Soliciting NFCU post BK7 wisdom (Covid Edition)

[Anonymous]

I'll try to make this short...

BK7 Filed Sep 2019, Discharged in December 2019

Joined NFCU in May 2020 and apped for nRewards secured card at the same time. Put down $3K deposit.

Card was used heavily and paid in full before closing date (so always reported as $0). In some months multiple payments were made as we had more than $3K in usage. In the same time span I used my NFCU checking and savings accounts. They weren't my primary accounts but there was money going in and out every month (including the money transfered in form my other bank to pay the nRewards card).

Two days after the 6th full statement the card graduated into a CashRewards card and my $3K was returned to my savings acct. The credit limit on the card was not increased (it remains at $3K).

This is all good news and I'm happy with the way that my rebuild is going. Here are the questions:

1. Since I wasn't given a CLI with the graduation I assume that I can request one. Is there a disadvantage to doing that now, or should I wait until 1 year after discharge (so wait another month)?
2. At some point I would like to get another NFCU card. Should I do that now or wait until my discharge has aged a bit?
3. We'll be in the market for a new car sometime early next year. Is 1 year post-discharge still the general guideline with NFCU or has that changed?

From past threads I get the impression that there's no time like the present to hit up NFCU for more, but with Covid I'm also hearing that they're getting more conservative. Curious as to what I should expect. Ultimately what I would like is to bump up the limit on this card to use as a personal CC and get a big limit card that my wife and I can use for regular expenses and purchases. I'm working on building a relationship with NFCU and am wondering if I've done enough to start getting some love or if I should wait a while longer

Income and debt-to-income ratio are both solid ($100K+ income with about $280 debt). I'm doing AZEO and my scores are:

• FICO8 -- 707EQ / 668TU / 662EX
• FICO9 -- 733EQ / 754TU / 731EX

As an aside I've done the online CC prequal and all that I'm being offered is the nRewards card

[AllZero]

You're eligible for a second Navy card at 91 days and 3 full statements from last approval.

Waiting can always help.

It is recommended to go for the 2nd card first. Reason, you may obtain more credit.

You can also try a CLI. Current cap is $4000

[AllZero]

For your reading pleasure. Navy Federal Thread for CLI and Additional Cards

[Anonymous]

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You can also try a CLI. Current cap is $4000

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Is this specific to people with BK or is it something in response to current economic uncertainty? I was under the impression that the cap was always about 2X the current limit (so a $3k limit could go to $9K if they liked the individual's credit). 

I guess one of the real questions I have here is whether or not the time since discharge plays a role with NFCU's CC approvals today. I've seen some anecdotal evidence that they won't approve any unsecured credit (save for graduation of a secured card) in the first year post-discharge. If that's the case then I'll hold off until after the first of the year. I'm hoping to find some confirmation that the anecdotal evidence is reality.

I've paged through the most recent 5 - 8 pages of the master NFCU approvals thread and it's hard to make a determination as most of those datapoints don't take into account recent BK discharge.

[Anonymous]

The CLI don't seemed to limited to  people without a bk. Once you get the card everything seems to be the same. If you request a CLI do it online or on the app as it will be a sp, if you call in it could still be hp. I'd be curious to know how your app goes if you go for another card prior to 1 year post bk happening. A few of have been declined at the 8-9 month mark for a second card, me included, but my secured card hasn't graduated as I'm only right at the 5 month mark with it so maybe that's the difference, already having an unsecured cc with them after graduation. If you are going to apply for a second card it's always recommended to do that before you ask for a CLI on you. It's 3x max on lower limits from what I've seen or 4K max cap on the CLI if not. Example, if you have a $500 limit the max you'd see if 1,000 increase, otherwise it's 4K max for any other CLI right now. Seems like you are close enough to the 1 year mark for it to be more beneficial to wait until right after unless you need the card for something specific.

[Harriet]

FYI I applied within a week for both the mc and visa secured NFCU cards. I did 200$ deposits with both graduating to 2000 in 7 months. The teller did say one at a time but I tried a few days later and it worked. 

Similar scores and same discharge dates as you. Navy is wonderful.  

[CreditMagic7]

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@Harriet wrote:

FYI I applied within a week for both the mc and visa secured NFCU cards. I did 200$ deposits with both graduating to 2000 in 7 months. The teller did say one at a time but I tried a few days later and it worked. 

Similar scores and same discharge dates as you. Navy is wonderful.  

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Fantastic effort and results for both!

Continued success pressing ahead.

[ballysdad]

I know this sounds crazy. I posted a question on NFCU. fan page on Facebook. I asked if anyone got approved in the middle of the night for new credit cards and increases. I had noticed different posts where it looked like many were being successful after 10pm. Well the post had like 500 replies. People who had gotten denied before were now getting approved it was crazy. 

I am not sure when you should apply but I would do it after 10pm EST and before 5am..

[ZeroAPR]

I agree it's been hard to find recent info. about how long you need to wait post-discharge for an unsecured card.  I read usually 1 year and you'll receive a lower limit even at 1 year.  At 2 years post-discharge, you're just like anyone else applying.

Here's my story.  I filed a Chapter 13 in October 2014, discharged in early November 2019.  After joining and getting approved for a PenFed PCR ($7,500 limit) in early December 2019, I decided to join and app for a NFCU credit card a week later.  Got denied but was approved for secured card which I deposited $250.  After my 6th statement cut, NFCU unsecued my card to a Visa Signature CashRewards with a $2,000 limit.  A few days later, I asked for a CLI to $5,000 which they granted.  When my 11th statement cut, NFCU gave an auto-CLI to $7,000.

On 11/18/20 (so just over 1 year post-discharge), I decided to app for the NFCU Visa Platinum card.  Instantly approved for $10,000 at 12.99% (the prequalify tool only showed that I was prequalified for the secured card).  I tried to get a CLI on my CashRewards card but got a denial letter due to a "recent change in the credit line" (auto increase).

Back to PenFed... they approved me instantly for a Gold Card with a $17,500 limit at 15.49% in mid-July (so about 7 months after I got the initial card with them).

My credit utilization is currently around 35% plus 2 personal loans, auto loan and mortgage.  FICO Score 8 EQ=694, TU=683, EX=689.  Inquires last 12 months TU=9, EX=6, EQ=7.  Around 10 new accounts in last year.  Income is around $135,000.

Hope that helps!

[Anonymous]

Just wanted to follow up on this....

Got bored on the first day of the new year and decided to give this a shot.

Apped for a cash rewards card as the $150 SUB was better than the Amazon Prime offer on the Flagship card. Immediately approved with a $12.5K limit at 9.65%.

Then went for a CLI on my former nRewards card which had graduated to a Cash Rewards card at the same $3K as my initial deposit. Requested $10K limit and got the 24hr message. Woke up this morning to a $4k increase (to $7k limit). I plan to message them to have the interest rate on this card revised as this card is still at the 18% level from the nRewards card.

I'll end up requesting a PC on one of these to a Flagship card.