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NFCU CLI success, Amex/Discover not so much. Next steps?

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New Contributor

NFCU CLI success, Amex/Discover not so much. Next steps?

Hi all!


Hope all is well. Glad to see everyone hard at work on their credit, plugging away. 

Checking in after spending some time focusing on other things, and otherwise taking care of minor things financially (i.e., "gardening"), it was time for me to ask for additional credit from my lenders. I mostly did this because I wanted to keep my UTL lower -- I pay my statement balance every month, don't carry new balances, but I put all my spending on my credit cards, and this was getting me above 6% UTL and affecting my scores (whenever a credit agency would report them.)

Recently, in December, Discover AUTO CLI me from 2k to 2900 -- but today, they declined me for additional CLI.

I also tried Amex, at 3x CLI -- but also there was a decline. I remain at 1k.

I'd planned on asking for an increase at NFCU, from my 2k, anyway. Even though I wasn't having luck with Amex or Discover, I decided to go for it yesterday, as -- during a call about something different -- they offered to review my rate for a decrease without an HP. When I was approved for the rate decrease (lowest rate at 10.49%), I thought it was a good sign and that I should apply for my CLI. 

Last night, I applied -- asked for 25k. I got a review notice last night, went to bed, and then woke up this morning to a CLI of 20k for a total of 22k. 

I'm pleased; this will help greatly with my UTL.

Now I've got some thinking to do: 

1. I really would like to open a 2nd NFCU card -- probably the Amex More Rewards card -- especially considering how much difficulty I have in getting Amex to increase my credit line. I'd planned on getting a 2nd card with NFCU regardless. But is it better to apply separately for the Amex NFCU? Should I do it now? Or is it better to split off some of the new CLI into the Amex card? I've heard that is an option. Thoughts?

2. I'm fine with sitting with Discover without pushing/changing -- they seem to auto CLI on their own accord. But I am frustrated with Amex -- I really would like to have even a bit more credit, as I like their Pay It/Plan It Feature. But at 1k, it just makes it tough to spend with them. Any thoughts?

I'm about to embark on some additional card apps I had planned that fit my spending, but I plan on deciding on NFCU first -- since they've been so good to me. Looking forward to your replies.

Thanks!


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 1 of 18
17 REPLIES 17
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Valued Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?


@thebunnyhop wrote:...

... I plan on deciding on NFCU first -- since they've been so good to me ...


Hi. I'm struck by the comment you made about Navy being "good to you." It seems you are personalizing your results -- good or bad -- meaning Navy "likes" you and, presumably, AMEX does not. I believe that to be a mistake. Lenders are neither good or bad to me. Some lend more, some lend less, some lend nothing. I take that to mean my profile appeals to some a lot, some a little, and some not at all. Cool. Lenders do not like me or dislike me. 

 

As to your specifics situation -- I'd not bail on AMEX or Disco. You are in the door. Eventually that door will open further. Personally, I got in with AMEX @ 500 SL. In about 16 months my AMEX exposure has grown to 17,000. And while Navy dwarfs that @ 63,000 over 3 cards, plus a 15,000 CLOC, Navy total revolving exposure also ends at 80,000. That's the max. AMEX has no such max. In a couple of years I expect AMEX CLs to pass Navy. Disco will take longer. 

 

I think in the credit game you always need to keep in mind the longterm play. Discover, AMEX, Chase -- they can be frustrating at times. But their pockets are deep. And AMEX CLI & new cards are typically SPs -- there's value in that. 

 

Anyways, best wishes with whatever you decide. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (09/16/2020): FICO 08 EXP: 747; TU: 758; EQ: 775
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 2 of 18
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Frequent Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

Congrats on your 20k increase!




Goal: Mortgage/Chase Trifecta






Message 3 of 18
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New Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

Thank you! I'm very keen to reduce my UTL now -- the increase will really help. 

And as an update, after speaking with NFCU -- apparently, splitting a CL into a new card isn't an option for them. At some point, I was sure I'd read somewhere that it might be. 

