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NFCU nRewards CLI??

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2b2rich
Established Contributor

NFCU nRewards CLI??

Ch7 discharged the first week in Jan and I applied for the NFCU nRewards secured card.  I was only given an option of initially funding it with $200 (maybe an online thing), but figured I would try later to increase the limit if it hadn't converted by the time I finished some of my other goals over the next couple of months. I received the card about 2 months ago and let it sit, then used it about 3 weeks ago and paid that in full last week.   I just got a MyFico alert to an account being updated and checked.  The nRewards showed a CLI from the $200 to $600.  I have not added any money and the $200 in savings has not been released (yet?).   Does this mean they've converted it to a non secured card and I haven't been notified yet?

Chapter 7 Discharged & Closed Jan 2020
Message 1 of 9
8 REPLIES 8
Harriet
New Contributor

Re: NFCU nRewards CLI??

You used it just once and got an increase already? I think that's pretty lucky. Maybe you saw it before they released your deposit. I'd call them tomorrow and check. 

I was discharged just a month before you. Got two nfcu cards in February. Been using them both decently heavy each month but letting 0 post on them. I do let one other card post under 8.9%.  I've had 6 statements close on my visa and 5 on my mc. Haven't graduated or seen CLI increases yet. I also did the 200$ limits. I've seen around here people getting deposits released and increase to 2000$ after 5 months. Disappointed but I'm staying put. 

How are your fico 8's?   Seven months out I'm at 666 Experian,  689 Equifax and 655 Transunion, I was average 640 when I filed. 

Message 2 of 9
2b2rich
Established Contributor

Re: NFCU nRewards CLI??


@Harriet wrote:

You used it just once and got an increase already?  Yes. I applied and instant approval in May, received the card late May, early June, used it the first time about 3 werks ago, and paid it off last week before statements cut.  Then yesterday got a notification of a change to the account, which was an increase.  I think that's pretty lucky. Maybe you saw it before they released your deposit. I'd call them tomorrow and check. 

I was discharged just a month before you. Got two nfcu cards in February. I have never had experience with NFCU before May, so I am not sure about this, but could it be the multiple card thing, or even heavy usage every month even though you're paying it off?  There is a guide posted here in the Bankruptcy forum about charging small amounts and paying them off each month as being the best way.  Been using them both decently heavy each month but letting 0 post on them. I do let one other card post under 8.9%.  I've had 6 statements close on my visa and 5 on my mc. Haven't graduated or seen CLI increases yet. I also did the 200$ limits. I've seen around here people getting deposits released and increase to 2000$ after 5 months. Disappointed but I'm staying put. 

How are your fico 8's?  They're not all that great actually (625, 585, 593). I paid all of my bills up until the month I filed ch 7 but there were a lot of lates and negative remarks added after I filed that are incorrect.  I waited for the dust to settle like everyone suggests, and many of them are still there so I am currently in the process of disputing them.  For example, my mortgage has never, ever, even been 30 days late, but its showin IIB charge off, 30 and 90 days late and the IIB is the only thing accurate.  I didnt reconfirm it, but I kept it and have never been late.  My scores Im sure will be higher once these are corrected. I have several really good tradelines (auto loans, persnal loans, credit cards, and even another mortgage), that were all paid off before filing, with pristine payment histories that are in my reports and were not IIB. Seven months out I'm at 666 Experian,  689 Equifax and 655 Transunion, I was average 640 when I filed. 


 

Chapter 7 Discharged & Closed Jan 2020
Message 3 of 9
2b2rich
Established Contributor

Re: NFCU nRewards CLI??

Well, I'm just not sure what triggered the CLI now.
I made my first purchase on June 26, paid it off on Jul15th and just looked at the first statement.  It shows the statement cut on Jul 15th (but included my payment and showed a zero balance on the account), however, the statment is also, already showing my CLI so I doubt it had anything to do with my use or payment.  I did notice that I was approved and funded the card back in April and this would have been 3 months if that means anything.

Chapter 7 Discharged & Closed Jan 2020
Message 4 of 9
Anonymous
Not applicable

Re: NFCU nRewards CLI??

I just received the nRewards card on Friday. I did the whole app and everything over the phone and put up $500, as they made me pick my own limit. From what I was told sometimes they evaluate the limit at month 3 to see if they want to auto bump it up a little and then they evaluate you at 6 months to see if they want to switch you to an unsecured card which generally also has a bigger limit increase.

Message 5 of 9
Anonymous
Not applicable

Re: NFCU nRewards CLI??

https://www.navyfederal.org/loans-cards/credit-cards/nrewards-secured/

 

I found it here, check out the "How it works" section. That may be what happened.

Message 6 of 9
2b2rich
Established Contributor

Re: NFCU nRewards CLI??

Thank you!  This all totally makes sense now.  I will come back and update this post around October then, if that is what happens.

Chapter 7 Discharged & Closed Jan 2020
Message 7 of 9
Anonymous
Not applicable

Re: NFCU nRewards CLI??

Any updates to report? I hit 91/3 today and did not get an email or cli.

Message 8 of 9
2b2rich
Established Contributor

Re: NFCU nRewards CLI??


@Anonymous wrote:

Any updates to report? I hit 91/3 today and did not get an email or cli.


Sorry I must have fortgot to update.   The reply above with the link to NFCU 'How it works' explains what happen to me.  They just allowed me to have a little extr credit at 3 months, and then at 6 months it was converted to the CashRewards with a $2k SL.  I always pay off the card each month and they just recently refinanced a New Car loan @ 3.34%

Chapter 7 Discharged & Closed Jan 2020
Message 9 of 9
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