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Frustrated with Navy Federal...

Andy77
Valued Contributor

Frustrated with Navy Federal...

 

I joined Navy in May of 2020 and got two secured cards. One had a limit of 5k and one 3k. I used them a lot, PIF almost every month, I let a few high balances report for maybe two months on each of the cards, but I paid off the balances after the billing cycles cut. Both cards graduated and the 5k card got a CLI of 2500 so credlit limit is 7500.00

 

The 3k card graduated in November of last year and despite PIF every month and spend of about 25-35k in those 7.5 momths I keep getting declined with a single decline reason of "you have reached navy's maximum unsecured limit"

 

When I sent e-lening a reconsideration message and included attachments:  w-2, (income north of 110k) paystub, ,my brokerage acct statement showing 30k plus, and a Navy annual credit card document showing 47k in credit card payments documenting  49 payments between May & Dec, they would still not approve the CLI on the 3k card.

 

My TU and EQ Fico 9's are 703 and 704 with 6% total utilization acorss all accounts.

 

I do have a discharged ch 7 from May of 2020 and I am sure that is certainly contributing to their reasoning, but having made (49) payments in 7 months its not lilke my accounts were not on the forefront of my mind every month.

 

How long do most people keep getting declined for this one single reason : you have reached navy federal's maximum unsecured limit ?

 

How long should I wait before trying for another card or CLI, both get declined for the same single reason ?

 

Thank you

Message 1 of 15
14 REPLIES 14
thornback
Senior Contributor

Re: Frustrated with Navy Federal...

Your cards aren't even a year old yet.  You've already graduated both and received a CLI on one -  so you've actually made pretty great progress with Navy despite being discharged less than a year ago.  With the current economic environment, all lenders have tightened a bit - including Navy.  I think you just need to be a little more patient.  Wait until your one year mark (at least) to try again.  

 


@Andy77 wrote:

 

How long do most people keep getting declined for this one single reason : you have reached navy federal's maximum unsecured limit?


^^ 3-6 months, in some cases, a year. 

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Message 2 of 15
CreditSweeper
Established Contributor

Re: Frustrated with Navy Federal...


@thornback wrote:

Your cards aren't even a year old yet.  You've already graduated both and received a CLI on one -  so you've actually made pretty great progress with Navy despite being discharged less than a year ago.  With the current knomic environment, all lenders have tightened a bit - including Navy.  I think you just need to be a little more patient.  Wait until your one year mark (at least) to try again.  

 


@Andy77 wrote:

 

How long do most people keep getting declined for this one single reason : you have reached navy federal's maximum unsecured limit?


^^ 3-6 months, in some cases, a year. 


I agree with this. 

I think your expectations are a bit high given your overall credit age with NFCU and your overall credit profile (with a BK showing). 

Remember, paying your credit card balances is simply an expectation that the lender has, it doesn't necessarily provide you with preferential treatment as a result. 

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Message 3 of 15
coldfusion
Community Leader
Super Contributor

Re: Frustrated with Navy Federal...

Wait until June before making any more attempts,  they're almost certainly not going to even consider budging until 12+ months post-BK7 discharge.



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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 4 of 15
Shooting-For-800
Senior Contributor

Re: Frustrated with Navy Federal...

Seems incredibly generous to me.

CLI requests are SPs so I would try every 90 days.

Congrats and GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

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Message 5 of 15
Jordan23ww
Valued Contributor

Re: Frustrated with Navy Federal...

You just need more time with the cards. For example I had a 700 Transunion score in Feb 2020. I applied for the More Rewards card and I got a limit of $9300.  I used the card for 3 months. After 91 days and 3 statements I asked for a limit increase and was given an additional $8000. Decided to apply for the Navy Cash Rewards card exactly 2 days later and got declined for reaching their max limit, which basically means you've reached the amount of credit they're willing to trust you with for now.

 

3 months later I applied for the Flagship card and was approved.  I waited 91 days and 3 statements again and asked for a limit increase on my Flagship and it was granted. Coincidentally my More Rewards card was also now eligible for a limit increase too and I got approved for that increase too in the same month.  I find with Navy a no today doesn't mean a no forever. Just means not yet. They usually will increase your limit after 3 months for the first increase and then every 6 months after that. 

 

 




Message 6 of 15
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Frustrated with Navy Federal...

It took almost 2 years for them to start opening up for me and I don't have a bk.




Message 7 of 15
AverageJoesCredit
Mega Contributor

Re: Frustrated with Navy Federal...

Frustrated with Navy? Bk charged off this year and were able to get to secured cards with high limits whereas most people are lucky to get one with $200-$500. High income, able to have access Navy Fed id count my blessings. You cant buy your way into a high limit or increase especially with a bk. They are super lenient but id save my frustration for another lender. Just my 2 cents which honestly arent worth much here anyway. 

Message 8 of 15
Andy77
Valued Contributor

Re: Frustrated with Navy Federal...

 

Thanks for all the replies, I will wait until July and try for another CLI.

Message 9 of 15
blindambition
Community Leader
Senior Contributor

Re: Frustrated with Navy Federal...

I'm not going to offer more than great info already given. Sounds like Navy has already been pretty generous. Sometimes there's unrealistic expectations of Navy's generosity.

Message 10 of 15
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