I'd hoped to avoid an HP --maybe only draw a SP at most -- by splitting. Oh well. Smiley Happy

I'm still interested in the NFCU Amex More Rewards -- but now this makes decision-making more straightforward: I either apply for it and take the HP, or apply for something else on my list to take the HP. But the More Rewards is a very good card, so it's in the mix. 

If I do decide to go ahead with a new app for the 2nd NFCU More Rewards, it appears that applying after approval for a CLI with my first card is a good time to so do -- is that right?


Thanks!


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 4 of 18
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Frequent Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

NFCU is known for giving higher SL on the 2nd card, and their max CL across all accounts is 80k I believe so you can definitely still grab that 2nd card if you want.




Goal: Mortgage/Chase Trifecta






Message 5 of 18
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Epic Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

Congrats OP on your nice NFCU CLISmiley Happy

Message 6 of 18
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Super Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

Congratulations on your CLI!

Sign up bonus comes back after March 2.

March 3rd for M_Smart007. 😉
Message 7 of 18
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Epic Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?


@AllZero wrote:
Congratulations on your CLI!

Sign up bonus comes back after March 2.

March 3rd for M_Smart007. 😉

Cheers!! fiesta.gif

 

Message 8 of 18
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Super Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?


@M_Smart007 wrote:

@AllZero wrote:
Congratulations on your CLI!

Sign up bonus comes back after March 2.

March 3rd for M_Smart007. 😉

Cheers!! fiesta.gif


🍸

Message 9 of 18
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New Contributor

Re: NFCU CLI success, Amex/Discover not so much. Next steps?

Thanks! I don't want to wait until Mar 2, though -- I want to transfer some of my Amex to NFCU, so the Amex has a lower UTL and the NFCU can bear holding more, now that I have a higher limit. And their 1.99% and no xfer fee deal ends around then. 

 

As an update: I went through with my planned applications, and no approvals (though, 2 "pendings", so, who knows? Lol). And that includes the NFCU More Rewards (outright denial). 

 

I'm feeling as if I won't be approved for any additional cards. I'm fine with what I've got for awhile. I can work with these limits, certainly. 

 

Unfortunately, with the exception of the NFCU app, it looks like all the credit card company's pulled from Experian. So, I definitely plan to cool it for quite awhile; I'm surprised how one-sided the pulls were.

 

Anyway, my credit is in excellent shape, so I guess I don't mind the multiple hits -- I wanted to have clarity and answers on the cards I wanted, so I could plan my spending better. And in 3 or 4 months, my scores will rebound from the hits anyway -- and I could probably still app for something that checks with TU or Equifax in a few months primarily, if something seems appealing (which I doubt.) But the options are narrower as to what I should apply for, just based on spreading out the inquiries, and I don't mind that picking my shots.

 

But unless any of these pendings come back as surprise approvals, I think I'm back at gardening and SP CLI's for the next few months. 

 

Any suggestions going forward? I doubt any would be worth asking for a recon. The two that are pending are U.S. Bank for a Signature Plus and Wells Fargo for a Propel.

 

And then there is the possibility of asking NFCU to recon the More Reward (but I feel like maybe I've reached a plateau with them, for now, and it might be best to leave them be, be pleased enough with the CLI.)

Thoughts on this would be appreciated. 


Starting Score (Nov 2017): FICO 8 : TU - 510; EQ - 635; EX - 575
Recent Scores (Mar 2019): FICO 8 : TU - 776; EQ - 770; EX - 758
Current Scores (Feb 2020): FICO 8 : TU - 764; EQ - 790; EX - 776
Intermediate Rebuilding Phase Goal Score (Sep 2019) : FICO 8 - 760 across the board

Final Rebuilding Phase Goal Score (Sep 2020) :FICO 8 - 800 across the board

Take the myFICO Fitness Challenge

Other Stats: AAoA 9 Yrs | Inquiries (24 Mos): TU = 3 ; EQ = 3 EX = 6 | UTL = 10%
My Lineup: NFCU Go Rewards $22000 | Discover IT Cashback $2900 | Amex BCE $1000 | Target Redcard (Store Charge) $2000
Message 10 of 18
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