Jul 2022 17:54:50 GMT

@mfinsmi1 wrote:
@keekers to further add to this - add a CD account and add a pledge loan - combine those with the DD mentioned and your interenal score is going to shoot up giving you a better chance for a CLI in 91/3

OP doesn't really need to add those. Unless they have an actual use for them. Opening the SSL can hurt more than help because of the new account hit, high aggregate installment hit, and AoNA hit. CD is optional I guess. But I don't have anything (besides CCs) other than DD and even that I didn't get until I was about 6-8 months in with Navy. I started with just a secured card and nothing else and I'm doing just fine.

Re: Advice Needed - New NFCU Platinum card

JNA1 — Wed, 27 Jul 2022 18:43:12 GMT

@arifjk wrote:
@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?
1. Use your income to pay down your cards. Goal: Each individual card is to be max 28% UTIL ratio, and aggragate to be less than 8%
2. At 91 days after 3 full statements, ask for 3x CLI for your Platinum card. At 183 days, ask for another 3x CLI.
3. If you INQ in the last 6 months are over 10, then it won't reduce anymore of your FICO points (this is from what I have read) since it won't matter anymore, but for sure Lenders/CC Issuers who are INQ sensitive are not going to extend any credits, but if you only have 1, don't add anymore until it passes 12 months, which then the score will go up since it will not count the previous 12 months.
4. Don't open any new accounts, since it will lower your AAoA, and this will lower your score as well.

The main thing that you can grow your score right now and very soon is your UTIL ratio, and since your income is high, you should be able to do this.

I would ask for the full $8000 CLI when you ask after 91 days. If they don't feel comfortable with that, they'll counter with a lower number. DW's first NFCU card was a low limit, but she's grown it to $16,500 asking for large CLIs.

Re: Advice Needed - New NFCU Platinum card

TRC_WA — Wed, 27 Jul 2022 18:56:30 GMT

Solid advice in this thread.

I'm also new to NFCU and was denied a card last week... so am working on the internal score with new DDs as mentioned in this thread. I am NOT opening a secured card... with nearly $50k in unsecured cards and less than 10% UTI I don't think it's necessary... nor is a pledge loan being I have multiple car loans both paid and current.

That NFCU internal score does matter though! LOL... already learned it the hard way.

Re: Advice Needed - New NFCU Platinum card

SUPERSQUID — Wed, 27 Jul 2022 19:12:07 GMT

@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

NFCU puts a lot of importance where you are weak, DTI.
I was approved for the platinum in april fo only 1k but yesterday i got a cli to 3k after my 3rd full statement but my DTI is around 9 pct.
My problem is that bk7 on my reports and modest income, 36k
i was approved for the cash rewards last dec/21 for 3700 sl and that one is up to 9700 and its only 7 months old.
NFCU cards grow fast, if you get that DTI down you have a great chance with them.
If your cl is under 4k than cli's are limited to 3x, that means your first cli should bring you up to 1500 and the next one 6 months later 4500.
they can grow fast.

Re: Advice Needed - New NFCU Platinum card

keekers — Thu, 28 Jul 2022 00:09:28 GMT

I don't disagree with you in general, @OmarGB9 but in the context of the OP's intent (deepening the relationship specifically with NFCU) I think the SSL and/or CD recommendations are valid considerations. Your experience with NFCU is valid, of course, however others (like mine) are a bit different. I joined NFCU and quickly opened Flagship Checking with DD and a pledge loan. I didn't need the pledge loan for my credit file but I opened it (and immediately paid back 92% to avoid a jump in my aggregate installment debt) purely to deepen the relationship. As you know, NFCU appears to weight the relationship and DTI relatively heavily in it's credit decisions. For me there wasn't much of a hit to my FICO scores; I was approved for the More Rewards card with a $25K SL after only maybe a month of NFCU membership with some derogs on my report (you can see from my sig that I don't have flawless credit) and then got approved for the Cash Rewards with another $25K SL only a few months later . Would I have been approved without the SSL? Maybe...who knows. Of course, it also depends on the individual credit profile (like everything else, right? ). If nothing else, I have a long credit history and significant mix that helped me. What I'm getting at is that while your points are certainly valid, I wouldn't dismiss the CD and SSL ideas out of hand. Cheers.

@OmarGB9 wrote:
@mfinsmi1 wrote:
@keekers to further add to this - add a CD account and add a pledge loan - combine those with the DD mentioned and your interenal score is going to shoot up giving you a better chance for a CLI in 91/3
OP doesn't really need to add those. Unless they have an actual use for them. Opening the SSL can hurt more than help because of the new account hit, high aggregate installment hit, and AoNA hit. CD is optional I guess. But I don't have anything (besides CCs) other than DD and even that I didn't get until I was about 6-8 months in with Navy. I started with just a secured card and nothing else and I'm doing just fine.

Re: Advice Needed - New NFCU Platinum card

Bmac66 — Thu, 28 Jul 2022 19:06:18 GMT

@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?

They are strict on CLI. Have to wait 6 months in between. If you click the CLI button before 6 months they will tell you you're not eligible for 6 months....

Re: Advice Needed - New NFCU Platinum card

OmarGB9 — Thu, 28 Jul 2022 21:32:00 GMT

@Bmac66 wrote:
@ronaldc33 wrote:
So I've been seeing all the praise for NFCU and their high limits on credit cards so I decided to join. I know I'm supposed to establish a relationship, but I got impatient and applied for a card almost immediately, really before I even funded my savings and checking account. Got a surprisingly low limit of $500. The teller at the branch suggested I wait 6 months before trying to raise it, but I'm hoping it won't take that long.

I recently started making a very high income (200k+) but I don't have the FICO scores to match (low 600s across all 3). Main issue is high utilization, around 60%, so obviously the high limit would be ideal.

What do you all suggest I do to get a higher limit with NCFU? Or should I just be more patient?
They are strict on CLI. Have to wait 6 months in between. If you click the CLI button before 6 months they will tell you you're not eligible for 6 months....

Yes, but at least it doesn't reset the CLI clock. You can still ask at the appropriate time.

Re: Advice Needed - New NFCU Platinum card

805orbust — Fri, 29 Jul 2022 11:27:37 GMT

@ronaldc33 you've gotten fantastic advice here. Following any of it will get you where you want with NFCU in a technical sense. I would refer to the last words of your original post as the wisest advice you can follow.... calm down.

There's an inbuilt tendency for all of us to get crazy sometimes but patience is our best friend in this arena.